Singapore-based MOL Energia, a company under Japan's Mitsui OSK Lines (MOL), has entered into long-term charter contracts with Thailand's SCG Chemicals (SCGC) for two very large ethane carriers (VLECs) in addition to three vessels already contracted on January 24 of this year.
Of the approximately 90 dedicated liquefied ethane carriers currently in service or on order worldwide, this deal will bring the number of VLECs managed and operated by the MOL Group to 14.
Samsung Heavy Industries in South Korea will build two more 100,000-cubic-metre VLECs for delivery in 2028, along with the vessels contracted in January.
The vessels will be equipped with ethane dual-fuel propulsion engines, which will reduce emissions of greenhouse gases, sulphur oxides, and nitrogen oxides compared to vessels that run on conventional fuel oil.
With the conclusion of this contract, the MOL Group will own a total of five newly built dedicated liquefied ethane carriers serving SCGC, a wholly owned subsidiary of the Siam Cement Group.
The MOL Group will be responsible for transporting all of the ethane used at SCGC's petrochemical plants in Vietnam.