Tokyo based Mitsui O.S.K. Lines, Ltd. (MOL) announced that it has signed a long-term agreement with INEOS Energy Trading, a wholly owned subsidiary of INEOS Group Ltd. In London (INEOS), for the charter of two newbuild LNG Carriers.

Both newbuild LNG Carriers are  slated for delivery in 2027, and the LNG Carriers will be built at the Okpo Shipyard of Hanwha Ocean Co., Ltd., South Korea,  and will be equipped with the latest MAN Energy Solutions engines (ME-GA) as well as Air Lubrication Systems (ALS) in order to reduce drag on the ships’ hulls from seawater and Shaft Generators (SG) to increase the overall operational efficiencies of the sister vessels. The vessels will have a cargo capacity of 174,000 m3, LOA 294.90m, and have a Beam 46.40m each and will be suitable to operate globally, between the world’s major LNG terminals, at the highest level of efficiency and environmental consideration.

Being the Charterer of the largest global fleet of ethane carriers, INEOS has major long-term experience in the transportation of gas from the US to Europe and Asia. INEOS has now expanded the breadth of their extensive experience in gas by engaging in LNG and developing business relationships with large and experienced industry participants. MOL is delighted to be a part of INEOS’ journey and to help facilitate their embarkment into the LNG industry with these two newbuild LNG Carriers. MOL looks forward to working on and expanding our brewing relationship in the future, both during the period of the charters and beyond, with alignment across a number of key business areas championing the development of further mutually beneficial business engagements.

“it was extremely important that we selected modern, efficient vessels with environmental considerations embedded in the design. We agreed an engine type and vessel specification with MOL that we believe is optimal for reducing carbon emissions and methane slip. We will continue to work with MOL to identify further opportunities to reduce emissions as both companies work towards a net zero future,” David Bucknall, CEO of Ineos Energy Trading said in a statement.

David Bucknall also added that “we are delighted to be working with MOL, who have a great deal of experience shipping LNG and an excellent reputation. We look forward to developing the relationship, both during the charter period and beyond.”