AsiaContracts and TendersVessels

Pan Ocean orders another carrier as it expands LNG business

By Mirza Duran
Pan Ocean orders another carrier as it expands LNG business
LNG Kolt (Image: Pan Ocean)

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

LNG Terminals

TotalEnergies picks Daewoo E&C for Papua LNG contract

French energy giant TotalEnergies and its partners in the planned Papua LNG project in Papua New Guinea have selected South Korea’s Daewoo E&C as the preferred bidder for the EPCC of the project's central processing facility and well pads.
Contracts and Tenders

Golar inks LoI with Seatrium for new FLNG conversion

Floating LNG player Golar has entered into a letter of intent with Singapore's Seatrium to secure incremental FLNG yard capacity for another FLNG conversion.
LNG Terminals

Golar orders fourth FLNG in China

Floating LNG player Golar LNG said that it had executed an engineering, procurement, and construction (EPC) agreement with China's Yantai CIMC Raffles Offshore for its fourth FLNG and second MKII FLNG with an annual liquefaction capacity of 3.5 mtpa.
spot_img

More News Like This

LNG as Fuel

Shell expands LNG bunkering network with first Valencia op

UK-based LNG giant Shell has expanded its global LNG bunkering network with the completion of its first operation in Valencia, Spain.
Contracts and Tenders

India’s ONGC inks LNG pact with Shell

India’s state-run ONGC has signed a memorandum of understanding with a unit of UK-based LNG giant Shell to explore potential collaboration opportunities across India’s energy sector, including liquefied natural gas (LNG).
Contracts and Tenders

PX selected to operate Bahamas LNG terminal

A joint venture of Shell and Freeport Oil Company (Focol) has selected UK-based PX Group to operate the recently approved small-scale LNG regasification terminal in the Bahamas.
LNG Terminals

Shell, PetroChina make further investment to supply gas to QCLNG plant

Shell and PetroChina decided to develop the next phase of Arrow Energy’s Surat gas project in Australia's Queensland to deliver more gas to the Shell-operated QCLNG facility on Curtis Island, near Gladstone.