MOL, JERA sign long-term charter agreement for new LNG carrier

Mitsui O.S.K. Lines, Ltd. (MOL) has announced the signing of a long-term charter contract with a vessel operation management firm funded by JERA Co., Inc. (JERA) for a newbuilding liquefied natural gas (LNG) carrier.

This is the sixth deal inked for JERA, after a time charter contract for five LNG vessels. The vessel will be built at Samsung Heavy Industries Co., Ltd’s Geoje Shipyard, South Korea, and will be delivered in 2027.

This deal comes four months after MOL announced a leasing deal for three new LNG carriers under construction at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd.

MOL will administer and transport LNG for JERA. The new vessel will be outfitted with a cutting-edge MAN Energy Solutions engine, which reportedly enhances fuel consumption efficiency and has features that make it more environmentally friendly than traditional LNG carriers.

MOL, in collaboration with JERA, aims to contribute to the realisation of a steady supply of LNG through this long-term charter arrangement.

In September, MOL reached an agreement with Petronas CCS Ventures Sdn Bhd and MISC Berhad (MISC) to explore a joint venture for investing in liquefied carbon dioxide (LCO2) carriers for CCS projects.

More recently, MOL and PT MCS International (MCSI) established a new joint-venture LNG carrier manning company in Indonesia.