Mitsui O S K Lines : 2024/03/05 MOL and TLT Signs Long-Term Charter Deal for Newbuilding LNG Carrier

March 05, 2024

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced the signing of a long-term charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd(TLT). (headquarters: Minato-ku, Tokyo; President: Atsunori Takeuchi), a wholly-owned subsidiary of Tokyo Gas Co., Ltd(Tokyo Gas). (headquarters: Minato-ku, Tokyo; President: Shinichi Sasayama).

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. (Headquarters: South Korea), 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.

[Outline of the vessel]

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."

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-".

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Mitsui OSK Lines Ltd. published this content on 05 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 02:06:01 UTC.