MOL to Convert LNG Carrier into FSRU for Deutsche ReGas's Mukran Terminal from 2028

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

Charter Deal Signed at Tokyo Ceremony

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

The signing was commemorated with a ceremony in Tokyo, attended by figures from both companies. Deutsche ReGas was represented by CEO Ingo Wagner and Chief Commercial Officer Marcus, while MOL's delegation included President & CEO Jotaro Tamura and Managing Executive Officers Inomoto and Suryan Wirya-Simunovic.

A First for MOL's Downstream LNG Push

Although MOL has carried out FSRU conversion projects before, those efforts were undertaken in collaboration with partner companies for their specific use. According to the company, this project is the first FSRU conversion it has pursued on its own sole initiative, developed specifically for LNG deliveries into major gas networks.

The move extends MOL's position as operator of the world's largest LNG carrier fleet into the downstream segment of the LNG value chain, an area the company has been expanding into through activities such as LNG receiving and regasification.

MOL said it is applying the expertise and know-how built up over its extensive LNG transportation track record to this latest venture. Through the project, MOL said it will provide a reliable and flexible LNG import solution for the German and European gas markets, supporting the diversification of gas supply sources and the expansion of LNG import capacity, and contributing to a stable energy supply across Europe.

What an FSRU Offers the German Market

An FSRU is a floating facility capable of receiving, storing and regasifying liquefied natural gas before delivering the natural gas to shore through pipeline infrastructure. Compared with conventional land-based LNG terminals, FSRUs offer shorter development schedules and lower capital investment requirements, while providing flexible and scalable energy infrastructure solutions.

The terminal hosting the unit, the Energie-Terminal "Deutsche Ostsee," is located at Mukran on Germany's Baltic Sea coast. It was built and is operated by Deutsche ReGas, and according to MOL it plays a key role in diversifying gas supply sources for Germany and Europe.

Deutsche ReGas Stresses Security of Supply

Deutsche ReGas is a provider of European critical energy infrastructure. In the industrial port of Mukran it operates the Energie-Terminal "Deutsche Ostsee," which together with the previously completed LNG terminal in Lubmin constitutes the first and only privately financed floating operating liquefied natural gas terminals in Germany. The company is also planning the construction of hydrogen electrolyzers and solutions for hydrogen derivatives. CEO Ingo Wagner expressed enthusiasm about the future partnership with MOL, which he described 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 which we started in 2024. This allows to strengthen long-term energy security and creates additional import flexibility benefiting consumers, industry and energy markets alike. Formidable energy companies are reliable partners for us an infrastructure provider."

MOL Leadership Frames the Deal as Strategic

MOL President & CEO Jotaro Tamura characterized 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." Managing Executive Officer Suryan Wirya-Simunovic 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. By combining MOL's global LNG expertise with Deutsche ReGas's strong market position and leading operatorship in Germany, he added, the partners are creating a reliable and flexible solution that will contribute to supply security and energy resilience in the region. He noted that MOL looks forward to working closely with all project partners to ensure the successful delivery and long-term operation of the terminal.

Consistency with BLUE ACTION 2035 Phase 2

Within the MOL Group's BLUE ACTION 2035 Phase 2 framework, portfolio strategy is positioned as one of the group's core strategies, with the FSRU business serving as a stable earnings-generating business in the downstream segment of the LNG value chain. MOL said that through this project it aims to contribute to the stable supply of energy in Germany and Europe while further strengthening its energy infrastructure business.

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

Terminal Context in Germany's LNG Landscape

The Energie-Terminal "Deutsche Ostsee" at Mukran, where the converted FSRU will be deployed from 2028, stands alongside Deutsche ReGas's Lubmin facility as the only privately financed floating operating LNG terminals in Germany. Wagner has described the Mukran terminal as the only LNG terminal in the eastern part of the country and as critical infrastructure, with its strategic importance rooted in security of supply.

According to MOL, the terminal plays a key role in diversifying gas supply sources for Germany and Europe. The charter agreement announced in Tokyo on October 29, 2026, formalizes the partnership between the Japanese shipping company and the German infrastructure provider, with the LNG carrier conversion at Hudong-Zhonghua Shipbuilding in China preceding the vessel's entry into service under Deutsche ReGas's charter starting in 2028.