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The firm said in its results report it had 99 LNG vessels at the end of the second quarter, two vessels more compared to the prior quarter.
MOL confirmed it expects to have 104 LNG carriers in its fleet by March 31, 2025.
This includes LNG carriers owned and/or operated by joint venture companies.
Also, MOL previously said that it has more than 30 LNG carriers on order.
As of June 30, 2024, MOL’s fleet included seven FSUs/FSRUs, three LNG bunkering vessels, one LNG powership, and six ethane carriers.
As part of its plans to reduce emissions, MOL also set a target to operate 90 LNG-powered and methanol-fueled vessels by 2030.
LNG earnings “stable”
MOL reported revenue of 435.9 billion yen in the first quarter of fiscal 2024, up 50.8 percent from the year before, while operating profit of 40.6 billion yen and net income of 114.8 billion yen rose 16.2 percent and 16 percent respectively.
The company’s energy business, which includes the liquefied gas segment, reported revenue of 125.1 billion yen and profit of 22.7 billion yen, both up compared to the year before.
MOL said its LNG carrier business “continued to generate stable profit with the delivery of new vessels but reported lower profit than a year earlier due to increased expenditures for dry docks.”
The LNG infrastructure business reported profit “mostly unchanged year-on-year, as a result of the stable operation of new and existing projects.”
During the fiscal year 2024, MOL expects the LNG carrier business to “maintain stable profit as a result of the delivery of new carriers slated to enter service under new contracts.”
“The LNG infrastructure business is projected to post profit mostly unchanged year-on-year as a result of the stable operation of new and existing projects,” it said.