Dynagas seeks new insurance for LNG fleet amid UK sanctions

Dynagas, owned by Greek shipowner George Prokopious, is seeking new insurance coverage for its liquefied natural gas (LNG) fleet due to diverging international sanctions regimes. The company faces a disruption in its partnership with NorthStandard, the world’s second-largest P&I club, because UK regulations prohibit providing maritime services to vessels transporting Russian LNG.

While the European Union granted an exemption allowing EU-member state vessels to transport Russian LNG to third countries, the United Kingdom has not adopted similar measures. This regulatory gap affects 26 Dynagas vessels, including three specific carriers—the Clean Ocean, Clean Planet, and Clean Vision—which were sanctioned by the UK in October. These vessels face restrictions on accessing British ports and flying the British flag.

Dynagas LNG Partners has stated in its semi-annual results that it expects to replace several key UK-based service providers with those located outside the country. However, the company cautioned that there is no guarantee that replacement services will be available under comparable terms. Some vessels, such as the Yenisei River and Lena River, maintain long-term charters with Yamal LNG through 2033 and 2034.