Japan's MOL pens lease agreement for three LNGCs

Japanese shipping major Mitsui O.S.K. Lines (MOL) on June 28 announced that it has signed a lease agreement for three new LNG carriers being constructed by Hudong-Zhonghua Shipbuilding (Group) Co.

The lease agreement was made with Bank of Communications Financial Leasing Co. (BOCOM Leasing) through a joint venture involving Cosco Shipping LNG Investment (Shanghai) Co., CNOOC Gas and Power Singapore Trading & Marketing, and CETS Investment Management (HK) Co. This is MOL's first contract with a Chinese leasing company.

As part of MOL's Blue Action 2035 management plan, which focuses on regional strategies, the company aims to expand its business in emerging markets, including China. By collaborating with a local financial institution and a Chinese partner, MOL seeks to enhance its funding sources and diversify its funding methods to improve competitiveness, the company said.