Mitsui O.S.K. Lines, Ltd. (MOL) and Deutsche ReGas announced that they have entered into a long-term Time Charter Contract for the deployment of one floating storage and regasification unit (FSRU) at the Energie-Terminal "Deutsche Ostsee" in Mukran, Germany.

Long-Term Time Charter Agreement Announced

Under the arrangement, an LNG carrier will be converted into an FSRU at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. in China, and Deutsche ReGas will charter the vessel from MOL starting in 2028.

The agreement was marked by a commemorative ceremony held in Tokyo on October 29, attended by relevant parties including Deutsche ReGas CEO Ingo Wagner and MOL President & CEO Jotaro Tamura. Also present at the ceremony were Deutsche ReGas Chief Commercial Officer Marcus and MOL Managing Executive Officers Inomoto and Suryan Wirya-Simunovic.

MOL's First Sole-Initiative FSRU Conversion for Grid Deliveries

While MOL has previously undertaken FSRU conversion projects in collaboration with partner companies for their specific use, the company stated that this project marks its first FSRU conversion project on MOL's sole initiative to be developed for LNG deliveries to major gas networks.

The project builds on MOL's position as operator of the world's largest LNG carrier fleet. The company has been expanding vertically into the downstream segment of the LNG value chain, including LNG receiving and regasification, leveraging the expertise and know-how cultivated through its extensive LNG transportation track record.

Through the project, MOL said it will provide a reliable and flexible LNG import solution for the German and European gas markets, promoting the diversification of gas supply sources and the expansion of LNG import capacity, and contributing to a stable energy supply across Europe.

Executives Highlight Strategic Significance

MOL President & CEO Jotaro Tamura described the FSRU project as a major strategic milestone for the company. "We are pleased to partner with Deutsche ReGas on this important infrastructure project and to work together with HZ to deliver an FSRU solution," Tamura said.

"Through this FSRU Project, MOL will further strengthen its position as a global provider of LNG infrastructure while contributing to Germany's and Europe's import solution."

Suryan Wirya-Simunovic, Managing Executive Officer, called the project a landmark achievement for MOL's Europe and Africa Region. He said it reflects the company's commitment to developing critical energy infrastructure that supports Europe's evolving energy needs, and that by combining MOL's global LNG expertise with Deutsche ReGas's strong market position and leading operatorship in Germany, the partners are creating a reliable and flexible solution that will contribute to supply security and energy resilience in the region.

He added that MOL looks forward to working closely with all project partners to ensure the successful delivery and long-term operation of the terminal.

Deutsche ReGas CEO Ingo Wagner expressed enthusiasm about the future partnership with MOL as the leading player in floating LNG infrastructure. "As the only LNG terminal in the eastern part of Germany and critical infrastructure, Deutsche ReGas has demonstrated its strategic importance for security of supply," Wagner said.

"By restoring the Terminal's fully permitted capacity, we are continuing the path that we started in 2024. This allows for strengthening long-term energy security and creates additional import flexibility, benefiting consumers, industry, and energy markets alike. Formidable energy companies are reliable partners for us as an infrastructure provider."

About the Deutsche Ostsee Terminal and Deutsche ReGas

Deutsche ReGas is a provider of European critical energy infrastructure. In the industrial port of Mukran, the company operates the Energie-Terminal "Deutsche Ostsee."

This terminal, together with the previously completed LNG terminal in Lubmin, is the first and only privately financed floating operating liquefied natural gas terminal in Germany. Deutsche ReGas is also planning the construction of hydrogen electrolyzers and solutions for hydrogen derivatives.

Mukran is located on Germany's Baltic Sea coast and is home to the LNG import terminal Energie-Terminal "Deutsche Ostsee," built and operated by Deutsche ReGas. According to MOL, the terminal plays a key role in diversifying gas supply sources for Germany and Europe.

An FSRU is described as a floating facility capable of receiving, storing and regasifying liquefied natural gas before delivering natural gas to shore through pipeline infrastructure.

Compared with conventional land-based LNG terminals, FSRUs provide shorter development schedules and lower capital investment requirements while offering flexible and scalable energy infrastructure solutions.

Alignment with MOL Group Strategy

Under BLUE ACTION 2035 Phase 2, the MOL Group has positioned portfolio strategy as one of its core strategies, with the FSRU business serving as a stable earnings-generating business in the downstream segment of the LNG value chain.

Through this project, MOL aims to contribute to the stable supply of energy in Germany and Europe while further strengthening its energy infrastructure business.

The MOL Group also identified the initiative as one expected to contribute to the realization of the group's sustainability issues (Materiality), which it identifies as key issues for sustainable growth with society through the realization of the Group Vision.

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