Korean H-Line Sign LNG Carrier TC with Vitol

Maritime Activity Reports, Inc.

September 20, 2019

Image: Vitol

Image: Vitol

Dutch energy and commodities group Vitol and South Korea's H-Line Shipping have executed a 10-year time-charter agreement for a newbuild, latest generation LNG carrier.

The commodity trader said that the 174,000m3 vessel with XDF propulsion is to be built at Korea’s Hyundai Samho Heavy Industries (HSHI) and is due for delivery in late 2021.

Vitol also holds extension options and the ability to exercise additional LNG carriers to support its further growth in the LNG industry through this partnership with H-line.

Pablo Galante Escobar, Vitol’s head of LNG said: “We are very excited to have concluded this contract with H-Line, a top class Korean shipowner, which represents Vitol’s second long-term charter of a modern 174,000 m3 LNG carrier. This allows us to optimize our LNG portfolio that includes increasing FOB volumes from different areas that we are actively marketing to our global clients.”

Myung Deuk Seo, CEO of H-Line said: “We are very pleased and take pride in signing a long-term LNG transportation contract with a top tier global energy and commodities company like Vitol.  We will put our best efforts in every stage from shipbuilding to shipping operations under our contract with Vitol.  We will also make full use of our capabilities for successful contract execution based on the company’s fundamental principles, “safety-first” and “eco-friendly” policies.”

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News