MOL Expands LNG-Fueled VLCC Fleet with $300 Million Newbuild Deal
| ShipUniverse: News Summary | |
|---|---|
| Key Point | Details |
| Deal Overview | MOL has signed a $300 million contract for two LNG-fueled VLCCs, with deliveries scheduled between 2027 and 2028. |
| Sustainability Focus | The new VLCCs are equipped with dual-fuel engines, reducing emissions and meeting EEDI Phase 3 requirements. |
| Fleet Expansion | The vessels will help MOL reach its goal of 90 LNG-fueled ships by 2030. |
| Market Strategy | MOL is positioning itself to meet the growing global demand for eco-friendly shipping solutions. |
Mitsui O.S.K. Lines (MOL) has placed an order for two additional LNG dual-fuel Very Large Crude Carriers (VLCCs), valued at approximately $300 million. This strategic move is part of MOL’s broader plan to decarbonize its fleet and increase its LNG-powered vessels by 2030. The newbuilds, each with a capacity of 309,000 dwt, are expected to be delivered between 2027 and 2028 by Dalian COSCO KHI Ship Engineering (DACKS).
Key Highlights of the Deal
Fleet Expansion to Meet Decarbonization Targets: MOL is steadily growing its fleet of LNG-fueled vessels, with plans to operate 90 LNG-powered ships by 2030. This order for two new VLCCs will boost MOL’s capacity for cleaner, more sustainable shipping solutions, positioning the company as a leader in the shift towards lower-emission maritime operations.
Environmental Commitments: The newly ordered VLCCs are designed to meet the latest environmental standards, including the IMO’s Energy Efficiency Design Index (EEDI) Phase 3. The ships will use LNG as a primary fuel, reducing CO2 emissions by 25-30%, sulfur oxides by 100%, and nitrogen oxides by 85% compared to traditional fuel oil.
Delivery Timeline and Financials: With an estimated delivery between 2027 and 2028, these two vessels are part of a $300 million investment. This further strengthens MOL’s commitment to long-term fleet renewal and sustainability in line with its “Environmental Vision 2.1” aimed at achieving net-zero GHG emissions by 2050.
Strategic Market Position: By increasing its LNG-fueled VLCC fleet, MOL is positioning itself to take advantage of the growing demand for greener shipping solutions. This proactive approach aligns with global regulatory trends and customer demands for environmentally responsible maritime operations.
Future Outlook
These new LNG-fueled VLCCs are expected to play a key role in MOL’s future operations, providing both sustainability benefits and increased operational efficiency. As the shipping industry faces challenges related to decarbonization, MOL’s investment in dual-fuel technology ensures it remains at the forefront of eco-friendly shipping solutions.