INEOS Energy has confirmed that it has entered in to long-term time charter agreements with Japanese shipowner MOL for two liquefied natural gas carrier newbuildings.

While the exact identity of the vessels has not been disclosed, they are said to be part of a number of such ships ordered this year by MOL at South Korean shipbuilder Hanwha Ocean, known until recently as Daewoo Shipbuilding & Marine Engineering Co.    

No delivery schedule for the vessels has been confirmed by Ineos, however MOL’s recent orders for LNG carriers have delivery schedules from 2026 through to 2028.

The 174,000 cu m capacity vessels will be utilised for shipments of LNG from the US to Germany. The agreement with MOL marks Ineos’ debut into the LNG carrier market. The two newbuildings will join the London-headquartered company’s fleet of 12 dedicated ethane carriers. Last November, the company entered in to a long-term charter agreement with Iino Lines of Japan for two very large ethane carrier newbuildings for delivery in 2025 and 2026.   

“It was extremely important that we selected modern, efficient vessels with environmental considerations embedded in the design. We agreed an engine type and vessel specification with MOL that we believe is optimal for reducing carbon emissions and methane slip,” said Ineos Energy Trading chief executive David Bucknall.   

“We will continue to work with MOL to identify further opportunities to reduce emissions as both companies work towards a net zero future.”

Ineos said that it will capitalise on its knowledge of the ethane trade from the US to Europe and Asia to develop “a pipeline of LNG into Europe” to service its own demand in addition to “select third parties”.