South Korean shipping company H-Line Shipping and Dutch energy and commodities group Vitol have entered into a ten-year time charter agreement for an LNG carrier newbuild.
The 174,000 cbm vessel with XDF propulsion is to be built at Korean shipyard Hyundai Samho Heavy Industries (HSHI) and is due for delivery in late 2021.
As informed, 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.
“We are very excited to have concluded this contract with H-Line … which represents Vitol’s second long-term charter of a modern 174,000 cbm LNG carrier. This allows us to optimize our LNG portfolio that includes increasing FOB volumes from different areas,” Pablo Galante Escobar, Vitol’s head of LNG, commented.
“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,” Myung Deuk Seo, CEO of H-Line, said.
With over 7.8 million tons of LNG delivered last year, Vitol trades over seven million barrels per day of crude oil and products and has 250 ships transporting its cargoes.
H-Line, a subsidiary of Hahn&Co., currently operates 55 vessels comprised of bulkers, LNG carriers and LNG-powered Capesize bulkers servicing long-term charter contracts.