MOL Energia Signs Long-time Charter Contracts for 2 Additional Newbuilding VLECs to SCG Chemicals, leading integrated chemical player in ASEAN

Latest Deal Brings Total to 5 Vessels

Tokyo - March 18, 2025

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that on March 17, its group Company MOL Energia Pte. Ltd. (Managing Director: Miki Ogura; Headquarters: Singapore), signed long-term charter contracts with SCG Chemicals (SCGC; Head Office: Thailand), a wholly owned subsidiary of the Siam Cement Group (SCG), a leading integrated chemical player in ASEAN, for two very large ethane carriers (VLECs, Note 1), in addition to three vessels already contracted on January 24 (Note 2).

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.


CG rendering of the vessel (Courtesy Samsung Heavy Industries Co., Ltd.)

Samsung Heavy Industries Co. in South Korea will build two more 100,000m3 VLECs for delivery in 2028, along with the vessels contracted in January. The vessels are equipped with ethane dual-fuel propulsion engines, which reduce emissions of greenhouse gases, sulfur 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, and the group will be responsible for transporting all of the ethane used at SCGC's petrochemical plants in Vietnam. Through the safe operation of these VLECs, the MOL Group will help strengthen the competitiveness of Vietnam's petrochemical industry and boost regional economic growth.

The group will continue to provide safe, reliable ocean shipping services by leveraging its advanced safe operation management system developed over decades of experience in the transport of liquefied gases, including LNG, to meet the demand for ethane transport, which is expected to keep expanding. In addition, as a global social infrastructure group, the MOL Group will leverage its overseas network to accumulate long-term stable profits as stated in its group management plan BLUE ACTION 2035 and achieve business development and expansion in line with its regional strategies.

(Note 1) A VLEC is a vessel with a cargo capacity of approximately 80,000m3 or more, specially designed to transport liquefied ethane at about minus 92 degrees Celsius. Ethane is the second most abundant component of natural gas after methane. Ethane accounts for about 5%-20% of natural gas, although its content depends on the gas field. It is used as a raw material for refining ethylene, a basic chemical, with low greenhouse gas emissions.

(Note 2) Please refer to the January 24, 2025, press release: MOL Group Signs Long-term Charter for 3 Very Large Liquified Ethane Carriers to Serve SCG Chemicals, Thailand's Largest Petrochemical Company - Expanding the World's Largest Fleet as a Leading Company in the Liquefied Ethane Carrier Business.

 Outline of the vessels


 Outline of SCGC


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