Pan Ocean, Full-Scale Entry into the Global LNG Shipping Market

Jung Jin-taek, President of Samsung Heavy Industries (from left), Ana Margarida Lima, Head of GALP Business Services, Rodrigo Villanova, Vice President of GALP, and Ahn Jung-ho, President of Pan Ocean, posing for a commemorative photo at the naming ceremony.

Photo by Pan Ocean

[Asia Economy Reporter Hyunseok Yoo] Pan Ocean announced on the 5th that it held a naming ceremony for a 174,000 CBM-class LNG carrier at Samsung Heavy Industries Geoje Shipyard.

The naming ceremony was attended by Pan Ocean President An Jungho, GALP Vice President Rodrigo Villanova, Samsung Heavy Industries President Jeong Jintaek, and Korea Trade Insurance Corporation Vice President Baek Seungdal. Ms. Ana Margarida Lima, Head of Business Services at GALP, served as the godmother and named the vessel NEW APEX.

Since 2020, Pan Ocean has actively signed long-term contracts for large LNG carriers with global energy companies. As of the end of 2022, it has secured long-term contracts for 10 large LNG carriers. The NEW APEX will be deployed under the long-term time charter (TC) contract signed with GALP, a comprehensive energy company in Portugal.

GALP is a Portuguese integrated energy company engaged in oil and natural gas exploration, development, production, refining, and sales. Through this long-term contract, Pan Ocean expects to create additional business opportunities in the European market, which is emerging as a new major market in LNG, as well as in the global LNG market.

Pan Ocean, whose main business is dry bulk, has taken its first step into the global LNG transportation market through long-term contracts with world-leading energy companies. It is anticipated that a green light will be given to new challenges of pioneering new markets through expanding its fleet portfolio. A Pan Ocean official stated that they expect this opportunity to further strengthen their ability to respond to the deepening uncertainties and volatility in the shipping market.

In his congratulatory speech, Pan Ocean President An Jungho said, "This vessel has laid the cornerstone for entering the global LNG transportation market, which has high entry barriers," and added, "Pan Ocean will surely repay your efforts by providing the best service."