The two new mega LNG ships of George Prokopios are working

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By George George

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Just yesterday in China took place the naming ceremony of the “Transgas Force”, the second of two ships ordered by Dynagas, interests of George Prokopios, which will be able to operate as both LNG carriers and FSRU units.

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This steamer will be delivered to the shipping company very soon and will be ready to start its maiden voyage. The information states that it has already been chartered to an oil giant. Last July, Dynagas also received “Transgas Power”, which is said to be chartered for one year in French Total.

The Chinese had enthusiastically welcomed Mr. Prokopios’ investment, as for the first time FSRU units were built in a yard of the Asian country. After all, such orders are usually monopolized by the South Koreans. The yard, which completed the construction work is Hudong-Zhonghua.

Various brokers have pointed out that Dynagas’ investment, which appears to exceed $ 200 million for each ship, was financed by a Chinese leasing company. According to shipping brokerage sources on Capital.gr, the Chinese in several cases promote packages for financing new ship orders from domestic leasing companies, in an effort to attract funds from shipowners and increase market share, compared to competitors.

The two ships have a capacity of 174,000 cubic meters, a total length of 294 meters and a width of 47 meters and are designed with the environment and low emissions in mind.

Perennial charters

Yesterday was an important day for Mr. Prokopios’s shipping group, as in addition to the naming ceremony for the “Transgas Force”, the results of the third quarter of the listed company Dynagas LNG Partners were also announced.

In particular, travel revenue amounted to $ 34.69 million in the third quarter of this year, compared to $ 34.34 million in the same period last year. Net income rose from $ 10 million to $ 11.3 million, while adjusted EBITDA stood at $ 24.8 million, up from $ 24.2 million in the third quarter of 2020.

The six LNG carriers in the fleet benefit from long-term charters in the market. The average remaining period is 7.2 years and the estimated outstanding balance of charter revenue is about $ 1.06 billion.

The earliest charter return is scheduled for the third quarter of 2023 (Arctic Aurora), while the next carrier (Clean Energy) will be available for new charter in the first quarter of 2026.

Investments of $ 800 million in 2021

Dynagas LNG Partners is the Greek company with the largest investments in new tonnage this year, based on transaction value.

Figures shared by VesselsValue with Capital.gr show that it has ordered four ships since the beginning of the year, paying a total of $ 795 million.

At the beginning of last summer, the shipping company was connected by freight brokers with the order of two ships, with a capacity of 200,000 cubic meters each. These are options in an original contract that was signed with a South Korean yard.

It is noted that Mr. Prokopiou has also developed significant activity in tankers and ships carrying bulk dry cargo, with the shipowner’s group controlling more than 100 steamers.

Read also:

* Mega deal $ 411 million for Maran Gas of the Angelikoussi group

* Why Greek shipowners buy LNG carriers

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Source From: Capital

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