With the help of Uniper, the German government has chartered Dynagas' Transgas Force and Transgas Power.

The two 2021-built floating storage & regasification units (FSRUs) are expected to start working in early 2023.

With a total natural gas-send-out capacity of up to 7.5b m3/year and a liquefied natural gas (LNG) storage capacity of 174,000 m3 each, the two can replace approximately 30% of Russian gas imports to Germany.

"We are glad and proud to be able to support the German government with our experience in the LNG market in these difficult times. Our site in Wilhelmshaven and the Dynagas' FSRUs will provide an important cornerstone to achieve a greater diversification of natural gas supplies," Klaus-Dieter Maubach, Uniper's CEO, said.

George Procopiou, Founder & Chairman of Dynagas, added, "We are very pleased to conclude this transaction with the German government and Uniper. We have long been advocating for European countries to develop LNG import infrastructure to diversify their sources of supply of natural gas. The installation of the two FSRUs will enable Germany, and the wider European region, to significantly increase their LNG import capabilities in a timely and environmentally friendly manner without any permanent footprint on-shore. We look forward to the FSRUs being installed in Germany and supplying the country with natural gas which, ultimately, will also enable the transition to a lower carbon future."

Photo: Hudong-Zhonghua Shipbuilding