MOL’s LNG carrier fleet to grow to 104 vessels by March 2025

Japan’s shipping giant MOL expects its huge fleet of liquefied natural gas (LNG) carriers to increase to 104 vessels by March 31, 2025.

MOL revealed this in its first quarter report released this week.

This includes LNG carriers owned and/or operated by joint venture companies.

According to MOL, the firm had 94 LNG carriers in its fleet in the first quarter of 2023 and 97 LNG carriers in the first quarter of this year.

MOL also previously said that it has more than 30 LNG carriers on order.

As of March 31, 2024 MOL’s fleet also included five FSUs/FSRUs, three LNG bunkering vessels, one LNG powership, six ethane carriers, and 20 LPG/ammonia ships.

MOL has also a set a target to operate 90 LNG-powered and methanol-fueled vessels by 2030.

LNG earnings “stable”

MOL reported a revenue of 1,627.9 billion yen in fiscal 2023, up from the year before, while operating profit of 103.1 billion yen and net income of 261.6 billion yen dropped compared to the year before.

The company’s energy business, which includes the liquefied gas segment, reported revenue of 437.8 billion yen and profit of 66.9 billion yen, both up compared to the year before.

MOL said its LNG carrier business “secured stable profit, mostly unchanged year-on year, due to existing long-term charter contracts and the acquisition of new contracts.”

Within the LNG infrastructure business, the FSRU business posted a year-on-year decline in profit “as a result of the redeployment of an existing vessel and preparations to commence commercial operation.”

MOL said the LNG-to-powership business reported “stable” profit.

During the fiscal year from April 1, 2024 to March 31, 2025, MOL expects the LNG carrier business to “maintain stable profit by fulfilling existing long-term contracts and with the profit contribution of new projects.”

The LNG infrastructure business is expected to achieve profit growth, mainly due to the impact of contract renewals for existing projects, it said.

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