Pan Ocean orders LNG carrier

South Korean shipping company Pan Ocean is looking to expand its LNG shipping business with a new order.

In a regulatory filing, the company said that it has signed a shipbuilding contract for a single liquefied natural gas carrier worth 2.04 billion South Korean Won ($186.6 million).

The company noted in its filing that the vessel is expected to be delivered by April 30, 2023.

The LNG carrier is to be built at the compatriot Samsung Heavy Industries yard according to reports. It is also likely that the vessel will serve a charter deal with the Portuguese utility Galp Energia.

Currently, Pan Ocean operates a single LNG carrier, the 2008-built LNG Kolt. The vessel has the capacity to transport 153,000 cubic meters.

Since the delivery, the vessel operated under contract with KOGAS for its LNG transportation project.