Dynagas secures charter deals with Rio Grande LNG for two LNGCs

July 14, 2023, by Aida Čučuk

Dynagas LNG Partners, an owner and operator of LNG carriers (LNGCs), has entered into time charter party agreements with Rio Grande LNG, a subsidiary of NextDecade Corporation, for two LNGCs, adding approximately $270 million to its existing revenue backlog.

The 2007-built LNG carrier Clean Energy has been employed for a time charter period of about two years, commencing between March-May 2026, following the expiration of the existing time charter to SEFE Marketing & Trading, and the 2013-built LNG carrier Arctic Aurora has been employed for a time charter period of about seven years, commencing between September–November 2026, following the expiration of the existing time charter to Equinor ASA.

To note, according to Dynagas LNG Partners, its current fleet consists of six LNG carriers, with aggregate carrying capacity of approximately 914,000 cubic meters.

Tony Lauritzen, CEO of Dynagas LNG Partners, commented: “We are very pleased to enter into these new agreements and provide shipping for NextDecade’s final investment decision (FID) approved LNG export facility in Brownsville, Texas, U.S. We look forward to building on and developing our relationship with NextDecade for many years to come.”

Rio Grande LNG is a 27 MTPA export facility, and NextDecade has just made a positive FID to construct its first three liquefaction trains (Phase 1). Additionally, Rio Grande LNG issued the notice to proceed (NTP) to Bechtel Energy to begin construction of Phase 1 under its engineering, procurement and construction contracts (EPC).