MOL, ONGC Sign 15-Year Charter for Two Indian-Flagged Very Large Ethane Carriers

The two state-of-the-art VLECs, each with a cargo capacity of 100,000 cubic metres, will be jointly owned by MOL and ONGC and deployed to transport ethane from the US to the petrochemical complex operated by ONGC Petro additions Ltd (OPaL) at Dahej, Gujarat. The vessels will be built at Samsung Heavy Industries Co., Ltd in South Korea and are scheduled for delivery in late 2028 or later.

Equipped with GTT Mark III membrane tanks, the VLECs will feature dual-fuel main engines capable of using ethane as fuel, reflecting a focus on operational efficiency and lower emissions. With this contract, MOL’s VLEC fleet will expand to 16 vessels, the largest in the world.

The ships will be owned and operated through two equal joint venture companies—Bharat Ethane One IFSC Pvt Ltd and Bharat Ethane Two IFSC Pvt Ltd—both registered in Gujarat International Finance Tec-City (GIFT City), a special economic zone in Gujarat.

ONGC said the strategic collaboration marks a significant milestone in strengthening long-term cooperation between the two companies. By combining MOL’s global maritime expertise with ONGC’s regional presence and operational capabilities, the partnership is expected to create value across the energy transportation and petrochemical value chain.

The project also represents a strategic diversification into specialised shipping for ONGC and aligns with the government’s Maritime Amrit Kaal Vision 2047, which emphasises self-reliance, development of world-class maritime infrastructure, and long-term economic resilience.

MOL, which entered the ethane transport business in 2016 as the world’s first VLEC operator, said its experience in liquefied gas transportation and its operational track record were key factors behind the agreement. The company has positioned India as a priority market and currently operates or has on order around 40 energy transportation vessels serving the country.

“With a global fleet of over 900 vessels, supported by the world’s largest VLEC and LNG carrier fleets, MOL’s scale, safety record and expertise were instrumental in concluding this long-term charter,” the company said.