MOL and JERA shake hands on seventh charter deal for newbuilding LNG vessel

Japan’s shipping giant Mitsui O.S.K. Lines (MOL) has penned a seventh long-term charter contract for a newbuilding liquefied natural gas (LNG) carrier with a vessel operation management company funded by JERA, a compatriot power generation company.

Illustration; Source: MOL

MOL explains that the latest deal follows a time charter contract for the sixth LNG carrier signed in October 2023. Just like the other ship, the seventh vessel will be built at the Geoje Shipyard of Samsung Heavy Industries (SHI) in South Korea. The LNG carrier, to be managed by MOL, will transport liquefied natural gas for JERA.

Sporting the MAN Energy Solutions engine (ME-GA), which is said to improve fuel consumption efficiency, the vessel is scheduled for delivery in 2026. The Japanese shipping player claims that the ship will come with specifications that enhance its environment friendliness, compared to conventional LNG carriers.

MOL claims that it will contribute to the realization of a stable supply of LNG in partnership with JERA, thanks to this long-term charter contract, which comes shortly after the firm held a naming ceremony for the first of six newbuilding LNG carriers at a Chinese shipyard.

MOL also recently won a long-term time charter party (TCP) agreement for a floating storage and regasification unit (FSRU) with Poland’s Gaz System, which came shortly after the company put an FSRU in West Java, Indonesia, into operation.

Following a previous decarbonization-linked loan, which bankrolled the construction of an LNG-powered dual-fuel very large crude carrier (VLCC), the Japanese giant got its hands on another energy transition-related loan in April.