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Pan Ocean orders another LNG carrier

  • Märkte: Natural gas
  • 05.01.21

South Korean shipowner Pan Ocean has ordered an LNG carrier from South Korean shipbuilder Samsung Heavy Industries (SHI), which will likely be chartered to Portuguese utility Galp.

The new order comes after Pan Ocean placed orders with South Korean shipbuilder Hyundai Heavy Industries (HHI) in mid-December for a pair of carriers that are set to be chartered to Shell.

Pan Ocean's new carrier is scheduled to be delivered by April 2023 and is priced at around $183mn — less than the $186mn that the firm has ordered its pair from HHI for.

The shipowner has recently signed a five-year term charter agreement with Galp starting in February 2023, with two extension options that could each add a further three years to the charter. The agreement has an estimated total sales value of around $115mn, Pan Ocean said, which would be equivalent to around $63,000/d over the five years. Pan Ocean expects the total sales value from its two carriers to be chartered to Shell over seven years to be around $306mn — equivalent to around $60,000/d per vessel.

Pan Ocean at present only has a single LNG carrier in its fleet, which is under a term charter with South Korea's Kogas.


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