Pan Ocean, Galp name LNG carrier in South Korea

South Korea’s Samsung Heavy Industries has hosted a naming ceremony for one 174,000-cbm LNG carrier for compatriot shipowner Pan Ocean and charterer Portugal’s Galp.

The two firms named the LNG carrier New Apex.

Back in December 2020, PanOcean confirmed the signing of a five-year charter deal for this vessel with the Portuguese energy firm and LNG player.

Galp also has extension options and the time charter could last up to eleven years.

Pan Ocean paid about $184 million for the LNG carrier which is almost $70 million lower compared to today’s prices in South Korea for 174,000-cbm vessels.

The LNG carrier features WinGD X-DF engine and GTT’s Mark III Flex membrane containment system.

PanOcean says this LNG carrier is the first out of ten vessels that the company had chartered in the last two years.

The firm also signed charter deals with Shell and is part of a South Korean consortium that signed a deal with QatarEnergy under the latter’s giant shipbuilding program.

Pan Ocean 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.

On the other hand, Galp recently signed a deal to buy LNG from US firm NextDecade, the developer of the Rio Grande LNG export plant in Texas.

Under the 20-year sales and purchase deal, Galp would buy from Rio Grande LNG one million tons per annum of LNG, starting in 2027.

Galp currently buys most of LNG volumes via its supply deal with Nigeria LNG.

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