Japan’s shipping giant MOL has ordered a new LNG-fueled very large crude carrier (VLCC) to sail under a long-term time charter contract with compatriot Idemitsu Tanker.
According to a MOL statement on Friday, Dalian COSCO KHI Ship Engineering, which is jointly operated by Kawasaki Heavy Industries and China COSCO Shipping, will build the 309,000-dwt vessel.
The LNG-powered VLCC is scheduled for delivery in 2027.
MOL did not reveal the price tag of the contract.
The LNG-powered VLCC will be 339.5 meters wide and 60 meters long.
MOL said this will be the first dual-fuel VLCC to be chartered to a Japanese oil company.
The shipping company aims to operate 90 LNG/methanol-fueled vessels by 2030.
As of the end of March, MOL had about 40 LNG-fueled vessels in its fleet.
Six of these are VLCCs, including this newly ordered vessel.
“By entering this long-term time charter contract with Idemitsu Tanker, MOL seeks to spearhead the broader adoption of LNG fuels and contribute to reducing the environmental impact of the shipping industry,” the firm said.
In addition, MOL’s large fleet of LNG tankers expanded to 107 vessels as of the end of March this year.
This is one more LNG carrier than in the previous quarter and ten more LNG carriers than in the first quarter of 2024.