Posco International, H-Line pen LNG carrier charter deal

Posco International, a unit of South Korean steel producer Posco, has signed a long-term deal to charter one 174,000-cbm LNG carrier from compatriot H-Line Shipping.

Posco International, which merged with Posco Energy earlier this year said in a statement on Wednesday that South Korea’s Hyundai Samho will build this LNG carrier and deliver it in the first half of 2025.

The firm said it will use this chartered LNG carrier to transport US shale gas to South Korea from 2026 to 2046.

In May 2022, Posco International signed a 20-year deal with Cheniere Marketing, a unit of US LNG exporting giant Cheniere, to buy LNG from the Corpus Christi expansion project in Texas.

Under the deal, Cheniere Marketing will supply about 0.4 million tonnes per annum (mtpa) of LNG to Posco International on a free-on-board basis, beginning in late 2026.

With this charter, Posco International will boost its LNG business and the firm plans to secure more vessels in the future, it said.

Posco International operates the 5.2 mtpa Gwangyang LNG terminal, Korea’s first private LNG terminal besides the Kogas-owned facilities.

The facility currently has five storage tanks, while Posco International is also expanding the LNG import terminal at Gwangyang with the addition of a sixth tank.

In addition, the firm started building in January this year two more LNG storage tanks with a capacity of 200,000 kiloliters on a site near the LNG terminal.

- Advertisements -

Most Popular

Golar buys vessel for third FLNG project

Golar LNG has exercised its option to acquire the 148,000-cbm Moss-type carrier, Fuji LNG, which it aims to convert...

LNG carrier Golar Gandria sold for demolition

Floating LNG player Golar LNG has sold its 1977-built LNG carrier, Golar Gandria, for demolition, according to brokers. The 125,000-cbm...

Delta plans to start building Bac Lieu LNG-to-power project in 2024

Delta Offshore Energy (DOE) plans to start building its Bac Lieu LNG-to-power project in 2024 following the recent approval...

More News Like This

South Korea’s Posco inks Dangjin LNG terminal deal

South Korea’s Posco International, a unit of steel giant Posco, is joining forces with compatriot LX International to build...

Knutsen, PKN Orlen take delivery of second LNG carrier in South Korea

South Korea’s Hyundai Heavy Industries has delivered the second Knutsen liquefied natural gas (LNG) carrier that will go on...

Greece’s Alpha Gas takes delivery of new LNG carrier

Greece-based shipping firm Alpha Gas has taken delivery of the first of three 174,000-cbm LNG carriers from South Korea's...

Two LNG-ready tankers join Capital Ship Management’s fleet

Greece’s Capital Ship Management has taken delivery of two LNG-ready chemical/product MR tankers from Hyundai Vietnam. The Evangelos Marinakis-led firm...