Shell has concluded separate agreements for two LNG ships each with the affiliates of Knutsen LNG, Korea Line Corporation and ICBC Financial Leasing, as well as the institutional investors advised by JP Morgan Asset Management.

The state-of-the-art 174,000 cbm LNG vessels will be constructed by Hyundai Heavy Industries and Hyundai Samho Heavy Industries.

“These ships will deliver a 60% reduction in carbon emissions compared to 2004 steam turbine LNG carriers. Shell’s ambition is to be a net-zero emissions energy business by 2050 or sooner and highly efficient ships like these are one of the ways that we are reducing emissions in our operations. As we work together to develop new zero-carbon fuels at scale, we believe that LNG can play a fundamental role in providing a cleaner supply chain right now for the goods and energy that are shipped around the world every day,” said Grahaeme Henderson, Head of Shell Shipping & Maritime.

Ships will be incorporated into Shell's time-chartered trading fleet and scheduled delivery is planned to take place from mid-2023. In December 2019, Shell confirmed a long-term charter of eight ships of the same class.

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the Paris, Amsterdam and New York Stock Exchanges.

Maritime Business World