MOL & ONGC Sign VLEC Charter for Ethane Transport | Mariner News
Japanese shipping giant Mitsui O.S.K. Lines (MOL) and India’s Oil and Natural Gas Corporation Ltd (ONGC) have finalized a significant MOL ONGC charter contract for two very large ethane carriers (VLECs). This crucial 15-year agreement will see the jointly owned vessels transport ethane fuel to ONGC Petro additions Ltd’s (OPaL) petrochemical plant in Dahej, India, solidifying vital energy supply chains. This collaboration marks a key development in global gas shipping and India’s growing industrial needs.
Advanced Ethane Carrier Technology
The VLECs themselves represent the pinnacle of maritime engineering. Each vessel boasts a 100,000 cubic meter capacity and features a state-of-the-art GTT Mark III membrane tank system. Designed for efficiency and environmental performance, these ethane carriers will be equipped with advanced dual-fuel main engines, capable of utilizing ethane as fuel. Construction is set to take place at South Korea’s renowned Samsung Heavy Industries, with delivery anticipated in late 2028 or later, bringing next-generation ethane transport capabilities to the fore.
Strategic Partnership and Fleet Expansion
This charter contract is not just about new vessels; it significantly expands MOL’s presence in the specialized gas carrier sector. With these additions, MOL’s VLEC fleet will grow to an impressive 16 vessels, making it the largest in the world. The ownership and operation will be managed through two equal joint venture companies, including Bharat Ethane One IFSC Pvt Ltd, underscoring the deep partnership between MOL and ONGC. This strategic move strengthens India’s energy logistics and ensures a reliable supply for its booming petrochemical industry.
