MOL and COSCO Cooperate on LNG and Ethane Projects

Credit: MOL
Credit: MOL

By The Maritime Executive 08-07-2019 03:09:24

Mitsui O.S.K. Lines (MOL) and COSCO Shipping Energy Transportation have signed an MoU to further develop their joint cooperation on LNG and ethane carrier projects.

The companies have participated together on various projects over the last decade including the ExxonMobil DES, Australia Pacific LNG and Yamal LNG Projects.

The news follows, a naming ceremony held last month for an ice-breaking LNG carrier, jointly ordered by MOL and China COSCO Shipping Corporation at Daewoo Shipbuilding & Marine Engineering (DSME). The Nikolay Urvantsev is the sister vessel of the Vladimir Rusanov and Vladimir Vize, which started transport service in 2018 under a long-term charter contract to transport LNG for the Yamal LNG project. The Nikolay Urvantsev is scheduled to go into service for the Yamal LNG project following its delivery in July and will be able to navigate the Northern Sea Route without ice-breaker support.

The vessel has a high ice-breaking capability of up to 2.1 meters, a double-acting ice-breaking system to enable the vessel to navigate astern and extreme cold specifications designed to withstand temperatures of -52°C. In addition to the ice-breaking LNG carriers, construction of the four conventional LNG carriers, destined for the Yamal LNG project is underway. 

COSCO Shipping Energy Transportation specializes in LNG, oil products and other energy transportation under COSCO Shipping, and it has the largest LNG vessel fleet in China. It has 29 LNG vessels in operation and nine LNG vessels in order book.

In April, the company announced an agreement with Seaspan Corporation to strengthen their exchange of and collaboration on opportunities relating to LNG investments, LNG projects, LNG transportation and ethane transportation.