Broadening our horizons with challenging new Energy & Offshore business projects.
As the global demand for energy diversifies, MOL has developed its Energy transport business and participated in worldwide-scale projects, backed by one of the world’s largest fleets, a successful track record, and decades of know-how.
MOL has moved proactively into Energy and Offshore businesses, where we expect greater growth, drawing upon the experience amassed in the operation of LNG and oil tankers. Floating production, storage, and offloading units (FPSOs) and floating storage and regasification units (FSRUs) are typical of MOL’s offshore businesses.
The company entered the FPSO business in 2010, and now participates in nine projects off the coast of Brazil, in addition to others off Ghana and Mexico. Furthermore, in 2014 we entered the shuttle tanker business, which involves transporting crude oil from FPSOs to onshore oil refineries; in 2016, we made our first foray into the subsea support business, which includes installation, maintenance, repair, and decommissioning of subsea equipment; in 2017, we entered the renewable energy business through a stake in a company that operates offshore turbine installation vessels; and in 2020 we signed a charter contract for service operation vessels (SOVs) at offshore wind farms.
MOL is also the first Asian shipping company to take delivery of an FSRU, “FSRU Challenger”, the largest in the world, with 263,000 CBM storage capacity. In 2019, based on our accumulated experience and track record in LNG carrier and FSRU operation, MOL and Karpowership of Turkey jointly started an LNG powership business combining an FSRU and powership.
In 2021, MOL entered the business of transporting liquefied carbon dioxide (LCO2) by sea. LCO2 carriers will play an important role in the CCUS (Carbon Dioxide Capture, Utilization and Storage) value chain, which is drawing attention as a means of realizing a low-carbon and decarbonized society, by efficiently connecting the capture and LCO2 to storage areas.
Floating production, storage, and offloading units (FPSOs).
MOL entered the FPSO business in 2010 and participates in nine projects off the coast of Brazil, in addition to others in Ghana and Mexico.
Cargo Transfer Vessel Units
Since its establishment in 2014, SeaLoading has been dedicated to delivering innovative offshore logistics solutions through its SeaLoader 1 and SeaLoader 2 vessels. Currently, there are only two CTVs in the world, all owned by SeaLoading, which holds the patent for CTV technology. Both vessels operate in the offshore offloading segment, specializing in the direct transfer of crude oil from Floating Production Storage and Offloading units (FPSOs) to large crude carriers such as VLCCs, Suezmax, and Aframax. This method eliminates the need for coastal returns or intermediate cabotage operations, providing a more streamlined and efficient export solution.
Our Cargo Transfer Vessel (CTV) operations are conducted with a high standard of efficiency, safety, and reliability, even under challenging offshore conditions. By removing unnecessary steps in the crude export chain, the CTV approach delivers significant cost savings, while also reducing fuel consumption and minimizing greenhouse gas emissions.
Normally, crude oil produced from the seabed by floating production, storage & offloading systems (FPSOs) is transported by crude oil tankers to the demand area. However, ordinary crude oil tankers cannot receive crude oil directly from an FPSO because their hulls are highly susceptible to waves and wind. Therefore, shuttle tankers with fixed-point holding capability usually receive crude oil, transport it to calm waters where it can be transferred from ship to ship, and reload it onto a crude oil tanker.
CTVs, on the other hand, can be connected between an FPSO and a crude oil tanker, as shown in the figure below, enabling direct transshipment of crude oil from an FPSO to a crude oil tanker. This dramatically increases the efficiency of crude oil logistics. It also reduces CO2 emissions and costs by eliminating the need for shuttle tanker voyages.
The MOL Group aims to further expand the use of CTVs, which can significantly reduce CO2 emissions and costs compared to conventional crude oil transfer using shuttle tankers. It also seeks to strengthen cooperation with oil majors to improve efficiency and reduce environmental impact in the supply chain, from crude oil production and storage to discharging.
We have operated in the area since 2016, conducting the installation, maintenance, repair, and decommissioning of subsea equipment. The joint venture with Norway’s AKOFS, which operates three subsea support vessels (Skandi Santos, Aker Wayfarer and AKOFS Seafarer), further strengthened us in the operation and management of such vessels.
Floating storage and regasification units (FSRU).
MOL has gained experience and accomplishments in the operation of LNG carriers, operating about 100 vessels, and in the field of FSRUs, which meet customers’ various LNG supply needs.
MOL entered the liquified natural gas (LNG) transport business in 1983, amassing great experience in this prominent sector. It currently holds a pioneering position in the ownership, management, and operation of LNG Carriers. In 2016, we started operating the world’s first large-scale Liquefied Ethane Carrier, through a strategic partnership with India’s Reliance Industries Limited.
We operate globally with highly qualified personnel and cutting-edge technologies to ensure a safe operation. We operate through 6 companies located in Europe, Africa, and Asia.
Refuels vessels with LNG, rounding out the supply chain in the sector and ensuring the vessels’ uninterrupted operation, even in remote locations.
MOL’s fleet includes very large crude oil carriers (VLCCs) of more than 200,000 DWT, and smaller vessels such as Aframax tankers, contributing to the stable delivery of crude oil all around the world. The fleet also has various types of vessels that meet specific cargo characteristics: product tankers that transport refined petroleum products such as diesel oil, naphtha, and gasoline; chemical tankers that transport liquid chemical products; and methanol carriers.
We offer a range of services in the value chains of offshore wind power, an emerging renewable energy field.
Pre-construction marine consulting services for offshore wind power generation systems; Installation of Offshore Wind Power Generation Systems (MOL’s investment in Seajacks International Limited [Seajacks] Group, an operator of Self-Elevating Platform [SEP] vessels in 2017); Pioneer in the Service Operation Vessel (SOV) business in Asia through a joint company established with Ta Tong Marine in 2020 (supporting the operations and maintenance services of offshore wind farms); training for O&M technicians for wind power generation systems; Development of O&M and Terminal Ports; among others.
Offshore Wind Energy: MOL launched the 'Wind Challenger Project' in 2018. We have developed a hard sail system that converts wind energy to propulsive force with a telescopic hard sail as the fundamental technology of the project.
In 2020, we signed a transport contract using the world’s first coal carrier equipped with hard sail wind power propulsion system.
Furthermore, in 2020 we started the Wind Hunter Project, the ultimate zero emission driving project, which combines wind propulsion sailing technology and wind energy converted to electricity to generate a stable supply of hydrogen.
