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.

Most Popular

Venture Global gets FERC OK to boost Calcasieu Pass LNG capacity

US LNG exporter Venture Global LNG has received approval from the US FERC to increase the peak liquefaction capacity of its Calcasieu Pass LNG terminal in Louisiana.

Deutsche ReGas, German government reach deal on FSRU charter termination

LNG terminal operator Deutsche ReGas and Germany's Ministry for Economic Affairs and Energy have reached a mutual agreement on resolving the sub-charter agreement for the 174,000-cubic-meter FSRU Energos Power.

Worley updates on CP2 LNG work

Australian engineering firm Worley has provided an update on its reimbursable EPC contract with US LNG exporter Venture Global LNG for the latter's CP2 LNG terminal in Louisiana.

More News Like This

GTT clinches new LNG tank gig

France’s GTT has secured a new tank design order from HD Korea Shipbuilding & Offshore Engineering for one liquefied natural gas (LNG) carrier.

Knutsen, Orlen take delivery of sixth LNG carrier

Norway’s Knutsen has taken delivery of the last LNG carrier in a series of six sister vessels chartered to Poland's Orlen.

Purus orders LNG carrier in South Korea

London-based Purus Marine has ordered one 180,000-cbm liquefied natural gas (LNG) carrier in South Korea.

HD Hyundai Samho bags new LNG-powered containership order

South Korea’s HD Hyundai Samho has secured a new order to build LNG-fueled container vessels.