Mitsui O.S.K. Lines Ltd (MOL) has signed a long-term charter agreement with India’s state-owned Oil and Natural Gas Corporation Limited (ONGC) for two newbuilding very large ethane carriers (VLECs) to be constructed
Mitsui O.S.K. Lines (MOL) has signed a long-term charter agreement with India’s state-owned Oil and Natural Gas Corporation (ONGC) for two newbuilding very large ethane carriers (VLECs) to be constructed by Samsung Heavy Industries.
MOL established two joint ventures with ONGC, with the joint ventures and ONGC signing a 15-year charter contract for the vessels.
The two vessels, each with a cargo capacity of 100,000 cubic metres, will be built at Samsung Heavy Industries’ Geoje shipyard in South Korea. The ships will be equipped with dual-fuel main engines capable of burning ethane as fuel, with delivery expected from late 2028 onward.
Once delivered, the vessels will be deployed to transport liquefied ethane from the United States to India, MOL said.
The agreement increases MOL’s VLEC fleet to 16 vessels, making it the largest in the world, according to the company. MOL began ethane transport operations in 2016 as the first operator of VLECs and has since expanded its portfolio through long-term charter arrangements.
MOL said its experience in liquefied gas carrier operations, including VLECs, and its operational track record within India’s Special Economic Zone, where the joint ventures are based, contributed to the signing of the charter agreement.
MOL said
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