Company: DLNG
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001104659-25-033744
Chunk: 96

Company: Dynagas LNG Partners LP
Filing Date: 2025-04-10
Form: 20-F
Item: Item 3
Chunk 96
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 shipping route than in the past; and  

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  chronic political problems in the Middle East, piracy in North Africa, and non-transparent commercial disputes over the Suez in Egypt.  

These factors have made NSR a promising alternative.

Northern Sea Route

Source: Drewry

With Yamal LNG project coming on stream in 2016, LNG export through Northern Sea Route (NSR) has increased 107.5% between 2019 and 2024. In 2022, cargo to Asia from Yamal LNG declined as more cargo went to Europe. Cargo to Asia from Yamal LNG recovered in 2023. However, cargo to Asia from Yamal LNG declined, driven by increased Russian pipeline gas export from Russia to China via Power of Siberia and more exports to Europe.

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LNG exports through the Northern Sea Route

                                             2019         2020         2021         2022         2023         2024  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Number of Vessels                            20           35           47           32           36           42  
  Total Cargo Volume (Thousand tons)      1,517.5      2,655.9      3,553.0      2,417.9      2,720.9      3,149.5  

Source: Drewry AIS Note: Vessels loading LNG from Russia’s Sabetta and moving to Asia

In early 2017, the most suitable LNG terminal on the NSR for loading LNG for transport to the Far East was located in Northern Norway. The distance from Norway to Japan through the NSR is approximately 45% shorter than traditional shipping routes through the Suez Canal. The Arctic route allows ships to save time, fuel, and cut back on environmental emissions.

Russia began production at the first train of the Yamal LNG project in December 2017, while the second and third train of the project began production in July 2018 and November 2018, respectively. The Yamal project (located in remote northern Russia, above the Arctic Circle) has capacity to produce 17.4 million tons of LNG (as of February 28, 2023). In December 2018, Yamal LNG offloaded its one hundredth LNG cargo since the beginning of the first train of the project in December 2017. The Yam