New LNG vessel gets christened at Hanwha Ocean’s yard

Japan’s shipping giant Mitsui O.S.K. Lines (MOL) has held a naming ceremony for a newbuild liquefied natural gas (LNG) carrier at the Geoje Shipyard of South Korea’s shipbuilder Hanwha Ocean.

With the naming ceremony out of the way, the next item on the agenda for MOL’s Marvel Swallow LNG carrier, slated for delivery on October 28, is to undergo the gassing-up/cool-down operation in Japan. Afterward, the vessel will proceed to its first loading port in the U.S. The Marvel Swallow LNG ship will sail under a time charter contract with Mitsui & Co.

While MOL and Mitsui & Co. inked a charter contract for the Marvel Swallow LNG carrier, the fourth in a series of newbuild vessels, in 2022, deals for the three previous newbuilding vessels were signed in 2014 and 2015. This contract enables the Japanese giant to provide ship management services for the LNG carrier, which will transport LNG mainly for Mitsui & Co.’s projects worldwide.

With a capacity of 174,000 cubic meters, the LNG vessel is equipped with the MAN Energy Solutions engines which are said to offer improved fuel efficiency that is perceived to make them more environmentally friendly than those installed on current LNG carriers.

“MOL is committed to further deepening and developing its relationship with Mitsui & Co., and will continue to proactively work to offer safe and high-quality services as a leading company in LNG transport, while addressing environmental issues in line with the ‘MOL Group Environmental Vision 2.2,’” according to MOL.

The naming ceremony for the newest LNG carrier addition comes only days after the firm disclosed a long-term time charter contract for a floating storage and regasification unit (FSRU), which Hanwha Ocean has been tasked with constructing.

This FSRU infrastructure project is being built for Singapore LNG Corporation, Singapore’s state-owned LNG terminal operator. The unit is anticipated to contribute to a stable energy supply in the Asian country, where about 95% of domestic power generation is fueled by imported natural gas.

MOL, which recently increased its stake in MODEC to 15%, operates several FSRUs stationed around the globe, such as the one in Indonesia, where the company recently started commercial operations for an FSRU in West Java. This unit is part of a development seen as Asia’s first gas-to-power project using FSRU, electric generation, and gas-related facilities developed in an integrated manner. 

Meanwhile, MOL is also working on several decarbonization projects, including a study on the use of vessels to transport liquefied CO2 (LCO2). This is being done to aid in developing a carbon capture and storage (CCS) project off the coast of western Kyushu.

A few months ago, the Japanese giant teamed up with compatriot players to pool resources concerning LCO2 carrier design and enable large-scale LCO2 transport by 2028.