Mitsui OSK to launch offshore gas division

Japanese shipowner Mitsui OSK Lines (Mol) will create a new division focusing on offshore LNG projects, the firm has said.

The firm is seeking to accelerate this aspect of its business, Mol said, as growth in global liquefaction capacity is expected to quicken again from 2023 against slower demand growth.

Mol's new offshore gas division will cover floating storage and regasification units (FSRUs) and LNG-to-power vessels, as well as crude production vessels such as floating production, storage and offloading units (FPSOs), shuttle tankers and other support vessels.

The firm has previously said that it sees global liquefaction capacity rising to 450mn-480mn t/yr by 2025, outstripping LNG demand. But FSRUs and LNG-to-power projects could support demand, Mol senior advisor Mike Rowley said, particularly in markets with industrial and power gas demand but limited required infrastructure.

Mol has four operational FSRUs, as well as six FPSOs and three sub-sea support vessels.

But the firm is active in a number of new FSRU projects, including providing the vessels to Hong Kong's planned import terminal and Uniper's planned Wilhelmshaven project in Germany.

The firm is also set to launch an LNG-to-power project in Mozambique as part of a joint venture with Turkey's Karpowership.

Mol's sharpened interest in its offshore import infrastructure mirrors Bermuda-based owner Golar's increased focus on its own offshore division as it spins off the Golar LNG carrier business.

By Samuel Good