MOL orders LNG-fueled VLCC for Idemitsu charter

MOL, a prominent Japanese shipping company, has placed an order for a new LNG-powered very large crude carrier (VLCC) that will be chartered by Idemitsu Tanker. The 309,000 deadweight ton (dwt) vessel will be constructed at Dalian COSCO KHI Ship Engineering in China, a venture between Kawasaki Heavy Industries and China COSCO Shipping Corporation Limited, and is expected to be delivered in 2027. This will mark the first time a dual-fuel VLCC will be chartered to a Japanese oil firm. The ship will have a length of 339.5 meters and a width of approximately 60 meters.

MOL’s decision to enter into a long-term time charter agreement with Idemitsu Tanker is part of its efforts to promote the use of LNG fuels and help reduce the shipping industry’s environmental impact. The company has set ambitious environmental goals, aiming to achieve net-zero greenhouse gas emissions by 2050. By using LNG fuel, carbon dioxide emissions can be lowered by 25%-30% compared to traditional fuel oil, supporting sustainable decarbonization in shipping. MOL plans to operate 90 LNG/methanol-fueled vessels by 2030, with around 40 LNG-powered ships currently in its fleet.