Pan Ocean, a Seoul-based shipping company, has clinched a time charter contract for one liquefied natural gas carrier worth US$115 million ($152.5 million).

The contract, which was signed with Galp Energia, E&P, will commence in February 2023 for a duration of five years.

Galp Energia has two extension options during the contract period that could see the total duration lengthened to 11 years

SEE:SATS sits as sector winner again; Pan Ocean recognised for profit growth

Shares of Pan Ocean were last traded at $4.29 on Dec 15.