Hyundai LNG Shipping expands into LPG market with VLGC order

Hyundai LNG Shipping, a joint venture between Korean private equity firm IMM and shiponwer HMM, has placed an order at Hyundai Heavy Industries for the construction of one 84,600 cu m very large gas carrier (VLGC).

The vessel is the company’s first ever LPG carrier, and it has been fixed with a seven-year time charter, plus options, with a global energy company upon delivery which is scheduled in the third quarter of 2020.

“We are very grateful to build meaningful relationship with a respectable charterer through long-term contract and to build the ship at the world best shipping yard. All of our employees will do our best to provide best shipping solution which will meet the customer’s needs in a very safe and reliable operation,” said Kyu-Bong Lee, CEO of Hyundai LNG Shipping.

Hyundai LNG Shipping, established 25 years ago,  currently delivers about 28% of South Korea’s import volumes of FOB contracted LNG with a fleet of 10 LNG carriers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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