MOL Signs Long-Term Time Charter Contract for Singapore's 1st FSRU -Contributing to Stable Supply of Energy in Singapore-

Mitsui O.S.K. Lines, Ltd. (MOL), led by President & CEO Takeshi Hashimoto, has announced a long-term time charter agreement with Singapore LNG Corporation Pte. Ltd., Singapore's state-owned LNG terminal operator, for a new Floating Storage and Regasification Unit (FSRU). An official event to launch the project took place in Singapore on October 23, with all involved parties present. The FSRU will be constructed by Hanwha Ocean Co., Ltd. in South Korea, after which MOL will assume ownership, management, and operational responsibilities.

The FSRU will be stationed at Singapore’s Jurong Port and will serve as a key facility for receiving, storing, and regasifying LNG, supplying gas to the mainland. This marks the first FSRU introduced in Singapore, enhancing the nation’s energy infrastructure and supporting a stable energy supply, with approximately 95% of domestic power generation reliant on imported natural gas.

MOL, a leading provider of FSRU solutions, has extensive experience operating FSRUs in various regions, including Turkey, Hong Kong, and Indonesia, earning a strong reputation among its customers. MOL continues to expand its FSRU business worldwide to meet the demands of clients seeking diversified LNG procurement and reliable energy supplies, including a recent FSRU project agreement in Poland.

The MOL Group Vision aims to expand into diverse social infrastructure businesses beyond traditional shipping, addressing evolving societal needs such as environmental conservation through innovative technology and services. This project aligns with the company's focus on growing non-shipping ventures as outlined in its "BLUE ACTION 2035" management plan and supports the strategy of "Expanding low-carbon/decarbonized business by leveraging the group's collective strengths" within the "MOL Group Environmental Vision 2.2," in addition to the broader MOL Group Vision.