Mitsui O.S.K. Lines, Ltd. announced that it has established two joint ventures with India’s state owned Oil and Natural Gas Corporation Limited (ONGC). The two joint ventures (Note 1) and ONGC signed a long-term (15-year) charter contract for two newbuilding Very Large Ethane Carriers (VLECs) during India Energy Week 2026.

The state of the art 100,000 cubic meter VLECs will be equipped with dual fuel main engines capable of burning ethane as fuel. They are scheduled for construction at Samsung Heavy Industries Co., Ltd. (Headquarters: South Korea, Samsung Heavy Industries Geoje Shipyard). Delivery is slated for late 2028 or later, after which the vessels will be engaged in transporting liquefied ethane from the U.S. to India.

This contract expands MOL’s VLEC fleet to 16 vessels, the largest in the world.

Since launching ethane transport business in 2016 as the world’s first VLEC operator, MOL has steadily built a strong track record in liquefied ethane transport and established itself as a leader in VLEC management and operations. Its experience with liquefied gas carriers, including VLECs, along with its operational expertise within the Indian Special Economic Zone, where these joint ventures are based, was recognized and led to the signing of this long term charter agreement.

MOL has positioned regional strategy as one of the key pillars of its group management plan “BLUE ACTION 2035,” identifying Asia as a region expected to deliver strong economic growth. In India in particular, where economic development has been remarkable, MOL has long been actively expanding its business presence. Through the expansion of its energy business, including this project, and the further strengthening of its partnership with ONGC, MOL group will continue to play a part in the transport and logistics infrastructure that supports rapidly growing-and expected to further expand-demand for energy, including natural gas, and contribute to stable supply.

MOL Group is advancing a transformation of its business portfolio by increasing the share of stable earnings businesses to secure profitability even during shipping downturns. Expanding our LNG and VLEC fleets-the world’s largest-as well as our long-term time charter contracts is part of this initiative.

Building on its accumulated experience and expertise, the group aims to take a significant step forward as a global social infrastructure company. From the blue ocean, it will sustain people’s lives, ensure a prosperous future, and deliver new value to all stakeholders.
Source: Mitsui O.S.K. Lines