North-Valley

Four MOL LNG tankers were idling more than half a year after the European Union lifted its sanctions following assurances that the vessels would not be used for the transport of Russian LNG. Three of them, the 'North Moon', 'North Ocean' and 'North Light', were briefly sanctioned by the EU in 2025 over suspected links to Russian Arctic gas exports and have since idled off Indonesia, underscoring a lack of employment even after the designation was lifted, while a fourth remains without charter in European waters. In May 2025, the European Union had added the 'North Moon', 'North Ocean' and 'North Light' to its 17th sanctions package, targeting vessels it said were “operated in such a way as to contribute or support actions or policies for the exploitation, development or expansion of the energy sector in Russia, including energy infrastructure” through their involvement in transporting Russian LNG from projects like Yamal LNG and potentially Arctic LNG 2. In July 2025, the EU delisted the three tankers after receiving assurances that they would no longer engage in the transport of Russian energy” from either Yamal or Arctic LNG 2. Since late June/July 2025, the 'North Moon', 'North Ocean' and 'North Light',have been anchored off Batam under Singapore flags and remained insured through Japan P&I and UK P&I clubs. The 'North Valley', the fourth vessel in the same series, was never sanctioned by the EU, but appeared to have been idle for months off the coast of the Netherlands and more recently Spain, showing no clear new charter. Fear of future sanctions may be holding charterers back from dealing with the vessels. Another factor limiting their employment prospects may be that Arc4 ice-class carriers are niche assets. Their reinforced hulls and winterization make them better suited for Arctic operations, but may render them relatively uneconomical to operate year-round in ice-free waters compared with more standard LNG carriers optimized for regular trades. The number of LNG export or import terminals that routinely required ice-class vessels remained limited, principally including projects like Russia’s Yamal LNG and Arctic LNG 2, further narrowing markets where the four vessels’ unique capabilities are an asset rather than an over-specification.