Vitol, a global energy and commodities company, and H-Line Shipping (H-Line), a leading Korean shipping company with a diversified portfolio of vessels under long-term employment, announced on Wednesday (Sep18) the execution of a 10-year time charter agreement for a newbuild, latest generation LNG carrier.
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.”