Mitsui O.S.K. Lines (MOL) has announced the signing of a long-term charter agreement for a new LNG carrier with Tokyo LNG Tanker (TLT), a subsidiary of Tokyo Gas.
This marks the eighth contract between the two companies, following seven previous time charter contracts for LNG carriers.
Furthermore, the vessel will be constructed at Hanwha Ocean’s Geoje Shipyard in South Korea and is expected to be delivered in 2026.
MOL will operate the vessel, which will transport LNG for TLT. Notably, the new carrier will feature an advanced MAN Energy Solutions engine (ME-GA), enhancing fuel consumption efficiency and environmental friendliness compared to traditional LNG carriers.
This agreement underscores MOL’s commitment to supporting Tokyo Gas in ensuring a stable supply of LNG.
According to a statement, under its “BLUE ACTION 2035” management plan, the MOL Group has been pursuing business portfolio reforms that will allow it to increase the weight of its stable-profit businesses and secure profitability even during downturns in the shipping market. The expansion of the LNG fleet, including this contract, is part of that initiative.
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 /decarbonized business by leveraging the group’s collective strength.”
