Dynagas Holding Ltd, Sponsor of Dynagas LNG Partners LP (NYSE: DLNG), Finalizes Long Term Agreements for the Yamal LNG Project for Nine LNG Carriers
MONACO--(Marketwired - Sep 15, 2015) - Dynagas Holding Ltd (Dynagas), a holding company specializing in the ownership of high specification LNG carriers and Sponsor of Dynagas LNG Partners LP (NYSE: DLNG), today announced that it has entered into long term time charter agreements for five ARC7 and four ARC4 liquefied natural gas carriers for the Yamal LNG Project, which is located on the Yamal Peninsula in Northern Russia.
Dynagas will build five 172,000 cubic meter ARC7 LNG carriers at Daewoo Shipbuilding & Marine Engineering Co., Ltd. shipyard in South Korea which will be serving the Yamal project under long term time charters. The vessels will be capable to break 2.1 meter ice in both the forward and reverse direction.
In addition, four of Dynagas' existing ARC4 LNG carriers will come into Yamal shipping fleet to support Yamal deliveries committed to Asian buyers from year 2019 onwards and will be time chartered for a period of 15 years each.
Yamal LNG is a joint venture between NOVATEK (60 percent), TOTAL (20 percent) and China National Oil & Gas Exploration and Development Corporation (CNODC) (20 percent). The project consists of three LNG trains with a total capacity of approximately 16.5 million metric tons of LNG per annum.
Dynagas performs conventional LNG shipping and specialized LNG Shipping in sub-zero and ice bound areas and represents the world's largest fleet of ice classed LNG carriers.
"We are very pleased to become a strategic partner with Yamal LNG a pioneering international energy project in Arctic conditions sponsored by NOVATEK, TOTAL and CNODC. The award of five long term contracts for the Arc7 LNG carriers and award of four long term contracts for our existing Arc4 LNG carriers is a testament to our long term commitment and our manager's operational excellence and expertise in operating high specification ice class LNG carriers," commented Mr. Procopiou, founder and chairman of Dynagas.
About Dynagas Holding Ltd
Dynagas Holding Ltd is a holding company engaged in the ownership of LNG carriers and owner of 44% of the equity interests in Dynagas LNG Partners LP (NYSE: DLNG), including the General Partner interest.
Source: Marketwired (Canada)
(September 15, 2015 - 9:29 AM EDT)
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