Through a wholly owned MOL subsidiary, Mitsui O.S.K. Lines (MOL) and GAIL (India) agreed to a time charter contract for a new LNG carrier and a joint ownership agreement for an existing LNG carrier..
The parties agreed to a contract for the first vessel in 2019, and the new construction vessel will be the second MOL Group LNG carrier serving GAIL.
Since 2021, the current vessel has continued to be chartered to GAIL by a fully owned MOL subsidiary, and GAIL continues to have high appreciation for MOL's shipping service. In order to share the vessel at this time, MOL and GAIL agreed to transfer some of the shares of a totally owned MOL subsidiary to GAIL.
The collaboration between MOL and GAIL will be strengthened, creating synergies that will enable MOL to offer more dependable services, which will enable MOL to expand its service offerings in response to future demand growth. MOL prioritises regional strategy as one of the pillars of its fiscal 2022 management plan, "Rolling Plan 2022," and actively pursues company expansion in Asia, particularly in India, a country with significant growth potential. In India, where there is likely to be a rise in energy demand, it will solidify its position and clientele. MOL, one of the major LNG carrier ownership and management businesses in the world, continues to take a proactive approach to providing high-quality LNG transport services that perfectly suit customer expectations.