Image : H-Line Shipping  

[Korea Herald/ May 10, 2023] Posco International said Wednesday it is planning to secure a 174,000-cubic-meter liquefied natural gas carrier to boost its LNG business value chain.

The company signed a long-term charter contract with H-Line Shipping, a Korean shipping firm specializing in domestic ocean transport and ship management services.

Posco noted that a self-operating LNG carrier will help manage production, storage, and generation of gas more efficiently.

“By solidifying our infrastructure for the obtainment and trading of LNG, we are one step closer to completing our value chain and maximizing productivity,” the company said.

The ship will be constructed by Hyundai’s shipbuilding affiliate Hyundai Samho Heavy Industries starting from October, with delivery set for the first half of 2025. From then, it will be used to obtain gas for trading and will be capable of transporting enough natural gas to power the entire country for about half a day, Posco said.

It is to be used for transporting 400,000 tons of North American shale gas, which will be made available domestically from 2026 to 2046.

The company also plans to acquire more carriers in the future to secure a solid footing in the LNG industry, which is currently mostly dominated by overseas companies.