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.

- Advertisements -

Most Popular

Golden Pass LNG contractor Zachry files for bankruptcy

US construction company Zachry said on Tuesday it has filed for bankruptcy, initiating a structured exit from the Golden...

Adnoc buys stake in NextDecade’s Rio Grande LNG project

UAE’s Adnoc has purchased an 11.7 percent stake in the first phase of NextDecade's Rio Grande LNG export terminal...

Tellurian updates on Driftwood LNG construction work

US LNG terminal developer Tellurian released the latest construction update for the first phase of its Driftwood LNG terminal...

More News Like This

UK’s Dragon LNG terminal offers capacity from September 2029

The UK’s Dragon LNG terminal in Milford Haven has invited market participants to express an interest in capacity at...

Singapore LNG bunkering volumes jump

Singapore's LNG bunkering sales jumped in the first four months of this year, reaching a new record, according to...

Peru LNG exports steady in April

Liquefied natural gas exports from Peru remained steady in April, with five cargoes leaving Peru LNG’s liquefaction plant at...

VTTI to buy 50 percent stake in UK’s Dragon LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, has entered into a deal with infrastructure manager,...