Pan Ocean charters two LNG carriers to Shell

South Korea’s Pan Ocean said it has signed a time charter deal for two new LNG carriers with a unit of energy giant Shell.

The shipping firm said in a stock exchange filing on Wednesday it entered the deal worth about $319 million with Shell Tankers (Singapore).

The contract would start from October 2024 and includes a firm duration period of seven years, Pan Ocean said.

In addition, Shell has two extension options for a total contract duration of 13 years, the firm said.

Pan Ocean did not reveal any additional information but Shell said in a separate statement on Wednesday these two carriers are part of a deal for six vessels the firm chartered from three owners.

Shell and Pan Ocean have signed several charter deals in the last 12 months including LNG carriers and one bunkering vessel.

Most recently, the duo signed a sale and leaseback agreement for the Cardissa LNG bunkering vessel.

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