Tokyo-Mitsui O.S.K. Lines, Ltd. (MOL) has announced several initiatives on the sustainability front, including a long-term charter deal for LNG vessels and a joint study on the use of e-methanol.

MOL said it signed the long-term charter contract for a newbuilding LNG carrier with a vessel operation management company funded by JERA Co., Inc. (JERA) — the 6th contract, following a time charter contract for five LNG carriers that were signed for JERA.

The carrier noted that the vessel will be built at the Geoje Shipyard of Samsung Heavy Industries Co, Ltd and is scheduled for delivery in 2027.

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

"The new vessel will 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," MOL said, adding that the long-term charter contract, will contribute to the realization of a stable supply of LNG in partnership with JERA.

Joint study on e-methanol use

Image of the factory of Hy2gen Deutschland [Source: MOL]

MOL also announced that it has signed another MoU with HY2GEN Deutschland GmbH regarding the use of e-methanol.

The ocean carrier said Hy2gen Deutschland is planning to produce e-methanol in a project in Lower Saxony, Germany, starting in 2028.

Both companies are considering using it as a marine fuel used for marine transport in the Atlantic region.

Utilizing clean e-methanol, which is produced by synthesizing green carbon dioxide (CO2) and hydrogen produced by using renewable energy, we aim to significantly reduce greenhouse gas emissions compared to currently existing marine fuels.

MOL has established the "MOL Group Environmental Vision 2.2" and set the goal of achieving net zero greenhouse gas (GHG) emissions by 2050.

One of the key strategies to achieve this goal includes the "adoption of clean alternative fuels," and MOL Group aims to have 90 LNG/methanol-fueled vessels in service by 2030.

MOL said in addition, with growing worldwide interest in methanol as a marine fuel, MOL will promote its initiatives to secure the necessary capacity, not only in terms of fleet planning of methanol dual fuel vessels but also in building a supply chain of low and decarbonized methanol as a marine fuel.