Mitsui O.S.K. Lines, Ltd. today announced the signing of a long-term charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd(TLT)., a wholly-owned subsidiary of Tokyo Gas Co., Ltd(Tokyo Gas), according to the company's release.
This is the eighth contract, following a time charter contract for seven LNG carriers that were signed for TLT.
The vessel will be built at the Geoje Shipyard of Hanwha Ocean Co., Ltd., and is scheduled for delivery in 2026. It will be managed by MOL and will transport LNG for TLT. The new vessel will be equipped with the cutting-edge MAN Energy Solutions engine (ME-GA), which improves fuel consumption efficiency, with specifications that enhance its environment friendliness, compared to conventional LNG carriers.
Through this long-term charter contract, MOL will contribute to the realization of a stable supply of LNG in partnership with Tokyo Gas.
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 low-carbon/decarbonized business by leveraging the group's collective strength."