Busan-headquartered shipmanager IOB has begun operations with four Arc4 LNG carriers and set a target to manage three to six Arc7 icebreaking vessels by 2027, the company said.

The four 174,000 cu m ships — North Moon, North Light, North Ocean and North Valley — were built at Hanwha Ocean between 2024 and 2025 for Japan's Mitsui OSK Lines (MOL). All four trace back to a 2021 ordering programme in which an MOL subsidiary signed time-charter contracts with NOVATEK Gas & Power Asia, a wholly owned unit of Russia's Novatek.

IOB described itself as "an Arctic LNG shipmanagement specialist covering technical, marine and QHSE, crewing and shore-based operational support."

What assets does IOB currently manage?

The four Arc4 vessels are the only tonnage publicly identified in the new manager's book:

• Class: Arc4 LNG carrier, 174,000 cu m
• Builder: Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering)
• Delivery: 2024-2025
• Original owner: Mitsui OSK Lines
• Time-charter counterparty: NOVATEK Gas & Power Asia

The company has not identified current charterers or commercial operators for the quartet.

How did the sanctions history shape the entry?

Three of the four — North Moon, North Light and North Ocean — landed on the European Union sanctions list in May 2025. EU authorities delisted them two months later.

All three ships spent extended periods idle during the uncertainty around Russian LNG trades. IOB's commercial entry comes against that backdrop, though the firm has not disclosed whether it has re-chartered the tonnage or taken it over on the original Novatek-linked time-charter.

What is IOB's expansion path?

The new manager targets three to six Arc7 vessels in 2027 and additional Arc7 newbuilding management from 2028. Arc7 is the highest commercial ice-class and the standard for year-round Arctic LNG export operations from terminals including Yamal LNG and Arctic LNG 2.

For shipyards, additional Arc7 newbuilding supervision would extend the order pipeline at Hanwha Ocean, which built the quartet IOB now manages.

What does the move signal for the LNG market?

The entry puts a South Korean technical management option into a niche dominated by a small pool of Russian and Greek managers. For LNG traders and project shippers, a wider manager base could ease the bottleneck of qualified ice-class personnel as Russia-linked export volumes reset.

For MOL, the transfer of technical management frees the Japanese line from crewing and QHSE oversight while it retains exposure to long-term Arctic cargoes through its MOL-subsidiary lease structure.

For Russian producers, reactivation of formerly sanctioned tonnage via a third-country manager offers a route back to commercial employment without disturbing Japanese ownership.

How experienced is the IOB team?

IOB acknowledged it began operations only this year, but said its team carries 13 years of accumulated LNG fleet-management experience. The company has not named individual hires, financial backers or its ownership structure.

What's next?

Whether IOB delivers its 2027 Arc7 target will hinge on long-term Arctic LNG cargo demand and on whether its initial four ships are rechartered, reflagged or repurposed to restore commercial utility.