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.

Most Popular

Venture Global, Petronas seal 20-year LNG SPA

US LNG exporter Venture Global LNG has signed a 20-year LNG supply contract with Malaysian energy giant Petronas for volumes from the CP2 project in Louisiana.

Golden Pass LNG seeks re-export approval

Golden Pass LNG, a joint venture owned by energy giants QatarEnergy and ExxonMobil, is seeking approval from the US DOE to export previously imported LNG from October, as it nears the launch of the first liquefaction train.

TPDC, Energetech Tantel to develop Tanzanian small-scale LNG plant

State-run Tanzania Petroleum Development Corporation has signed a memorandum of understanding with Energetech Tantel to develop what they say is Tanzania's first small-scale LNG plant.

More News Like This

Shell’s LNG Canada to ship second cargo

Shell-led LNG Canada is expected to soon ship the second cargo of liquefied natural gas from the Kitimat facility on the west coast of Canada, according to shipping data.

Shell ships first LNG Canada cargo

LNG giant Shell and its partners have shipped the first cargo produced at the LNG Canada facility in Kitimat, on the west coast of Canada.

Peru LNG shipped five cargoes in June

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped five liquefied natural gas cargoes in June, the same as in the previous month.

Knutsen, Shell name ninth LNG newbuild

Norwegian shipowner Knutsen and UK-based energy giant Shell have named the ninth and final LNG carrier in a series of 174,000-cbm vessels.