Dynagas warns EU LNG sanctions could damage European shipping

Dynagas EU LNG sanctions Russian LNG ice‑class vessels Yamal LNG

Dynagas, the Greek LNG shipping company owned by George Prokopios, publicly responded to the European Union’s discussion on a possible blanket ban on Russian LNG shipments to third‑party countries. The firm argues that such a horizontal prohibition would not materially affect Russian gas exports, as shipments would simply be rerouted through non‑EU vessels and operators. However, Dynagas says the ban would threaten European maritime expertise, specialized ice‑class crews, and market share in the Arctic LNG sector.

The company points out that its fifteen Arc7/Ice‑Class LNG carriers are bound by long‑term charter contracts with the Yamal LNG project, signed in 2015‑16 and running until 2065. These contracts involve investors such as Russia’s Novatek (50.1% stake), France’s TotalEnergies, Germany’s SEFE, and Spain’s Naturgy. Dynagas warns that the withdrawal of European owners from these agreements would lead to replacement by non‑EU parties without altering global LNG flows. The firm calls for EU policy that balances geopolitical goals with the competitiveness of European shipping and reiterates its wish for an immediate end to the war in Ukraine.