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

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