MOL, Kansai Electric Power Sign Deals to Build, Charter 2 LNG Carriers

June 29, 2012

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced the signing of a long-term contract for two new liquefied natural gas (LNG) carriers with Kansai Electric Power Inc. (President: Makoto Yagi). At the same time, MOL concluded contracts to build the ships Kawasaki Heavy Industries, Ltd. (President: Satoshi Hasegawa) and Mitsubishi Heavy Industries, Ltd. (President: Hideaki Omiya).

The ships are slated for launching in 2016 and 2017. MOL will manage and operate the vessels, with which transport LNG for Kansai Electric Power.

The first vessel is a Moss-type carrier with a 164,700m³ cargo tank capacity, based on a new design from Kawasaki Heavy Industries. It will be the largest ship in its class that can pass through the expanded Panama Canal which is scheduled for completion in 2014, while maintaining a hull size allowing it to call at major LNG terminals around the world.

The second vessel has a 155,300m³-class cargo tank capacity, and is one of the Sayaendo series carriers developed by Mitsubishi Heavy Industries, featuring a continuous cover over its four Moss-type spherical tanks. The peapod-shaped continuous cover is integrated with the ship's hull, achieving weight reduction while maintaining overall hull rigidity. This will increase fuel efficiency.

Both vessels adopt a new steam turbine engine that reuses steam for heating. This will also reduce fuel consumption. They also feature an advanced heat insulation system that offers the lowest LNG vaporization rate - 0.08% - of any LNG carrier in the world. Its environment-friendly, economically-advanced design also effectively controls surplus boil-off gas.

"Offering transport solutions with a lower environmental burden" is one of the key environmental strategies in MOL's midterm management plan "GEAR UP! MOL". The company uses its decades of experience and know-how as the world's leading LNG carrier owner and management company and works aggressively to provide reliable LNG transport services tailored to customer needs.

Outlines of newbuilding LNG carriers

1st vessel

Length: About 293.0m

Breath: 48.90m

Draft: 11.92m

LNG tank: Stretched Moss-type independent spherical type

Cargo tank capacity: 164,700m³

Capacity: about 79,100 MT

Main engine: Reheat steam turbine system

Speed: 19.5 knots

Shipyard: Kawasaki Heavy Industries, Ltd.

Ship management company: Mitsui O.S.K. Lines, Ltd.

Launch year: 2016

Ship name: TBD

2nd vessel

Length: About 288.0m

Breath: 48.94m

Draft: 11.55m

LNG tank: Stretched Moss-type independent spherical type

Cargo tank capacity: 155,300m³

Capacity: about 75,000 MT

Main engine: Reheat steam turbine system

Speed: 19.5 knots

Shipyard: Mitsubishi Heavy Industries, Ltd.

Ship management company: Mitsui O.S.K. Lines, Ltd.

Launch year: 2017

Ship name: TBD