CHINA – Mitsui OSK Lines (MOL) has named its newest LNG carrier, the Greenergy Ocean, signaling a significant step in its collaboration with the China National Offshore Oil Corporation (CNOOC) and COSCO Shipping.

Last week, MOL held a naming ceremony in Tokyo for its new LNG carrier, the Greenergy Ocean. The ship was constructed by Hudong-Zhonghua Shipbuilding Group and will serve CNOOC Gas and Power Singapore Trading & Marketing Pte, a subsidiary of China National Offshore Oil Corporation (CNOOC).

The vessel is the first of six LNG carriers under a long-term charter agreement signed in January 2022 between MOL, CNOOC, and COSCO Shipping LNG Investment.

Scheduled for delivery at the end of May, the Greenergy Ocean will transport liquefied natural gas procured by CNOOC from around the globe, primarily to China. The other five vessels are expected to be delivered between 2024 and 2026.

The launch of the Greenergy Ocean aligns with MOL’s Blue Action 2035 management plan, which aims to transform its business portfolio to ensure stable earnings and profitability during downturns in the shipping industry.

Part of this plan includes expanding MOL’s LNG fleet, reflecting its commitment to environmental sustainability. MOL aims to achieve net-zero greenhouse gas emissions by 2050.

“By expanding our LNG fleet, we are not only enhancing our business stability but also taking a crucial step towards our environmental goals,” said a representative from MOL during the ceremony.

China’s advancements in LNG carrier technology

China is making significant strides in becoming a global leader in LNG shipping. Hudong-Zhonghua Shipbuilding Group, the builder of the Greenergy Ocean, has developed the fifth generation of 174,000-cubic-meter LNG vessels.

These ships are designed to reduce carbon emissions by more than 10 tons daily and have a boil-off rate lowered by 15 percent compared to previous models. They can also carry an additional 800 cubic meters of LNG.

Since the introduction of this advanced vessel in December 2021, Hudong-Zhonghua has received 34 orders for the new model.

Hudong-Zhonghua received orders in late April for 18 LNG carriers, each with a capacity of 271,000 cubic meters of LNG.

This order is the world’s largest single order of such ships, underscoring China’s growing influence in the LNG shipping industry.

The shipyard’s advancements reflect its 27 years of experience in LNG carrier development, having delivered over 40 LNG carriers to date.

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