The Hague-based energy giant Shell said it has sold its first LNG bunkering vessel to South Korea’s Pan Ocean.
“Shell has signed a sale and leaseback agreement with Pan Ocean for the Cardissa LNG bunker vessel,” a Shell spokesperson told LNG Prime in an emailed statement on Tuesday.
“This agreement strengthens our relationship with Pan Ocean as we look to support them with the growth of LNG fuelled vessels within their fleet,” the spokesperson said.
South Korea’s STX Offshore delivered the 6,500-cbm bunkering vessel to Shell in 2017.
Furthermore, the vessel has supplied clients throughout Europe, sourcing LNG from the GATE terminal located in the Dutch port of Rotterdam.
“We remain committed to doubling our LNG bunkering infrastructure on key international trade routes by the mid-2020s and the Cardissa will continue to operate in North West Europe,” the spokesperson said.
VesselsValue data shows that Pan Ocean has already renamed the bunkering ship to New Frontier 1. According to the data, the vessel has a market value of about $32.4 million.
Shell is building one of the world’s largest LNG fueling networks
To remind, Pan Ocean and Shell have earlier this year signed a charter deal for a newbuild LNG bunkering vessel with a capacity of 18,000 cbm.
Shell is looking to deploy this ship in the Gulf of Mexico from 2023, but the company has further plans for other vessels as it works on a fleet of LNG bunkering ships.
The company has developed one of the world’s largest LNG fueling networks of ports and bunkering vessels on key trading routes.
Shell previously said it had completed more than 400 LNG bunkering operations around the world, including in France, the Netherlands, Norway, Spain, the US, Singapore, and Gibraltar.
In addition, Shell is building a large fleet of LNG-powered vessels. These include dual-fueled LNG carriers, crude oil tankers, oil products tankers, and tanker barges.
