Busan-based IOB Company in South Korea has started its operations by managing four ice-breaking LNG tankers with a capacity of 174,000 cubic meters. The company aims to add between three to six Arc7 type tankers to its fleet by 2027 and to manage the construction of new Arc7s starting in 2028.
Details of the LNG Tanker Fleet
The four tankers currently managed by IOB include "North Moon," "North Light," "North Ocean," and "North Valley." All of these vessels were constructed in 2024 and 2025 at Hanwha Ocean for Mitsui OSK Lines.
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These four tankers trace back to a project in 2021 in which MOL, through a subsidiary, signed time-charter contracts for four new LNG vessels with NOVATEK Gas & Power Asia, a wholly-owned unit of the Russian company Novatek. These vessels were ordered at Daewoo Shipbuilding & Marine Engineering, which has now been renamed Hanwha Ocean.
Sanctions and Their Effects
Three of the four vessels — North Moon, North Light, and North Ocean — were added to the EU sanctions list in May 2025 but were removed two months later. After returning to the fleet, these vessels spent a long period idle due to uncertainty regarding Russian LNG trade.
IOB has positioned itself as a specialist in managing ice-breaking LNG vessels and offers technical, maritime, and operational support services based on land. Despite starting its operations this year, the company has stated that its team has 13 years of experience in managing LNG fleets.
Recent developments in the management and construction of ice-breaking LNG vessels, as well as challenges arising from sanctions, highlight the strategic importance of this company in the global LNG market. IOB appears to be planning to expand its fleet in pursuit of increasing its share in this growing market.
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