Mitsui OSK to launch offshore gas division

Japanese shipowner Mitsui OSK Lines (Mol) is to set up a new division focusing on offshore LNG projects. The firm says it is seeking to strengthen this aspect of its business, as growth in global liquefaction capacity is expected to accelerate 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 company 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, according to Mol senior advisor Mike Rowley, particularly in markets with industrial and power-sector gas demand, but only limited infrastructure to supply such schemes.