MOL and COSCO Co-sponsor 3rd Shanghai International LNG Shipping Forum
November 08, 2021
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) today announced that on November 6, it jointly hosted the Shanghai International LNG Shipping Forum with COSCO Shipping Energy Transportation Co., Ltd. (CSET; Headquarters: Shanghai, China), China Merchants Energy Shipping Co. Ltd., Shanghai Petroleum & Natural Gas Exchange (SHPGX), China Financial Information Centre, and Shanghai Securities News Co. Ltd.
Many leading companies and groups in LNG industry took part in the forum to exchange knowledge and opinions. This marked the third time the event has been held in two years since "Shanghai LNG Forum 2019" (*1) .
The theme of the forum was "LNG trade and shipping under the goals of peaking carbon dioxide (CO2) emissions " and achieving carbon neutrality, providing opportunities to promote a deeper understanding of the business environment surrounding LNG, which plays a vital role as the world moves toward a carbon-neutral society, and study business development and go-to-market strategies.
The forum welcomed over 200 participants, mainly from Mainland China, and showcased speeches and presentations by industry leaders, who shared not only insights about the LNG business and its supply-demand relationship, but also seafarer policy trends during COVID-19 pandemic, the role of LNG as an alternative energy for a decarbonized society, and the latest trends in LNG carrier technology.
MOL has operated many LNG projects in partnership with forum co-sponsor CSET's subsidiary, COSCO Shipping LNG Investment (Shanghai) Co., Ltd. It has already jointly owned and operated a total of 17 LNG carriers for the ExxonMobil project (*2), LNG transport project for China Petrochemical Corporation (SINOPEC) (*3), and Yamal Project (*4), and will continually expand the collaboration. MOL and CSET also concluded a Memorandum of Understanding (MOU) on jointly selecting next-generation vessel fuels in the forum.
MOL's approach to environmental issues is guided by the "MOL Group Environmental Vision 2.1" (Note 5), and it continually engages in group-wide efforts to achieve sustainable net zero GHG emissions to help realize a decarbonized society. MOL will also contribute to the further growth of the LNG business in China, which is expected to become the world's largest LNG importing country, by further deepening and developing know-how accumulated through partnerships with Chinese companies and current LNG projects.
(*1) Please refer to August 8, 2019, press release:
MOL, COSCO SHIPPING Energy Transportation, Dalian Maritime University, Hudong-Zhonghua Shipbuilding Group co-sponsored Shanghai LNG Forum 2019
(*2) Please refer to March 3, 2010, press release:
MOL Signs a Contract for Long-term Charters of LNG Vessels by ExxonMobil
(*3) Please refer to April 30, 2013, press release:
MOL's Participation in China FOB Transportation Project
(*4) Please refer to July 9, 2014, press release:
MOL signs Ship Building Contracts with DSME for Ice Class Carriers
and November 2, 2017 press release:
MOL and China COSCO Shipping Jointly Own 4 LNG Carriers for Russia Yamal LNG Project
(*5) MOL Group Environmental Vision 2.1
https://mol.disclosure.site/en/themes/101
