Vitol enters 10-year LNG carrier charter with H-Line

Commodity trading company Vitol and Korean shipping company H-Line Shipping have entered into a 10-year time-charter agreement for a newbuild LNG carrier.

Vitol said that the 174,000-cbm vessel with XDF propulsion would be built at Korea’s Hyundai Samho Heavy Industries (HSHI) and was due for delivery in late 2021.

The company also holds extension options and the ability to exercise additional LNG carriers from H-line.

Pablo Galante Escobar, Vitol’s head of LNG, said, “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.”

It is worth noting that the previous deal for an LNG carrier of this size was signed in early April with Greek LNG-carrier operator TMS Cardiff Gas.

The deal was signed for one of TMS’ X Carrier series vessels currently under construction at Hyundai Heavy Industries (HHI). The vessel is set for delivery in 2021.