South Korean owner Pan Ocean said Monday it has signed a time charter deal with Shell for an LNG bunkering vessel.
The contract is scheduled to commence May 2023, including a firm duration period as well as 2 extension options.
Including options, a total duration would be 8 years, which would see Pan Ocean generate approximately $55m in revenues.
Reportedly, the 18,000 cu m LNG bunkering ship is to be built by South Korea’s Hyundai Mipo Dockyard.
Last year, Pan Ocean also ordered two 174,000 cu m LNG carriers at Hyundai Heavy, South Korea’s largest shipbuilding group, for a charter deal with Shell.
