LNG

The Japan Bank for International Cooperation has signed a loan agreement in project financing for a floating storage and regasification unit (FSRU) to be operated by Japanese shipping company Mitsui OSK Lines and linked to a gas-for-power project in the West African nation of Senegal where plans are also underway for LNG exports.

Nov 25 (LNGJ) - Mitsui OSK Lines President and Chief Executive Takeshi Hashimoto said that his shipping company planned to order up to four LNG-powered cruise liners to expand into that market, where it only has one ageing and conventionally-fuelled ship. “We will build two ships at first, and if things go well, we are thinking of expanding to four,” said Hashimoto.

   MOL has an LNG carrier fleet and is a global leader in containerships through Ocean Network Express, owned jointly with Nippon Yusen Kaisha (NYK) Line and K-Line and has been enjoying healthy profits. “Our options have expanded greatly and cruise ships is a field that is growing in Japan and our rivals are luxury hotels and Japanese inns. We can also expect inbound demand from foreigners,” said the MOL CEO.

Oct 31 (LNGJ) - Mitsui OSK Lines, the Japanese shipping company with an operating fleet of around 100 liquefied natural gas carriers, reported a more than doubling of fiscal first-half net profits to 603.64 billion yen ($4.10Bln) compared with 278.07Bln yen ($1.88Bln) for its overall business including oil tankers, car carriers, containerships and dry-bulk vessels. MOL manages its LNG carriers and other fleets through six firms based in Tokyo, London, Hong Kong, Jakarta, Oman and Algeria and also has extensive fleets in the other sectors.

   MOL said first-half shipping revenues from April to the end of September came to 821.33Bln yen ($5.56Bln). “While continuing to generate stable profit through existing long-term charter contracts, the LNG carrier business posted a year-on-year decline in profit partially due to the expiration of some long-term contracts,” said the company. “The floating storage and regasification unit (FSRU) business posted a year-on-year increase in profit,” it added.

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. 

French liquefied natural gas storage technology firm Gaztranzport and Technigaz (GTT) and its South Korean shipyard partner Daewoo Shipbuilding and Marine Engineering received an order for the tank design of four new LNG carriers on behalf of the Japanese ship-owner Mitsui OSK Lines.

Sept 14 (LNGJ) - Mitsui OSK Lines, the Japanese shipping company, has signed time charter contracts for four newbuild LNG carriers with a subsidiary of Russian LNG plant owner and developer Novatek. MOL said its vessels with 174,000 cubic metres capacity would be constructed in South Korea by Daewoo Shipbuilding and Marine Engineering and are scheduled for delivery in 2024.

   “The newbuilding LNG carriers are equipped with the cutting-edge MAN Energy Solutions engines, which offer major improvements in fuel efficiency,” said MOL. “There is also a new design that generates less boil-off gas from cargo tanks through the use of the re-liquefaction unit on board, and a generator system that uses the rotating propeller shaft for power generation,” it added.

Mitsui OSK Lines, with an operating fleet of almost 100 liquefied natural gas carriers, held its annual general meeting at the Shinagawa Intercity Hall in Tokyo on June 23, though few shareholders attended and social-distancing was in place as the company pledged to further develop LNG-powered vessels and bunkering.

Mitsui Osk Lines, the Japanese shipping company with an operating fleet of almost 100 liquefied natural gas carriers, said it planned to order the first two LNG-powered ferries for Japan from Mitsubishi Shipbuilding.

Mitsui OSK Lines, the Japanese shipping firm, has completed liquefied natural gas bunkering trials at the Port of Kobe as the company aims to help bring cleaner LNG to shipping in Japan and elsewhere.

The American Bureau of Shipping, the US maritime classification society, and Japanese shipping company Mitsui OSK Lines have signed an accord to collaborate on up to 14 new gas carriers expected to transport cargoes from the US to North Asia as well as other global markets.