MOL signs deal on a long-term charter contract to utilize "MOL FSRU Challenger" for Hong Kong Offshore LNG Terminal Project

June 24, 2019
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today announced that MOL has entered into a long-term charter contract with Hong Kong LNG Terminal Limited (*1), to supply a Floating Storage and Regasification Unit (FSRU) (*2), as well as Jetty Operation & Maintenance Services and Port Services for the Hong Kong Offshore LNG Terminal Project ("Project"). MOL will utilize the "MOL FSRU Challenger" built in 2017 with a storage capacity of 263,000m3 which remains the largest FSRU in the world today, to provide services to this first FSRU project for Hong Kong. Hong Kong is the historical center of MOL's extensive overseas network and such business experience in Hong Kong has led MOL to the participation of this project.

The FSRU was constructed at Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea and is currently employed on a mid-term charter for a project in Turkey (*3). The Hong Kong Offshore LNG Terminal will be located at the southern waters of Hong Kong and to the east of the Soko Islands. The FSRU will be delivered to Hong Kong to begin testing and commissioning when the Project finishes construction, currently expected in 2021. The FSRU will supply gas to two destinations in Hong Kong, the Black Point Power Station located in the New Territories and Lamma Power Station located at Lamma Island. The project is being developed to support the Hong Kong Special Administrative Region (HKSAR) Government's plan to increase the percentage of power generation from natural gas to meet its pledged environmental targets.

In addition, MOL has entered into an agreement with Royal Vopak (*4) (Chairman & CEO: Eelco Hoekstra) for this project. Royal Vopak is the world's leading independent tank storage company and will assist in the project development related to the Jetty Operation & Maintenance Services, leveraging upon its global track record in LNG terminal operation.

In MOL's management plan, "Rolling Plan 2019", MOL has positioned its Offshore Business as a field where MOL can leverage its strengths. FSRUs are drawing attention as a solution for flexibility and mobility in both the LNG and Electricity supply chain. MOL will promote the FSRU business and its associated services, which meets customer needs for diversified energy procurement and SDGs achievement (i.e., environmental condition and stable development), as the Asian leading company of FSRU business.

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