MOL orders another dual-fuel VLEC duo for long-term charter with SCGC

MOL Energia, a subsidiary of Japanese shipping player Mitsui O.S.K. Lines (MOL), has ordered two new very large ethane carriers (VLECs) for a long-term charter contract with Thailand’s petrochemical company SCG Chemicals.

Following the first charter deal from January 24, 2025, MOL’s company has now executed an additional contract for two more 100,000 cubic meter (cbm) VLECs with ethane dual-fuel propulsion engines.

Like its sister vessels, the newly contracted VLECs will be constructed by South Korean shipbuilder Samsung Heavy Industries and are scheduled for delivery in 2028.

With the latest contract in place, MOL Group will own a total of five newly built dedicated liquefied ethane carriers serving SCGC and will be responsible for transporting all of the ethane used at SCGC’s petrochemical plants in Vietnam.

According to SCGC, the agreement will see MOL provide ethane transportation service from the United States to Vietnam for 15 years.

This deal will also bring the number of VLECs managed and operated by the Japanese shipping company to 14 out of approximately 90 dedicated liquefied ethane carriers currently in service or on order worldwide.

“The group will continue to provide safe, reliable ocean shipping services by leveraging its advanced safe operation management system developed over decades of experience in the transport of liquefied gases, including LNG, to meet the demand for ethane transport, which is expected to keep expanding,” MOL said.

MOL entered the VLEC business in 2014 and has steadily built up a ‘solid’ track record in liquefied ethane transport. In November 2016, it took delivery of Ethane Crystal, believed to be the ‘world’s first’ VLEC.