A Singapore-registered subsidiary of Mitsui OSK Lines held a cocktail reception early this week to reveal its new identity.

Some 150 people attended the tanker company’s rebranding bash at the Publico Ristorante, an Italian restaurant at Robertson Quay.

Senior managing executive officer Nobuo Shiotsu, who is in charge of MOL for East, South East and Oceania regions, said the new identity of MOL Energia marked a significant milestone in the journey of the 16-year-old company.

“MOL Energia, formerly known as Phoenix Tankers, has been serving primarily oil tanker clients for a long time,” Shiotsu said.

The company was established in 2007 with just one VLCC, but today it owns 10 vessels and controls about 20 tankers.

“In response to the ever-changing energy transport landscape influenced by the need for decarbonisation and shifting geopolitical dynamics, it [Phoenix Tankers] has decided to redefine its identity,” Shiotsu said.

“At the same time, its subsidiary, Oakwood Tankers, which manages LPG tankers, is preparing to welcome a new fleet of LNG tankers under the fresh name of MOL Encean.”

TradeWinds learned that MOL Encean will be taking delivery of two LNG carrier newbuildings from South Korea’s Hanwha Ocean in 2026. The pair originally ordered by MOL has been novated to the Singapore company.

Unifying brand

“By adopting [MOL] from the parent company’s name in the new company, we aim to unify our brand and achieve further integration of our group operations under the principle of One MOL,” Shiotsu said.

In a closing speech, MOL Energia managing director Daisuke Watanabe said the new name incorporates two principles: to meet various tanker needs with a one-stop service and to be the best supporter/partner for customers in energy transportation.

“MOL Energia combines the words Energy and Asia, embodying these ideals,” Watanabe said.