Pan Ocean Co., South Korea's second-largest shipper by sales, said Monday it has signed another deal with global oil giant Shell NA LNG, LLC (Shell) for the lease of a liquefied natural gas (LNG) bunkering ship for six years.

Under the $55-million deal, the 18,000-cubic meter LNG bunkering ship to be built by Hyundai Mipo Dockyard Co. will be put into operation for Shell by May 2023, the company said.

The deal to be effective by May 2029 has an option to extend the lease period by two years.

The country's top bulk carrier signed two other deals with Shell to lease its LNG carrier in September and its LNG bunkering carrier in February.

A LNG bunkering ship can store LNG in tanks after cooling it to minus 163 C and directly supply it to LNG-powered ships on the ocean. (Yonhap)