Pan Ocean orders another carrier as it expands LNG business

South Korea’s Pan Ocean Co has ordered another liquefied natural gas carrier as it looks to expand its LNG shipping business.

The shipping firm will splash 204 billion won ($186 million) in a shipbuilding contract for the LNG carrier, according to a stock exchange filing issued last week.

Pan Ocean did not disclose any other details of the order only saying it would take delivery of the vessel by April 2023.

Additionally, the firm said the purpose of the investment is to expand its LNG business.

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.

The firm also did not provide more information regarding this contract but this order is probably 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 for seven years but 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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