Pan Ocean confirms Galp LNG charter deal

South Korea’s Pan Ocean Co on Wednesday confirmed it has signed a time charter deal for one LNG carrier with Portuguese energy firm Galp.

The duration of the contract is for five years but Galp has two extension options. Depending on Galp, the time charter could last up to eleven years, Pan Ocean said in a stock exchange filling.

Furthermore, the contact would bring estimated sales of about $115 million and start on February 2023, the Korean shipper said.

Samsung Heavy Industries will build this 174,000-cbm vessel.

To remind, Pan Ocean announced last week it would splash 204 billion won ($186 million) in a shipbuilding contract for the LNG carrier.

Pan Ocean did not disclose any other details of the order only saying it would take delivery of the vessel by April 2023 but market reports suggested that the charterer behind the order could be Galp.

The new order comes just days after Pan Ocean ordered two LNG carriers worth 406.7 billion won ($371 million) and scheduled for delivery by October 2024.

Additonally, this order is related to the recent Shell charter deals for four 174,000-cbm newbuild LNG carriers.

Under the deal, Pan Ocean will charter two LNG newbuilds to Shell for seven years but also with extension options.

Pan Ocean’s fleet mainly includes dry bulk carriers, container ships, tankers, and heavy lift vessels.

The firm currently operates only one LNG carrier, the 153,600-cbm LNG Kolt.

This 2008-built vessel serves a time charter with South Korean LNG importing giant Kogas.

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