Novatek Charters Four LNG Carriers from MOL

Mitsui O.S.K. Lines, Ltd. (MOL) has announced that, through a subsidiary, it has signed time charter contracts for four newbuilding LNG carriers with NOVATEK Gas & Power Asia Pte. Ltd., a wholly owned subsidiary of Russia’s Novatek. The vessels will be constructed at Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME), and are slated for delivery in 2024.

According to MOL, the newbuilding LNG carriers will be equipped with the cutting-edge MAN Energy Solutions engines, which offer major improvements in fuel efficiency. They will also have a new design that generates less boil-off gas from cargo tanks through the use of the re-liquefaction unit on board, and a shaft generator system that uses the rotating propeller shaft for power generation. The vessels will be considerably more environmentally friendly than current LNG carriers, MOL said in a statement.