MOL and ENN sign long-term charter deal for three new building LNG carriers

September 12 2022 Print This Article

Mitsui O.S.K. Lines, Ltd., through a subsidiary, signed a long-term charter contract for three newbuilding LNG carriers with ENN LNG (Singapore) Pte. Ltd., a wholly owned subsidiary of ENN Natural Gas Co., Ltd. The vessels will be constructed at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. of China, and are slated for delivery by 2028. After delivery, the vessels will be engaged mainly in transport of LNG, procured by ENN under long-term purchases contract, to China.

ENN is a leading privately owned energy company, which has an extensive customer base in more than 20 provinces in China. It supplies 10% of natural gas consumption in China and operates a large LNG terminal in the Zhoushan area of Zhejiang Province. The contract was concluded based on ENN's high evaluation of MOL's track record in the LNG carrier business for China, its extensive experience in building LNG carriers in China, and its performance in safe cargo transport and safe operation of vessels.

China is increasingly shifting its energy sources from coal and oil to natural gas in response to growing awareness of the need for a low-carbon, decarbonized society, and in 2021 became the world's largest LNG importer for the first time. China's LNG demand is expected to grow even more in the future.

The MOL Group is committed to addressing environmental issues in accordance with "MOL Group Environmental Vision 2.1," and promote low- and de-carbonization to achieve net zero greenhouse gas (GHG) emissions by 2050. In addition, MOL group continually contributes as a multimodal transport group company that responds to the continually growing LNG business in China by further deepening and developing its know-how and track record in China.