Pan Ocean Co signs long-term time charter contract with Shell worth around US$319m

MAINBOARD-LISTED shipping company Pan Ocean Co has entered into a time charter contract for two liquefied natural gas carriers with Shell Tankers (Singapore), the firm said in a bourse filing on Wednesday.

The estimated total sales for the transaction was US$319 million.

The newly inked contract will commence from October and includes a firm duration period of seven years, as well as two extension options during the contract period. The total duration would then be 13 years, depending on Shell's decision.

Prior to making the announcement, the company requested a trading halt, which was lifted shortly after. As at 2.30pm on Wednesday, shares of Pan Ocean were flat at S$8.15.