Vitol, Korean H-Line Sign LNGC Time Charter
Commodity trader Vitol and South Korea's H-Line Shipping have executed a 10-year time-charter agreement for a newbuild, latest generation LNG carrier, Vitol said in a statement September 18.
The 174,000-m3 vessel with XDF propulsion is to be built at Hyundai Samho Heavy Industries (HSHI) and is due for delivery in late 2021, it said.
“This allows us to optimise our LNG portfolio that includes increasing FOB volumes from different areas that we are actively marketing to our global clients,” said Pablo Galante Escobar, Vitol’s head of LNG.
Vitol said it also holds extension options and the ability to exercise additional LNG carriers to support its further growth in the LNG industry through this partnership with H-line.