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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates