Ineos charters LNG carrier duo from MOL to ship US volumes to Germany

UK’s Ineos has chartered two liquefied natural gas carriers from Japan’s shipping giant MOL to ship its contracted US LNG supplies to Germany.

Ineos Energy Trading, a unit of Ineos, will take on charter two 174,000-cbm newbuild LNG carriers, it said in a statement.

The two firms signed the charter deals on June 23, it said.

Both of the vessels will be built by South Korea’s Hanwha Ocean, previously known as DSME, and they will feature MAN ME-GI engines, air lubrication technology, and shaft generators.

Ineos did not provide any additional information regarding the charter deals or the vessels.

MOL said in a separate statement issued on June 28 that Hanwha Ocean will deliver both of the vessels in 2027.

Also, the ships will be 294.9 meters long and 46.4 meters wide.

MOL has a large number of LNG carriers on order at Hanwha Ocean and last year revealed charter deals for vessels being built at the shipbuilder and scheduled for delivery in 2025 and 2026, as well as a recent deal with Jera.

In February, MOL ordered one LNG carrier at Hanwha Ocean and another vessel in April. Both of these LNG tankers are scheduled for delivery in 2027.

The shipping firm has at least 14 LNG carriers on order at Hanwha Ocean, according to VesselsValue data.

First LNG carriers

These will be the first LNG vessels in the Ineos’ fleet.

Ineos said it will capitalize on its experience as the largest transporter of ethane gas from the US to Europe and Asia, to develop a ‘pipeline’ of LNG into Europe to service its own demand, as well as that of select third parties.

David Bucknall, CEO of Ineos Energy Trading, said in the statement “it was extremely important that we selected modern, efficient vessels with environmental considerations embedded in the design.”

“We agreed an engine type and vessel specification with MOL that we believe is optimal for reducing carbon emissions and methane slip,” he said.

Porth Arthur LNG and German LNG terminal

Last year, Ineos agreed to buy about 1.4 million tonnes per year of LNG for a period of 20 years from Sempra Infrastructure’s Port Arthur LNG project in Texas.

Sempra took a final investment decision for the first phase of the LNG export project worth about $13 billion in March this year.

Starting in 2027, Ineos plans to deliver these Port Arthur LNG supplies to the planned onshore LNG import terminal in Brunsbuettel, Germany, where it also booked long-term capacity.

The facility, developed by German LNG Terminal at the mouth of the Elbe on the North Sea, will have a capacity of 8 bcm of natural gas per year.

(Updated with a statement by MOL.)

Most Popular

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Hanwha Engine completes first X-DF engine with VCR tech

South Korea's Hanwha Engine, a subsidiary of Hanwha, has completed what it claims is the world's first WinGD X-DF engine equipped with VCR (variable compression ratio) technology for LNG carriers.

CoolCo always looking at acquisitions, CFO says

LNG carrier owner CoolCo is always on the lookout for potential acquisitions, according to CFO John Boots.

More News Like This

Hanwha pens deal with its US yard to build second LNG carrier

South Korean shipbuilder Hanwha Ocean, part of Hanwha, has signed a contract with its US affiliate Hanwha Philly Shipyard to build a second liquefied natural gas (LNG) carrier.

Cosco Shipping Development, MOL seal sale and leaseback deal for LNG carrier

Cosco Shipping Development, a unit of Cosco Shipping, has entered into a sale and leaseback agreement with a unit of Japan's MOL for one 271,000-cbm LNG carrier.

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.

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.