LNG

Nov 24 (LNGJ) - Japanese shipping company Mitsui OSK Lines, whose “energy business fleet” includes over 150 tankers for oil and other products and about 90 LNG carriers, reported higher profits and revenues for the first six months of the year. Revenues in the energy shipping division, one of five in the MOL Group, amounted to 214.9 billion yen ($1.43Bln), up from 189.1Bln yen in the same six months last year. Net profits increased to 37.6Bln yen ($252M) from 22.1Bln yen in the prior-year period.

   Takeshi Hashimoto, President and Chief Executive of MOL, said he was very pleased with the results for the first six months to the end of September. “We accumulated profits in the energy business and car-carrier business, both of which are the strengths of the MOL Group,” Hashimoto explained. “Performance in the first half exceeded forecasts as a result, and with the weaker yen also expected to have an impact on profits in the second half, we have raised the forecast for second-half profits to 220Bln yen ($1.47Bln),” Hashimoto added.

Japan’s Mitsui OSK Lines and group company Ferry Sunflower Limited said that the “Sunflower Kurenai” received its first LNG fuel supply at the Port of Beppu in Oita Prefecture.

Gaztransport and Technigaz (GTT), the French designer of maritime liquefied natural gas storage and fuel tanks, said it received an order from its partner, China's Hudong-Zhonghua Shipbuilding, for the tank design of the first four LNG carriers for the QatarEnergy expansion project on behalf of the Japanese shipowner, Mitsui Osk Lines.

The Hudong-Zhonghua shipyard in Shanghai is a subsidiary of state-owned China State Shipbuilding Corp.

MOL, which has an operating fleet of almost 100 LNG carriers, had ordered the ships in April 2022 as it also increases its interests in the Chinese LNG shipping market.

GTT will design the tanks of these four new LNG carriers with a total of LNG tank capacity of 174,000 cubic metres per ship and the vessels will be fitted with the latest membrane containment system developed by GTT.

The deliveries of the four vessels  to serve the Qatar expansion project is scheduled for the third quarter of 2024 and the second quarter of 2025.

MOL announced in April 2022 it had signed a long-term charter contract for four newbuild LNG carriers with QatarEnergy.

Track record

“MOL's solid track record in building LNG carriers in China in addition to its performance in the LNG carrier business and safety in navigation and cargo handling earned high regard from QatarEnergy, leading to the successful conclusion of the contract.” MOL said at the time.

QatarEnergy has been developing the North Field Expansion Project to boost its LNG ouput.

The North Field expansion will increase Qatar's LNG production capacity from 77 million tonnes per annum to 126 MTPA with the carrier fleet programme alongside, which could amount to 80 vessels, including the replacement of older ships in the current fleet.

The scope of the first phase of the expansion at the Ras Laffan production complex involves an additional four Trains, each with 8.0 MTPA of output.

Qatar has the southern portion of the North Field in Gulf waters that will provide the huge feed-gas resources and the other part of the field is under the jurisdiction of neighbouring Iran. 

China’s Hudong-Zhonghua Shipbuilding, an affiliate of China State Shipbuilding Corp. (CSSC), has won a contract from Japanese shipping company Mitsui OSK Lines (MOL) to build six LNG carriers.

Oct 23 (LNGJ) - NYK Line, the Japanese shipping company with over 700 vessels including 87 tankers and LNG carriers, has signed a deal with French energy company Total for all of its shares in the ship management company Gazocéan. “Based in Marseille, France, and responsible for the management of six LNG carriers. Gazocéan is now a wholly-owned subsidiary of NYK,” said the Japanese company. 

 “The move will strengthen NYK’s ship management system and expand the company’s LNG transportation business in France,” added NYK Line. “Before the purchase, NYK held 20 percent of Gazocéan shares and Total held 80 percent,” it explained.

Mitsui OSK Lines, with an operating fleet of almost 100 liquefied natural gas carriers, said the LNG division had a year-on-year increase in profits, reflecting stable earnings mostly generated through long-term charter contracts, including for eight newly built vessels.