#Japan #Tokyo #LNG Vessel #INPEX #MOL Encean

MOL Encean and INPEX Forge New Partnership

The maritime industry continues to evolve towards sustainable practices, exemplified by a recent agreement between MOL Encean Pte. Ltd., a wholly-owned subsidiary of Mitsui O.S.K. Lines, Ltd., and INPEX Corporation's wholly-owned subsidiary, INPEX Shipping. This groundbreaking agreement marks the first long-term charter contract between these two entities, showcasing a significant step towards enhancing the sustainability of liquefied natural gas (LNG) transportation.

The new LNG vessel is aptly named HARMONIC BREEZE, reflecting its environmentally friendly features and the commitment of both companies to reduce environmental impact. The naming ceremony took place at Hanwha Ocean Co., Ltd.'s shipyard in Korea, attended by prominent figures such as INPEX President Takayuki Ueda and MOL Chairman Takeshi Hashimoto. The attendance of numerous stakeholders highlighted the importance of this milestone in the industry.

Innovative Features of HARMONIC BREEZE

HARMONIC BREEZE is not just any LNG vessel; it is equipped with cutting-edge environmental reduction technologies. Among its prominent features are the Air Lubrication System and Shaft Generator. The Air Lubrication System helps streamline the vessel's movement through water by expelling compressed air from the bottom, which reduces friction between the hull and seawater. This innovative approach minimizes fuel consumption, significantly lowering greenhouse gas (GHG) emissions compared to traditional LNG ships.

The Shaft Generator enhances energy efficiency by utilizing a portion of the main engine's output for electricity generation. This capability allows for the potential shutdown of diesel generators during travel or reduction in load, contributing further to GHG emission reductions. Such advancements highlight the commitment to sustainable operations in a sector often criticized for its environmental footprint.

Strategic Alignment with BLUE ACTION 2035

MOL's strategic vision is encapsulated in its BLUE ACTION 2035 management plan, which focuses on transforming the company's portfolio towards businesses that provide stable revenue. This long-term charter with INPEX not only expands their already formidable LNG fleet — one of the largest in the world — but also reinforces their revenue base, making it less susceptible to fluctuations in maritime market conditions.

Furthermore, this strategic partnership aims to deepen and develop the collaboration between MOL and INPEX, facilitating efforts in expanding low-carbon and decarbonization projects as outlined in the company’s environmental vision, BLUE ACTION 2035 Phase 2. This underlines MOL's aspiration to maintain its position as a leading player in LNG transportation, while providing high-quality, safe, and environmentally responsible services.

Conclusion

The agreement exemplifies a forward-looking approach in the maritime sector, signifying how partnerships can drive industry change towards more sustainable practices. With the HARMONIC BREEZE entering into service post-completion, it will play a critical role in the stable transportation of LNG, integral to INPEX’s energy supply strategy. As the maritime industry continues its journey towards sustainability, this innovative charter highlights the path forward — one where environmental responsibility is not just an advantage, but a necessity.

In the coming years, both companies promise to invest more in research and development to further clean energy initiatives in the transportation of LNG, demonstrating the maritime sector's vital contributions to global energy stability and environmental stewardship.