Six new VLECs will be used to transport the liquefied ethane from North America to India. The newbuildings will be constructed at South Korea's Samsung Heavy Industries (SHI) and delivery is scheduled in the last quarter of 2016.
MOL will supervise the construction of the six VLECs at the yard and thereafter operate and manage the vessels during the charter period for Reliance.
The Japanese line expects "high growth and stable long term profits taking advantage of the shale revolution".
"VLECs, being a hybrid of LNG carrier and LPG carrier, required the expertise in both the LNG carriers and LPG carriers. Considering MOL's rich experience for both types of carriers it is in a better position to leverage on its existing capabilities to tap this new opportunity," MOL said.
Meanwhile, MOL also announced a deal to build a new LNG carrier for time charter to a subsidiary of Tokyo Gas.
The 165,000 cu m LNG carrier will be built at Japan Marine United and delivery is slated in 2018.
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