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

Report: Egypt’s EGAS charters Hoegh LNG’s FSRU

The Egyptian Natural Gas Holding Company (EGAS) has chartered Hoegh LNG's floating storage regasification and storage unit, Hoegh Galleon,...

Equinor says nobody injured after leak at Hammerfest LNG

Norway’s Equinor has confirmed that there were no injuries following a hydrocarbon leak at its 4.3 mtpa Hammerfest LNG...

Glenfarne’s Texas LNG inks new deal with EQT

US natural gas producer EQT has entered into a second heads of agreement for liquefaction services from Texas LNG’s...

More News Like This

South Korean yards built 500 LNG carriers for export in 30 years

South Korean yards have completed 500 liquefied natural gas (LNG) tankers for export since 1994, according to the Ministry...

GTT bags LNG tank gig for Nakilat’s vessels

French LNG containment giant GTT has secured a tank design order from HD Korea Shipbuilding & Offshore Engineering (KSOE)...

Alpha Gas adds new LNG tanker to its fleet

South Korea’s Hyundai Samho Heavy Industries has delivered the 174,000-cbm LNG carrier, Energy Fortitude, to Greece’s Alpha Gas. Its AIS...

Hyundai Samho to build LNG carrier quartet for $1.08 billion

South Korea's Hyundai Samho has secured an order to build four liquefied natural gas (LNG) carriers for about $1.08...