Pan Ocean, Shell: contract signed. File Image / Pixabay.
Oil major Shell is to time charter a liquified natural gas (LNG) bunker barge from South Korean shipping firm Pan Ocean.
The contract starts in May 2023 and carries two extension options running to eight years in total, Pan Ocean said in a statement released on the Singapore stock exchange.
The move will net the firm $55 million in sales, it added.
The 18,000 cubic metre capacity bunker ship is to built at the South Korean shipyard of Hyundai Mipo, according to local press reports.
Shell, which is committed to the development of LNG as bunker fuel, already has six LNG bunkering vessels under charter.