MOL to boost investment in LNG-fueled ships, offshore wind business

Japanese shipping major Mitsui O.S.K. Lines (MOL) revealed plans to accelerate investment in LNG-fueled vessels as well as in low-/de-carbonization businesses such as offshore wind power.

The plans were revealed by MOL President & CEO Takeshi Hashimoto in his “2022 New Year Online Message” on 4 January 2022.

“We are progressing toward the introduction of LNG-fueled vessels, which is the most effective measure to reduce GHG emissions at the present moment, and introduced our plan to expand the fleet to 90 vessels by 2030,” Hashimoto said.

“Last year, we announced to invest in LNG-fueled car carriers and Capesize bulkers. This year, we will not only accelerate investment in LNG-fueled vessels, but also invest in low-/de-carbonization businesses such as offshore wind power.”

“We will also step up initiatives to reduce our environmental impact, by adopting the digital transformation (DX) and improving the vessel operational efficiency,” he added.

In June 2021, the company released “MOL Group Environmental Vision 2.1“ and set forth three medium-to-long-term targets including:

• Deploy net zero emissions ocean-going vessels in the 2020s;
• Reduce GHG emissions intensity by approximately 45% by 2035 (versus 2019);
• With the concerted effort throughout the group, achieve net zero GHG emissions by 2050.

This year, MOL is expected to accept delivery of the first pure battery tanker, which will be powered by high-capacity lithium-ion batteries. The newbuild is scheduled to be used as a bunkering vessel in Tokyo Bay.

The Japanese company is also considering the development of a hybrid pure car carrier equipped with a hydrogen fuel cell system and large-capacity batteries. Moreover, it is trialing hydrogen-fueled engine equipped on an in-service vessel.

In 2021, MOL also announced plans to order ammonia-fueled engine for ships.

What is more, the carrier is conducting a joint study with Brazilian mining giant Vale on the installation of a wind propulsion system on a 200,000-ton in-service bulk carrier, which mainly transports iron ore for steel production. As explained, the goal is to reduce greenhouse gas (GHG) emissions from the vessel while underway.

In September, MOL signed the Call to Action for Shipping Decarbonization, an initiative that urges governments and global shipping industry leaders to commit to decarbonizing international shipping by 2050. The Call to Action is in line with MOL’s efforts to achieve net zero GHG emissions and its corporate mission.