MOL and Mitsui ink LNG carrier time charter deal

Japanese shipping major Mitsui O.S.K. Lines (MOL) has concluded a time charter contract for a newbuild LNG carrier with compatriot shipping company Mitsui & Co.

The LNG carrier has a capacity of 174,000 cubic metres and will be delivered in 2024. It will specifically serve to transport LNG mainly for Mitsui & Co. projects around the world.

This is the fourth contract, following deals for three newbuild LNGCs signed between September 2014 and January 2015. Under the deal, MOL will provide ship management services for the vessel.

The vessel features the MAN Energy Solutions engine, which improved fuel efficiency. It also adopts more environment-friendly specifications than current LNG carriers.

Furthermore, Mitsui O.S.K. Lines says it is ready to address critical environmental issues in line with ‘MOL Group Environmental Vision 2.1‘. The goal is to achieve GHG net zero emissions by 2050 through concerted group-wide efforts and contribute to the realization of a low and decarbonized society.