This paper presents a dynamic hyperboloidal mapping model aimed at building image of electronic navigational chart which constitutes an equivalent to that obtained from a hypercatadioptric camera system. In the 1st part, space and three reference frames located in it are defined. These are: the observer frame and horizontal topocentric frame considered secondary (both connected with water-surface platform), and the geocentric frame, primary one. The 2nd part provides description of a way of interconnection between the observer frame and horizontal topocentric one as well as of determination of their location in relation to the geocentric reference frame, depending on course and position of water-surface platform. In the final part is presented a model of panoramic image mapping in the observer reference frame and principles of generating ENC image by using dynamic hyperboloidal mapping. Finally, conclusions indicating possible applications of the developed model are presented.