Data shows Dynagas carried over a third of Russia's Arctic LNG exports to EU ports this year, prompting criticism from campaigners as Greece secures transport exemptions.

A Greek shipping company, Dynagas, transported more than one-third of Russia's Arctic liquefied natural gas (LNG) exports to European Union ports between January and July of this year. According to data from the consultancy Kpler and analysis by the German campaign group Urgewald, the company delivered 53 cargoes valued at approximately €2.35 billion. Dynagas is the only EU-based operator among the three major shipping firms dominating the route from Russia’s Yamal LNG facility.

Market Dominance and Arctic Routes

The Yamal LNG facility, located on the Yamal peninsula, requires specialized Arc7-class tankers to navigate ice that can reach two meters in thickness. Dynagas operates five of the 14 tankers currently serving this port. While the facility exported 162 total cargoes this year, 149 of those were destined for Europe. Dynagas alone accounted for 57 of these shipments, representing a significant portion of the trade that Urgewald values at €6.64 billion in total.

Policy Exemptions and Sanctions

In July, Greece successfully blocked an EU sanctions package that would have banned LNG transport, arguing the move would harm Dynagas, which is owned by billionaire George Prokopiou. A compromise was reached, creating an exemption that allows EU operators to continue shipping Russian LNG to non-EU buyers under contracts signed before February 2022. This exemption, which lasts until July 2027 with annual renewal options, primarily benefits Dynagas.

Regulatory and Operational Context

Three of the Dynagas tankers—Clean Ocean, Clean Vision, and Clean Planet—have been barred from British ports and services since October due to their role in carrying Russian LNG. While the UK plans to implement a broader ban on servicing this trade in January, the EU's own import ban is also scheduled to take effect at that time. Urgewald campaigner Alexander Kirk criticized the continued reliance on Russian LNG, noting that European governments have had years to secure alternative supplies.