MOL signs long-term time charter deal for newbuilding LNG-fueled VLCC to serve Idemitsu Tanker

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced that it has decided to order a new LNG-fueled very large crude carrier (VLCC) to sail under a long-term time charter contract with Idemitsu Tanker Co., Ltd. (President: Tomio Inagaki; Head Office: Chiyoda-ku, Tokyo). It will be the first dual-fuel VLCC to be chartered to a Japanese oil company and will be built at Dalian COSCO KHI Ship Engineering Co., Ltd. (DACKS; Dalian, China), which is jointly operated by Kawasaki Heavy Industries, Ltd. and China COSCO Shipping Corporation Limited, with delivery slated for 2027.

MOL established the “MOL Group Environmental Vision 2.2” with the target of achieving net zero greenhouse gas (GHG) emissions by 2050. LNG fuel reduces carbon dioxide emissions by about 25%~30% compared to conventional fuel oil. To achieve sustainable decarbonization of the shipping industry, MOL is proactively adopting LNG as a low-carbon fuel, marking a major step toward zero emissions and a decarbonized shipping industry. The company aims to operate 90 LNG/methanol-fueled vessels by 2030. It currently has about 40 LNG-fueled vessels in its fleet -six of them are VLCCs, including this newly ordered vessel. 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.