MJL Bangladesh PLC has ordered an 11,000 m3 pressurized liquefied petroleum gas (LPG) carrier from a Japanese shipyard, according to recent news from theDhaka Stock Exchange (DSE). The new vessel, costing $32.5 million, is expected to be delivered in 2026.
The DSE announcement disclosed that the transaction has been approved by the board of directors of MJL Bangladesh, and an additional $1.5 million has also been approved to cover shipbuilding supervision fees, consulting fees, modification-related expenses, acquisition costs, legal fees, operating expenses, travel expenses, etc.
This is not the first time MJL Bangladesh has placed an order for shipbuilding this year. 20 July 2023, MJL Bangladesh has ordered a 115,000 DWT LR2 tanker from DH Shipbuilding (formerly known as Daehan Shipbuilding), with a contract value of $74 million, and the new vessel is scheduled to be delivered in 2026 and put into service. According to the data of Bangladesh Ocean-going Shipowners Association (BOSA), there are more than 60 ocean-going vessels under the flag of Bangladesh, but none of them has a capacity of 115,000 DWT.
MJL Bangladesh, formerly known as Mobil Jamuna Lubricant, is said to be a joint venture between EC Securities, a subsidiary of East Coast Group, and Jamuna Oil Company.
The company currently owns a 2005-built LR2 tanker and three liquefied petroleum gas (LPG) carriers. MJL Bangladesh opted to buy a new vessel last year due to rising prices of second-hand vessels and increased maintenance and operating costs.