Top Page > Press Release 2023 > MOL and INEOS Sign Term Charter Deal for Two Newbuilding LNG Carriers

MOL and INEOS Sign Term Charter Deal for Two Newbuilding LNG Carriers

June 28, 2023

TOKYO- Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) has signed a long-term agreement with INEOS Energy Trading, a wholly owned subsidiary of INEOS Group Ltd. (INEOS; Head Office: Knightsbridge, London), for the charter of two newbuild LNG Carriers.

Both slated for delivery in 2027, the Carriers will be built at the Okpo Shipyard of Hanwha Ocean Co., Ltd. (Head Office: South Korea) and will be equipped with the latest MAN Energy Solutions engines (ME-GA) as well as Air Lubrication Systems (ALS) (Note 1) to reduce drag on the ships' hulls from seawater and Shaft Generators (SG) (Note 2) to increase the overall operational efficiencies of the sister vessels. The vessels will have a cargo capacity of 174,000 m3 each and will be suitable to operate globally, between the world's major LNG terminals, at the highest level of efficiency and environmental consideration.

Being the Charterer of the largest global fleet of ethane carriers, INEOS has major long-term experience in the transportation of gas from the US to Europe and Asia. INEOS has now expanded the breadth of their extensive experience in gas by engaging in LNG and developing business relationships with large and experienced industry participants. MOL is delighted to be a part of INEOS' journey and to help facilitate their embarkment into the LNG industry with these two newbuild LNG Carriers. MOL looks forward to working on and expanding our brewing relationship in the future, both during the period of the charters and beyond, with alignment across a number of key business areas championing the development of further mutually beneficial business engagements.

(Note 1) Air Lubrication System:
The efficiency-promoting technology by reducing the resistance between the ship's hull and seawater using air bubbles.

(Note 2) Shaft Generator:
The generators driven by main engines, which enables diesel generators onboard to get turned off while the main engines are running, resulting in reducing fuel/gas consumption

[Outline of the vessel]

Main dimensions LOA: 294.9m; Breadth: 46.4m
Tank type 174,000m3 membrane
Main engine ME-GA
Shipyard Hanwha Ocean
Scheduled delivery 2027

MOL positions the expansion of its LNG fleet, including this project, as an accumulation of stable profit-earning businesses in its business portfolio transformation as defined in its "BLUE ACTION 2035" management plan. This initiative is also in line with the "MOL Group Environmental Vision 2.2," which aims to achieve net zero greenhouse gas (GHG) emissions by 2050, and the goal of "expanding the low-carbon/decarbonized business by leveraging the group's collective strength."

MOL will leverage its experience and expertise as one of the world's largest shipping companies to develop various social infrastructure businesses, technologies, and services, centering on ocean transport, to meet the needs of a wide range of customers throughout the group. It aims to become a global social infrastructure company, a strong and resilient corporate group that supports people's daily lives from the blue oceans, ensures a prosperous future, and delivers new value to all of its stakeholders.

MOL Group 5 Sustainability Issues
MOL Group will contribute to realizing a sustainable society by promoting responses to sustainability issues, which are identified as social issues that must be addressed as priorities through its business.
We anticipate this initiative to contribute especially to the realization of "Safety & Value -Provide added value through safe transportation and our social infrastructure business- ", "Environment -Conservation for Marine and global environment-", "Innovation -Innovation for development in marine technology-".