Mitsui O.S.K. Lines, Ltd. (MOL) President & CEO Takeshi Hashimoto announced a long-term time charter agreement with Singapore LNG Corporation Pte. Ltd., the state-owned operator of Singapore's LNG terminal, for a new Floating Storage and Regasification Unit (FSRU). The project was officially launched at an event in Singapore with all parties present. The FSRU will be constructed by Hanwha Ocean Co., Ltd. in South Korea, and upon delivery, MOL will own, manage, and operate the vessel.
The FSRU will be moored at the Jurong Port in Singapore and will play a central role in receiving, storing, and regasifying LNG, and sending gas to shore. This first FSRU to be introduced in Singapore is an infrastructure project that will contribute to a stable supply of energy for the country, where about 95% of domestic power generation is fueled by imported natural gas.
As a leading player in FSRU solutions, MOL has accumulated many years of experience operating FSRUs in diverse regions and environments, including Turkey, Hong Kong, and Indonesia, and has earned a high level of trust from its customers. MOL has been developing its FSRU business around the world to meet the needs of customers who want to diversify their LNG procurement and ensure a stable supply of energy, and it has recently agreed on an FSRU project in Poland.
MOL Group's vision is to expand beyond traditional shipping into various social infrastructure sectors, addressing evolving societal needs such as environmental conservation through innovative technology and services. This project aligns with MOL's growth strategy for non-shipping businesses, as outlined in the "BLUE ACTION 2035" management plan, and supports the "Expanding low-carbon/decarbonized business by leveraging the group’s collective strengths" strategy from the "MOL Group Environmental Vision 2.2".