Business

MOL acquires 25% stake in V.Ships France, expands LNG fleet under management

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

Published

4 months ago

March 12, 2026

Admin

MOL acquires 25% stake in V.Ships France, expands LNG fleet under management

Global ship manager and marine services provider V.Group on Wednesday (11 March) announced a strategic partnership with shipping company Mitsui O.S.K. Lines, Ltd (MOL) under which V.Ships will assume full technical management of two of MOL’s newbuild LNG carriers.

MOL will cement the long-term nature of the partnership by acquiring 25% of the share capital of V.Ships France through its subsidiary, MOL Euro Energie SAS, with V.Ships retaining 75%.

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

Robert Desai, CEO, V.Ships, said: “MOL is an important partner to V.Ships France and V. 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.

“V.Ships France has long been renowned for its expertise in LNG and advanced dual fuel ships, and this agreement reflects the confidence MOL has placed in that capability.

“Having a counterpart of MOL’s standing as partners in V.Ships France is a validation of what our team in Nantes has built, as well as V.’s global strength and credibility, and we look forward to deepening our collaboration together as the LNG sector continues to grow.”

Mr Jun Kanda, MOL Euro Energie SAS, said: “We are delighted to have V. and V.Ships France as such important long-term partners. Our relationship stretches back many years, and throughout that time V.Ships France has consistently demonstrated the highest levels of technical expertise in LNG and dual fuel vessel management.

“This expanded partnership, including our equity investment in V.Ships France, reflects the depth of confidence we have in their team and their capabilities. As we continue to grow our LNG fleet, having a ship management partner with this calibre of specialist knowledge and the backing of V.’s wider resources is of real strategic value to our organisation.”

V.Ships France will continue to operate from its current base in Nantes, with no changes to its team or operations.

MOL’s expanded fleet of managed vessels will continue to benefit from V.’s scale and scope as a tier one ship manager, ensuring maximum uptime, full compliance within a changing regulatory ecosystem, large crew pool, and performance that meets and exceeds all relevant technical standards. The fleet will also benefit from V.Group’s proprietary marine digital platform, ShipSure, as well as its suite of market-leading marine services.

Photo credit: MOL
Published: 12 March, 2026

Related Topics:Bunker fuel - LNG Business - Events

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

16 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

16 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

17 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026