South Korea-based Hyundai LNG Shipping has signed a 20-year agreement to lease up to six LNG carriers owned by Petronas LNG of Malaysia starting in 2024. The contract involves the supply of LNG vessels with a capacity of 174,000 cubic metres. The total value of the contract was not disclosed.
Under Petronas’ LNG Canada initiative, the vessels will transport LNG from Kitimat, British Columbia to other Asian countries such as Japan and China. This agreement will assist Hyundai LNG Shipping in diversifying its fleet owner base, reducing its reliance on the state-owned Korea Gas Corp.