Korea Line inks US$1.15 billion shipping deal with KOGAS to transport LNG

By Finance

Korea Line Corp., South Korea's No. 2 bulk carrier, said Friday that it has clinched a 1.27 trillion-won (US$1.15 billion) deal to transport liquefied natural gas (LNG).

Under the deal with Korea Gas Corp. (KOGAS), Korea Line will transport LNG through May 30, 2037, the company said in a regulatory filing.

Korea Line inks US$1.15 billion shipping deal with KOGAS to transport LNG
Caption: LNG carrier K Jasmine - Image courtesy of Korea Line Corp

Other details of the contract were not revealed.

In 2013, Korea Line was taken over by SM Group, a midsized shipping group.

Korea Line currently operates some 30 vessels, hauling goods, such as iron, ore, crude oil and cars, and its financial status drastically improved after being taken over by SM Group.

SM Group also has bought other companies, including TK Chemical and Namsun Aluminum.

Source: Yonhap