2019 Aug 20

Shell agrees to charter 14 newbuild dual-fuel tankers from Sinokor and JP Morgan

Shell Tankers has entered into two agreements to charter a total of 14 LNG dual-fuel tankers.

The energy major will charter ten aframax oil tankers from South Korean owner Sinokor, which has just placed orders for the vessels at Samsung Heavy Industries with delivery scheduled in 2021.

Separately, Shell has agreed long-term charters for four new products tankers from institutional investors advised by J.P. Morgan Asset Management, with delivery of the vessels expected from 2021.

“LNG is already a commercially competitive way to reduce emissions from ships, including those delivering oil to our customers. This is an important step in Shell’s wider drive to help decarbonise the shipping sector, both as a leading supplier and user of LNG,” said Mark Quartermain, Shell’s Vice President for Crude Trading and Supply.

Shell plans to fuel the tankers at existing facilities in Singapore, Rotterdam and other bunkering ports that it is considering.

According to Shell’s 2019 LNG Outlook, demand for gas as a shipping fuel could reach 35m tonnes of LNG a year by 2035.


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