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Dynagas LNG Partners enters charter agreement with Gazprom

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LNG Industry,

Dynagas LNG Partners LP has entered into a new long-term time charter agreement with Gazprom Marketing & Trading Singapore Pte Ltd for the employment of 150 000 m3 steam turbine LNG carrier, Clean Energy.

The Clean Energy is Dynagas LNG Partners’ only non-ice classed LNG carrier.

The charter is expected to commence in July 2018 and will have a firm duration of approximately 7 years and 9 months. The gross contracted revenue from this contract is expected to be approximately US$133 million over this period. Following the expiration of the existing time charter to Shell in 2Q17, Clean Energy will undergo its statutory class five-year special survey and dry-docking and Dynagas LNG Partners will seek to employ it under shorter term employment until the commencement of the new Gazprom time charter.

In connection with the employment of Clean Energy, Dynagas LNG Partners has also agreed with Gazprom Global LNG Ltd to reduce the charter income on both the Yenisei River and the Lena River, commencing 1 November 2016. Following this amendment, the contracted revenues will be reduced by approximately US$8.7 million for the Yenisei River and US$9.6 million for the Lena River over their remaining current charter terms which expire earliest in July and September 2018, respectively.

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