Ineos Energy Trading has made its first foray into the LNG market by signing a charter agreement with Mitsui OSK Lines (MOL) for two newly built LNG tankers.
Ineos said the two ships will be used to import LNG from the US to Germany.
The company added that it will use its experience as the largest transporter of ethane gas from the US to Europe and Asia to develop an LNG pipeline to Europe to meet its needs as well as those of selected third parties.
Both vessels have a capacity of 174,000 cubic meters and will be built at Hanwha Ocean, the Korean shipyard formerly known as Daewoo Shipbuilding & Marine Engineering.
The deal with MOL comes after signing a long-term sale and purchase agreement with Sempra to supply 1.4m tonnes per year from Port Arthur and purchase long-term regasification capacity at Brunsbüttel, a German LNG terminal.
“It was extremely important that we selected modern, efficient ships that were also designed with environmental aspects in mind. We have agreed with MOL on an engine type and vessel specification that we believe is optimal for reducing CO2 emissions and methane slip,” said David Bucknall, CEO of Ineos Energy Trading.