Busan manager IOB takes over four Arc4 LNG carriers once built for MOL
North Moon, North Light, North Ocean and North Valley now sit in a structure linked to Novatek, with Arc7 ships to follow
A newly established South Korean ship manager, IOB Co. Ltd., has taken control of four ice-class LNG carriers and plans a rapid move into the specialised fleet that carries gas from Russia's Arctic projects along the Northern Sea Route.
The Busan-based company says it has begun operations with four 174,000 cu m Arc4 LNG carriers: North Moon, North Light, North Ocean and North Valley. All four were built by Hanwha Ocean in 2024 and 2025 for Japan's Mitsui O.S.K. Lines. Their ownership and management have recently moved into a structure that links the Russian gas producer Novatek with IOB. Shipping databases show the ships under new ownership arrangements, and IOB identifies itself as their manager.
IOB plans to add three to six Arc7 carriers next year, followed by further Arc7 newbuildings under management from 2028. Its website describes it as an Arctic LNG ship management specialist providing technical, marine, quality and safety, and crew management services, with 13 years of accumulated LNG fleet management experience. The new Busan operation focuses on ice-class ships.
What is the sanctions history of the four ships?
The four carriers spent months largely idle amid sanctions-related uncertainty. North Moon, North Light and North Ocean were sanctioned by the European Union in May 2025 over their involvement in Russian LNG trades. The EU removed them from its list two months later after MOL gave assurances that they would no longer carry Russian energy. How those assurances fit with the transfer of ownership to a Russian-affiliated structure is unclear.
The ships stayed without employment even after delisting, a sign of how hard it is to find work for highly specialised Arctic tonnage when Western sanctions restrict access to Russian LNG projects.
Which Arc7 ships could follow?
IOB has not named the Arc7 ships it intends to manage. Several Arc7 LNG carriers remain at Hanwha Ocean after sanctions disrupted their original contracts for Novatek's Arctic LNG 2 project. Six such ships have been caught up in the dispute, three originally ordered by MOL and three associated with Sovcomflot.
The move adds to South Korea's growing part in Arctic shipping. South Korean yards have built a large share of the specialised LNG carriers serving Russia's Arctic projects, and Busan is positioning itself as a gateway for Arctic trade. In August, PanStar's 2,758 TEU PanStar Acro left Busan for Europe via the Northern Sea Route on South Korea's first commercial container trial on the route. The voyage drew only 737 TEU of cargo, but PanStar has said it plans further Arctic voyages.
This story is part of the Maritime Briefing of 9 October 2026.
