Mitsui O.S.K. Lines (MOL) has signed a 15-year charter agreement with Oil and Natural Gas Corporation (ONGC) for two newbuilding very large ethane carriers, further expanding MOL’s ethane carrier fleet.

The agreement was concluded during India Energy Week 2026 and involves two joint venture companies established by MOL and ONGC. Each joint venture will own and operate one vessel under the long-term charter.

The vessels, each with a cargo capacity of 100,000 cubic metres, will be constructed by Samsung Heavy Industries at its Geoje shipyard in South Korea. Delivery is scheduled for late 2028 or later.

Both carriers will be fitted with dual-fuel main engines capable of operating on ethane. Once delivered, the vessels will transport liquefied ethane from the United States to India, where the cargo is intended for use as petrochemical feedstock.

According to MOL, the ethane will be supplied to a petrochemical facility operated by ONGC Petro Additions Limited at Dahej in the Indian state of Gujarat.

The joint venture companies, Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited, are incorporated in the International Financial Services Centre at Gujarat International Finance Tec-City, an Indian special economic zone. MOL and ONGC each hold a 50% equity stake in both entities, and the vessels will sail under the Indian flag.

With this order, MOL’s fleet of very large ethane carriers will increase to 16 vessels, the company says, making it the largest VLEC fleet in operation globally.

MOL entered the ethane transportation market in 2016 and said its experience in liquefied gas carrier operations, combined with its track record in the Indian special economic zone framework, helped secure the long-term charter arrangement.

The project aligns with MOL’s group management plan, BLUE ACTION 2035, under which Asia has been identified as a key growth region. The company said it continues to expand its presence in India alongside energy-related logistics activities.

MOL added that the expansion of its LNG and ethane carrier fleets under long-term charter arrangements forms part of its broader strategy to increase earnings stability and mitigate exposure to shipping market volatility.