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Dynagas LNG secures new time charter contracts

Dynagas LNG Partners has signed an extension and two new long-term time charter agreements for a pair of LNG carriers.

Gazprom Global LNG has extended its charter of 2007-built 149,700 cu m LNG carrier Ob River, on the same terms as the current contract, until May 1, 2018. Additionally, Gazprom Marketing and Trading, a Singapore-based affiliate of Gazprom, has signed a new time charter contract for the same vessel, commencing immediately following the vessel’s current charter, for a period of 10 years.

Another vessel, 2013-built 155,000 cu m LNG carrier Lena River, has also entered into a new 15-year time charter contract for the Yamal LNG Project, commencing 2019 after it comes off its current contract with Gazprom. The Yamal LNG Project is a joint venture between Novatek, Total, CNODC and Silk Road Fund.

Tony Lauritzen, CEO of Dynagas LNG Partners, commented: “We are pleased to report these two new charters, which are a testament of the Partnership’s expertise in harsh environment operations and of the close relationship with our customers. Following these transformative contracts, the Partnership now boasts an enviable minimum contracted revenue backlog of $1.2 billion and a fleet-wide minimum average remaining charter duration of 7.9 years, which we believe will enhance and support its cash flow stability going forward.”

The new contracts are worth around $613.8m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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