Korea's Pan Ocean pens LNG bunkering deal with Shell
South Korean shipping company Pan Ocean said on April 12 it had entered a contract to charter out an LNG bunkering vessel to Anglo-Dutch major Shell, noting the deal would bring in $55mn in sales revenues.
The contract will come into force in May 2023 and includes a firm duration period and two extension options, with an overall duration of up to eight years. The South Korean press reported that the 18,000-m3 bunkering ship would be built at the Hyundai Mipo dockyard.
Shell already has six chartered LNG bunkering vessels in operation or about to start service and plans to double the size of this fleet by 2025.