INEOS charters two LNG carrier newbuilds from MOL

 London-based energy player INEOS Energy Trading has signed agreements with Japanese shipping major Mitsui O.S.K. Lines (MOL) for two newbuild LNG carriers, to be used for the import of LNG into Germany from the United States.

Image credit INEOS

These agreements follow INEOS Energy Trading’s long-term Sales and Purchase Agreement signed with Sempra for 1.4 mtpa of supply out of Port Arthur and the purchase of long-term regasification capacity in Brunsbuttel, the German LNG terminal.

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INEOS plans to capitalise on its experience as a major transporter of ethane gas from the US to Europe and Asia, to develop a ‘pipeline’ of LNG into Europe to service its own demand, as well as that of select third parties.

The vessels have a capacity of 174,000 cbm and are being built at the Okpo Shipyard in South Korea. The duo will be equipped with the latest MAN Energy Solutions engines (ME-GA), air lubrication technology, and shaft generators making them highly efficient.

“It was extremely important that we selected modern, efficient vessels with environmental considerations embedded in the design. We agreed an engine type and vessel specification with MOL that we believe is optimal for reducing carbon emissions and methane slip. We will continue to work with MOL to identify further opportunities to reduce emissions as both companies work towards a net zero future,” David Bucknall, CEO of Ineos Energy Trading said.

INEOS already has an extensive fleet of ethane and naphtha carriers, but these two new vessels signify their first entry into the LNG carrier market.