Korea Line orders LNG bunkering ship at Hyundai Mipo

Korea Line LNG, a unit of SM Group’s Korea Line, has ordered one liquefied natural gas bunkering vessel at Hyundai Mipo Dockyard.

The order for the 18,000-cbm vessel has a price tag of 69.7 billion won ($62.7 million), according to Korea Line LNG.

In addition, the firm said it has signed a charter deal for the ship with an Asian LNG bunkering supplier.

The contract includes a firm period of five years with options to expand it to ten years in total.

The South Korean firm expects to earn about 50 billion won ($45 million) from the firm charter deal and double the earnings if the charterer decides to exercise the options.

Hyundai Mipo should deliver the vessel in the first half of 2023.

The yard is already building one 18,000-cbm LNG bunkering ship for Korea Line LNG which will go on charter to energy giant Shell.

Also, South Korea’s Pan Ocean has recently ordered an LNG bunkering vessel of the same size at Hyundai Mipo for delivery in May 2023.

This vessel will also go on charter to Shell for a period of six years with extension options. Shell previously told LNG Prime it would use this bunkering vessel in the Gulf of Mexico.

We have contacted Shell to find out whether the firm is behind the charter for the new Korea Line LNG bunkering ship as well. A Shell spokesperson declined to comment.

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