MOL Signs Long-Term Time Charter Contract for Singapore's 1st FSRU
-Contributing to Stable Supply of Energy in Singapore-

October 23, 2024

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced an agreement with Singapore LNG Corporation Pte. Ltd. (Headquarters: Singapore), Singapore's state-owned LNG terminal operator, on a long-term time charter contract for one newbuilding FSRU ^{(Note 1)}. An event was held in Singapore on October 23 to officially launch this project, with all parties in attendance. The FSRU will be built at Hanwha Ocean Co., Ltd. in South Korea. After delivery, MOL will own, manage, and operate the FSRU.

The FSRU will be moored at the Jurong Port in Singapore, and will play a central role in receiving, storing and regasifying LNG, and sending gas to shore. This first FSRU to be introduced in Singapore is an infrastructure project that will contribute to a stable supply of energy for the country, where about 95% of domestic power generation is fueled by imported natural gas.

As a leading player in FSRU solutions, MOL has accumulated many years of experience operating FSRUs in diverse regions and environments, including Turkey, Hong Kong, and Indonesia, and has earned a high level of trust from its customers. MOL has been developing its FSRU business around the world to meet the needs of customers who want to diversify their procurement of LNG and ensure a stable supply of energy, and it has recently entered into an agreement on an FSRU project in Poland.

MOL Group Vision is to develop a variety of social infrastructure businesses in addition to traditional shipping businesses and will meet the evolving social needs including environmental conservation with innovative technology and services. This project is in line with the growth of non-shipping businesses set forth in the "BLUE ACTION 2035" management plan and the strategy of "Expanding low-carbon/decarbonized business by leveraging the group's collective strengths" in the "MOL Group Environmental Vision 2.2," in addition to the MOL Group Vision.

(Note 1) FSRU stands for Floating Storage and Regasification Unit. It is a floating facility capable of receiving and storing LNG offshore, regasifying it, and sending it to shore. FSRUs have the advantage of lower costs and shorter construction periods compared to constructing storage tanks and regasification facilities onshore.

[Outline of the FSRU]

Main dimensions	Length: 298.8m　Beam: 51.0m
LNG storage capacity	200,000m3
Regas discharging capacity	5 Million Tonnes Per Annum
Shipyard	Hanwha Ocean Co., Ltd.
Scheduled delivery	2027

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MOL Group 5 Sustainability Issues
MOL Group identifies "Sustainability Issues" (Materiality) as our key issues for sustainable growth with society through realization of the Group Vision.
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-," "Human & Community -Contributing to the growth and development of people and communities-" and "Innovation -Innovation for development in marine technology-."