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.
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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.