Pan Ocean signs 6-year LNG ship lease to Shell for $55 million

Pan Ocean Co. has signed a $55-million deal with global oil giant Shell NA LNG, LLC (Shell) for a 6-year lease of an 18,000-cubic meter liquefied natural gas (LNG) bunkering ship to be built by Hyundai Mipo Dockyard Co.

The ship will be put into operation for Shell by May 2023.

The deal to be effective by May 2029 has an option to extend the lease period by two years.

The country's top bulk carrier signed two other deals with Shell to lease its LNG carrier in September and its LNG bunkering carrier in February.

An LNG bunkering ship can store LNG in tanks after cooling it to minus 163 C and directly supply it to LNG-powered ships on the ocean.