MOL and ENN Sign Long-term Charter Deal for Three Newbuilding LNG Carriers

Tokyo - September 08, 2022







Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today, through a subsidiary (Note 1), signed a long-term charter contract for three newbuilding LNG carriers with ENN LNG (Singapore) Pte. Ltd., a wholly owned subsidiary of ENN Natural Gas Co., Ltd. (ENN; Headquarters: Langfang City, Hebei Province, China). The vessels will be constructed at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. of China, and are slated for delivery by 2028. After delivery, the vessels will be engaged mainly in transport of LNG, procured by ENN under long-term purchases contract, to China.

ENN is a leading privately owned energy company, which has an extensive customer base in more than 20 provinces in China. It supplies 10% of natural gas consumption in China and operates a large LNG terminal in the Zhoushan area of Zhejiang Province. The contract was concluded based on ENN's high evaluation of MOL's track record in the LNG carrier business for China, its extensive experience in building LNG carriers in China, and its performance in safe cargo transport and safe operation of vessels.

China is increasingly shifting its energy sources from coal and oil to natural gas in response to growing awareness of the need for a low-carbon, decarbonized society, and in 2021 became the world's largest LNG importer for the first time. China's LNG demand is expected to grow even more in the future.

The MOL Group is committed to addressing environmental issues in accordance with "MOL Group Environmental Vision 2.1," and promote low- and de-carbonization to achieve net zero greenhouse gas (GHG) emissions by 2050. In addition, MOL group continually contributes as a multimodal transport group company that responds to the continually growing LNG business in China by further deepening and developing its know-how and track record in China.

(Note 1) MOL wholly owned subsidiary.
MOL and its partner in China are discussing the share acquisition of the subsidiary by the Chinese partner.

MOL Group 5 Sustainability Issues
MOL Group will contribute to realizing a sustainable society by promoting responses to sustainability issues, which are identified as social issues that must be addressed as priorities through its business. We anticipate this initiative to contribute especially to the realization of "Safety & Value - Provide added value through safe transportation and our social infrastructure business" and "Environment - Conservation of the marine and global environment."

Mitsui O.S.K. Lines, Ltd. press release