South Korean Operator Emerges as New Force in Arctic LNG Shipping

New company takes on four Arc4 LNG carriers as Seoul looks to expand Busan’s role in Arctic shipping.

A newly established South Korean ship manager is emerging as a potential new player in Arctic LNG shipping, taking control of four ice-class LNG carriers while planning a rapid expansion into the specialized fleet needed to transport gas along Russia’s Northern Sea Route.

Busan-based IOB Co. Ltd. says it has begun operations with four 174,000-cubic-meter Arc4 LNG carriers and plans to add three to six Arc7 vessels next year, followed by additional Arc7 newbuildings under management from 2028.

The four Arc4 vessels are