KSS Line Orders VLGC to Service New Gyxis Charter

South Korean gas and chemicals shipping company KSS Line has ordered one very large gas carrier (VLGC) from Hyundai Heavy Industries to service a seven-year charter contract signed on September 4 with Japanese liquefied petroleum gas (LPG) importer Gyxis Corporation.

The 84,000 cbm VLGC is priced at KRW 91.4 billion (USD 76.7m), and is due for delivery by the end of March 2017.

Once delivered, the LPG carrier will start serving under the new 7-year, KRW 165 billion (USD 138.5m) charter contract, scheduled to start after the delivery of the vessel.

KSS Line has one more 84,000 cbm LPG carrier due for delivery in 2016, and two 38,000 cbm LPG/ammonia carriers under construction at Hyundai Mipo Dockyard, to be delivered in 2017.

The carrier operator expects the four new ships, all already chartered for periods of between 5 and 10 years, to help the company reach KRW 200 billion (USD 167.9m) annual revenue in 2018.

KSS Line reported KRW 68.9 billion (USD 57.8m) revenue for the first six months of 2015.

World Maritime News Staff