Greeks cut Arctic deal

Shipping company Dynagas will get a key role in the Yamal LNG project.

Shipping company Dynagas will buy five Arctic LNG carriers and take on shipments from the Yamal LNG project.


According to the deal, the Greeks will pay an estimated $1,5 billion for the vessels, all of them to be built at the Daewoo Shipbuilding & Engineering in South Korea, Lloyds List informs. The vessels are part of a fleet of 15 ships which are to serve the Yamal LNG project.

The Greek company has from before significant experience from shipments in the Arctic. In 2012 Dynagas made history, when its LNG carrier “Ob River“ became the world’s first vessel of the kind to transit and carry a cargo through the Northern Sea Route. 

Dynapac’s signs the deal with Yamal LNG, the project consortia owned by Novatek, Total and CNPC. The Yamal project includes the development of the Sabetta Port and the construction of a plant with annual production capacity of 16,5 million tons of liquified gas.

The vessels were originally to be owned by Sovcomflot, the Russian shipping company. However, that company has sought to pull out of the deal and will now be left only with one Yamal carrier. The remaining Yamal LNG vessels will be owned and operated by

Teekay LNG and China LNG Shipping, and Mitsui OSK Lines (MOL) and China Shipping Development, newspaper Vedomosti reports.

The vessels, the first of its kind, will be 300 meters long and able to break through 2,1 meter of Arctic ice.

Yamal LNG and its majority owner Novatek has concluded gas delivery contracts  with Total (4 mill ton/year), Gas Natural (2,5 mill ton/year), CNPC (3 mill ton/year), Gazprom (3 mill ton/year) and Novatek Gas& Power (2,86 mill ton/year).