Seatrium Limited (Seatrium, or the Group) has successfully clinched a Favoured Customer Contract (FCC) with Hyundai LNG Shipping, marking its first long-term strategic partnership agreement with a leading Korean Liquefied Natural Gas (LNG)company for the repairs and upgrades of its LNG carriers.
The contract includes the refit of a series of LNG carriers over the next two years, with responsibilities in joint planning, information and experience sharing with Hyundai LNG Shipping.
The two companies will jointly work towards achieving sustainable targets in the areas of Quality, Health, Safety and Environment (QHSE), cost efficiency and timely deliveries, which are key performance indicators for high-quality LNG refit maintenance.
Mr JinChul Hong, Vice President, Hyundai LNG Shipping, said, “This strategic partnership marks a significant milestone for us. By collaborating with Seatrium, we aim to enhance our operational efficiency and instill the highest standards of quality, safety, and environmental sustainability in the maintenance of our LNG carriers. Our first LNG retrofit under the FCC agreement scheduled for repairs in Seatrium’s Admiralty Yard in Singapore is the Hyundai Utopia in May 2024, and we look forward to a fruitful and successful partnership with Seatrium.”
Hyundai LNG Shipping transports 5.23 million tons of Korean domestic LNG and operates eight LNG carriers, six Moss-type LNG carriers and two Membrane-type LNG carriers.