Japan's MOL takes 25% stake in V.Ships in LNG carrier management deal

Japanese shipowning major MOL has struck a deal with technical shipmanagement specialists V.Group that will see MOL take a 25% stake in an arm of V.Group.

The newly-struck contract will also see an expansion of existing business between the two companies, with MOL ’appointing’ V.Group subsidiary V.Ships France to manage LNG carrier newbuilds from 2027.

V.Ships France is currently managing two MOL LNG bunkering vessels and will take on management of two newbuild LNG carrier vessels under the deal. The vessels are being built for British multinational chemical manufacturing company INEOS and are due for delivery in 2027.

MOL said the deal is intended to ’deepen and strengthen its strategic partnership with V.Ships France.

"[V.Ships France] is currently managing two MOL Bunkering vessels Gas Vitality and Gas Agility, operated in Rotterdam and Marseille, and MOL has gained a high reputation from European oil and gas major customers. Building on the existing relationship through the management of LNG bunkering vessels, MOL will newly appoint [V.Ships France] as the ship manager for two LNG carriers to be delivered to INEOS in 2027," MOL said.

V.Ships France said the deal builds on its existing long-term relationship with MOL, "through which the company already manages several of MOL’s vessels including their fleet of LNG bunker vessels".

V.Ships CEO Robert Desai said “MOL is an important partner to V.Ships France and V.[Group] as a whole. We are delighted to embark on this expanded, long-term partnership, which sees MOL becoming our equity partner in one of the group’s highly specialised companies."