- KSS Line is expanding its fleet with a newbuilding order for up to two VGLCs at HHI.
- Deal is for one 86,000-cbm standard VLFC ship with scrubber and an option for a second unit at a price of $74m.
- KSS fixes the newbuilding at $830,000 per month, for five years with options for up to two more years at undisclosed rate.
- MoU between KSS and HHI to co-operate on ships of between 84,000 cbm and 90,000 cbm.
South Korea’s KSS Line is expanding its fleet with a new building order for up to two VLGCs at Hyundai Heavy Industries (HHI), says a press release published on their website.
What is the deal?
The deal involves one firm 86,000-cbm ship with an option for a second unit.
The ship is expected to be delivered in 2021 and has a reported price tag of $74m. It is being described as a standard VLGC with scrubbers.
New building fixed at $830,000 per month
European brokers said KSS Line has fixed out the new building at $830,000 per month, for five years. There are also options for up to two more years at undisclosed rate.
KSS LIne did not comment on the rates immediately and also kept the charterer undisclosed.
International Establishments at play
The company is said to have a fleet of eight VLGCs on the water with an average age of five years each. They are time-chartered out to International companies like Shell, Itouchu, Petredec, El and Vitol for a period of five years or more.
MoU between KSS and HHI
With reference to a report in March, KSS had signed a memorandum of understanding (MoU) with HHI to co-operate on ships of between 84,000 cbm and 90,000 cbm.
Of the 24 vessels that KSS controls, a fleet of 21 are owned.
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Source: KSSLine
