MOL orders LNG carrier pair for INEOS charter
The LNG carriers will be constructed at Hanwha Ocean’s Okpo Shipyard in South Korea. Upon their deliveries, the LNG carriers will each operate under a long-term time-charter contract with INEOS Energy Trading, the international energy firm.
The vessels will be powered by MAN Energy Solutions’ two-speed low-pressure, dual-fuel MAN B&W ME-GA engine, the company has announced. The vessels will also be equipped with air lubrication technology and shaft generators.
The time charter agreement represents the first foray by INEOS into LNG transportation, although INEOS notes that it has extensive experience transporting naptha and ethane gas from the United States to Europe and Europe. INEOS is one of the largest owners and operators of liquefied ethane carriers, providing services primarily under long-term, fee-based charters through its interests in 12 ethane carriers.
INEOS plans to dedicate the two LNG carriers to the transportation of LNG from the US Gulf coast to Brunsbuttel in Germany.
INEOS Energy Trading has signed a long-term Sales and Purchase Agreement with Sempra for 1.4 million tonnes per year of supply out of Port Arthur, Texas and has acquired long-term regasification capacity at the LNG terminal at Brunsbuttel.
David Bucknall, CEO of Ineos Energy Trading said “it was extremely important that we selected modern, efficient vessels with environmental considerations embedded in the design. We agreed an engine type and vessel specification with MOL that we believe is optimal for reducing carbon emissions and methane slip. We will continue to work with MOL to identify further opportunities to reduce emissions as both companies work towards a net zero future.”
