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Title SK Shipping Opens Up a New Era For Long-Term Shale Gas Transportation Date 2013-04-14
SK Shipping Co., Ltd, the largest domestic resource shipping company, has succeeded in securing long-term overseas LNG transportation rights for the first time in the industry.
The consortium between SK Shipping Co., Ltd (CEO Sokhyon Paek) and Marubeni in Japan (hereinafter referred to as SK Shipping Consortium) concluded the shipping agreement and long-term chartering agreement for two 180,000 CBM-level LNG carriers with TOTAL, the major oil & gas company, in London last April 12.
This tender is a part of the Ichthys project to produce and export 8.4 million tons of gas from the sea in Western Australia, and the long-term chartering contract period will last for 20 to 30 years.
Beginning with YK Sovereign, the 2nd national flag carrier of the Korea Gas Corporation in 1994, SK Shipping has been assuming responsibility for stable domestic LNG transportation over the past 20 years, playing the role of locomotive in the development of the LNG transportation industry.
SK Shipping has established itself as the leading LNG shipping company by solely and consistently participating in such overseas projects.
With this agreement, SK Shipping has become the first shipping company in the world with a long-term shale gas transportation agreement as well as the first domestic shipping company that has won a tendered long-term overseas LNG transportation carrier contract.
With an expectation of 1.3 trillion Won in sales over the next 20 years, SK Shipping Consortium has secured a strategic position in global LNG projects and partnerships with major global oil & gas companies. SK Shipping will acquire knowhow regarding the vessel specifications and operation through the transportation of shale gas and be well-positioned for U.S shale gas projects in future. Moreover, SK Shipping is expected to emerge as the leading global LNG transportation company in the future.
Meanwhile, SK Shipping Consortium has secured a ship building contract with Samsung Heavy Industries Co., Ltd for two 180,000 CBM level LNG carriers, expecting to take delivery of the carriers in 2017. These carriers will have the largest size and newest specs of carriers passing through the Panama Canal. Currently, SK Shipping operates 6 LNG carriers and expects to have a total of 8 carriers in 2017