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Mitsui OSK Unable to Charter LNG Ships to Arctic LNG 2 due to US Sanctions

LNG

Mitsui OSK can no longer charter ice-breaker LNG ships to the Arctic LNG 2 export plant in Russia due to US sanctions according to Bloomberg citing President Takeshi Hashimoto.

  • The company has a contract to charter three ice-breaking LNG vessels for the project but will look to sell the vessels to the project instead.
  • The contract has a clause in the event of sanctions that allows for Arctic LNG 2 to buy the vessels, Hashimoto said. It is working with the US and Japan to find a solution to sell the ships to the plant despite the sanctions.
  • Novatek, who hold a 60% stake in the project, declared a force majeure in mid-December on supplies to some customers due to the sanctions delaying the first LNG cargo until at least February.
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