Japan: MOL, Kansai Electric to Jointly Own LNG Duo

Mitsui O.S.K. Lines announced an agreement with Kansai Electric Power Co for joint ownership of two newbuilding liquefied natural gas (LNG) carriers that will sail under long-term charter contracts signed in June 2012.

Kansai Electric Power will hold a 70% share in the Bahamas-based MOL subsidiary that will own the two carriers, with MOL holding the remaining 30%.

With this agreement, MOL and Kansai Electric Power will jointly own a total of three vessels following the LNG Ebisu (delivered in Sep. 2008), the first such vessel directly owned by Kansai Electric Power.

The first vessel is a Moss-type carrier with a 164,700m3 cargo tank capacity, based on a new design from Kawasaki Heavy Industries. It will be the largest ship in its class that can pass through the expanded Panama Canal which is scheduled for completion in 2014, while maintaining a hull size allowing it to call at major LNG terminals around the world.

The second vessel has a 155,300m3-class cargo tank capacity, and is one of the Sayaendo series carriers developed by Mitsubishi Heavy Industries, featuring a continuous cover over its four Moss-type spherical tanks. The peapod-shaped continuous cover is integrated with the ship’s hull, achieving weight reduction while maintaining overall hull rigidity. This will increase fuel efficiency.

Both vessels adopt a new steam turbine engine that reuses steam for heating. This will also reduce fuel consumption. They also feature an advanced heat insulation system that offers the lowest LNG vaporization rate – 0.08% – of any LNG carrier in the world. Its environment-friendly, economically-advanced design also effectively controls surplus boil-off gas.

[mappress]
LNG World News Staff, October 01, 2013