South Korea’s largest trading company POSCO International Corporation has signed a charter agreement with compatriot H-Line Shipping for a liquefied natural gas (LNG) carrier.
As informed, the LNG carrier will be built by Hyundai Samho Heavy Industries, one of the three subsidiaries of South Korean shipbuilding major HD Korea Shipbuilding & Offshore Engineering (KSOE).
The vessel is slated for delivery to POSCO International in the first half of 2025.
The reason why POSCO International secured the LNG carrier is that it will be possible to more efficiently manage the stages of gas production, storage, and power generation.
Furthermore, the 174,000 cbm vessel will serve to transport shale gas. The company plans to bring in from North America from 2026 to 2046 for domestic supply and trading.
With this new deal, POSCO is planning to expand its LNG business from production and transportation to selling into markets.
“By securing a long-term LNG charter this time, we have laid the foundation for maximizing synergy with the completion of the LNG value chain by solidifying the basis for LNG procurement and trading,” said company’s officials.
Meanwhile, POSCO has been actively developing upstream (exploration and production) businesses in the LNG value chain, such as exploring offshore gas fields in Southeast Asia and acquiring Senex Energy in Australia.