Mitsui O.S.K. Lines, Ltd. (MOL) announced the signing of a long-term charter contract for a newbuilding LNG carrier with a vessel operation management company funded by JERA Co., Inc. (JERA).

MOL said this is the fifth contract, following a time charter contract for four LNG carriers that were signed for JERA.

It added that the vessel will be built at the Geoje Shipyard of Hanwha Ocean Co., Ltd., and is scheduled for delivery in 2025.

It will be managed by MOL and will transport LNG for JERA.

MOL noted that the new vessel would be equipped with the cutting-edge MAN Energy Solutions engine (ME-GA), which improves fuel consumption efficiency, with specifications that enhance its environment friendliness, compared to conventional LNG carriers.

"Through this long-term charter contract, MOL will contribute to the realization of a stable supply of LNG in partnership with JERA," the Japanese shipping company said.

"MOL positions the expansion of its LNG fleet, including this project, as an accumulation of stable profit-earning businesses in its business portfolio transformation as defined in its "BLUE ACTION 2035" management plan," it added, noting that this initiative is also in line with the "MOL Group Environmental Vision 2.2," which aims to achieve net zero greenhouse gas (GHG) emissions by 2050, and the goal of "expanding the low-carbon/decarbonized business by leveraging the group's collective strength."

"MOL will leverage its experience and expertise as one of the world's largest shipping companies to develop various social infrastructure businesses, technologies, and services, centring on ocean transport, to meet the needs of a wide range of customers throughout the group. It aims to become a global social infrastructure company, a strong and resilient corporate group that supports people's daily lives from the blue oceans, ensures a prosperous future, and delivers new value to all of its stakeholders," the shipping line added.