MOL signs long-term charter deal for new LNG-fueled VLCC

The vessel will be built in China.

Mitsui O.S.K. Lines, Ltd. (MOL) has inked a new deal for a new liquified natural gas (LNG)-fueled very large crude carrier (VLCC) to sail under a long-term time charter contract with Idemitsu Tanker Co., Ltd.

According to MOL, this will be the first dual-fuel VLCC to be chartered to a Japanese oil company. The ship will be built at Dalian COSCO KHI Ship Engineering Co., Ltd., which is jointly operated by Kawasaki Heavy Industries, Ltd. and China COSCO Shipping Corporation Limited.

The vessel is expected to be delivered in 2027.

“By entering this long-term time charter contract with Idemitsu Tanker, MOL seeks to spearhead the broader adoption of LNG fuels and contribute to reducing the environmental impact of the shipping industry,” the company said.

MOL established the "MOL Group Environmental Vision 2.2" with the target of achieving net zero greenhouse gas emissions by 2050. It aims to operate 90 LNG/methanol-fueled vessels by 2030.

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