Given the scale, it is unlikely that the Zvezda shipyard will complete the lead Arc7 tanker for NOVATEK's Arctic LNG-2 project by the end of the year as initially planned.

Delivery is now expected in early 2025, with a second tanker anticipated by the first quarter of the year. NOVATEK has increased its workforce at the shipyard from 200 to 500 to expedite progress. Analysts note that NOVATEK may need these Arc7 tankers as early as this winter, although this will depend on securing buyers for Arctic LNG-2 shipments, which are currently under U.S. sanctions.

Initially, the lead tanker was due in March 2023, with subsequent tankers planned from September through December 2023. NOVATEK previously deployed about 200 additional engineers and workers to speed up construction. Now, the workforce has grown to 500 as the project faces difficulties in securing buyers and tanker capacity amid sanctions. Since August, only eight cargoes have shipped, but none have reached end consumers, with most held in floating storage or LNG carriers.

It's unclear if NOVATEK will continue shipments this winter, when the project will likely require the reinforced tankers. Overall, NOVATEK has contracted 21 Arc7-class tankers for Arctic LNG-2, with Zvezda building 15 of them.

Source: Kommersant.

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