MOL and partners ink deal with China’s BOCOM Leasing for LNG carrier trio

Japan’s shipping giant MOL and its partners have entered into a lease agreement for three LNG carriers with China’s Bank of Communications Financial Leasing Co (BOCOM Leasing).

Besides MOL, the joint venture includes Cosco Shipping LNG Investment (Shanghai), CNOOC Gas and Power Singapore Trading & Marketing, and CETS Investment Management (HK).

China’s Hudong-Zhonghua is building these three 174,000-cbm LNG carriers.

MOL said in a statement that the lease agreement with BOCOM Leasing, a unit of Bank of Communications and the largest leasing company in China was signed on June 27.

Also, the Japanese firm said this marks its first contract with a Chinese leasing company.

This lease agreement was achieved with a local financial institution in collaboration with a Chinese partner, in line with MOL’s regional strategy, it said.

“Through these initiatives, MOL will expand its funding sources and diversify its funding methods to strengthen its competitiveness, and it aims to realize a “regional strategy” while increasing its presence in China and other Asian markets,” MOL said.

MOL did not provide any additional information regarding the deal.

In January last year, MOL and its partners ordered six LNG carriers from Hudong-Zhonghua for about $1.17 billion.

All of the ships will serve CNOOC’s gas and power unit under long-term charter deals.

Part of Hudong-Zhonghua’s fifth-generation Changxeng series, the 299 meters long vessels will feature WinGD’s X-DF dual-fuel engines and GTT’s NO96 Super+ containment system.

The Chinese shipbuilder will deliver the vessels from 2024 through 2026.

Most Popular

Seapeak books $19.3 million charge as it lays off seafarers on steam LNG carriers

Stonepeak’s Seapeak booked $19.3 million of restructuring charges in the second quarter of this year, primarily due to laying off its Spanish seafarers working on steam LNG carriers.

Golar moving forward with new FLNG order

Floating LNG player Golar LNG is moving forward with its plans to order its fourth FLNG conversion. In order to secure "attractive" delivery, Golar plans to enter into slot reservations for long-lead equipment within the third quarter of this year.

Hanwha’s units, Kospo to jointly buy US LNG

South Korea's Hanwha Aerospace and Hanwha Energy, units of Hanwha, are teaming up with compatriot Korea Southern Power (Kospo) to jointly buy US liquefied natural gas (LNG) supplies.

More News Like This

MOL’s LNG carrier fleet stands at 104 vessels

MOL's large fleet of liquefied natural gas (LNG) tankers had 104 vessels as of the end of June this year.

MOL, Equinor name LNG-powered VLCC

Japan's shipping giant MOL has named an LNG dual-fuel very large crude carrier which will serve Norway's Equinor under a charter deal.

DNV approves LNG-powered LCO2 carrier

Classification society DNV has awarded a general approval for ship application certificate to Japan's MOL, Malaysia's MISC and Petronas CCS Ventures, and China's SDARI for their jointly-developed LNG-powered liquid carbon dioxide (LCO2) carrier design.

HD Hyundai Heavy kicks off work on Gdansk FSRU

South Korean shipbuilder HD Hyundai Heavy Industries has officially started building MOL's floating storage and regasification unit (FSRU), which will serve Gaz-System's Gdansk LNG project in Poland.