MOL in joint ownership of new LNG carrier

Mitsui O.S.K. Lines, Ltd. (MOL) has announced that, together with the Kansai Electric Power Co., Ltd., and Iino Kaiun Kaisha, Ltd. (Iino Lines), it has agreed on joint ownership of a newly built LNG carrier (MOSS type, 145,000m3). MOL will hold a 15% share of the new vessel, Kansai Electric Power 70%, and Iino Lines 15%.

The new LNG carrier is currently under construction at Kawasaki Shipbuilding Corporation in Japan, and the joint owner company established by the three companies, based in the Bahamas, will be the shipowner when the tanker is launched. It is slated to go into service in May 2008.

The new ship will transport LNG purchased by Kansai Electric Power, mainly from the Pluto LNG project off Western Australia. This is the first LNG carrier in which Kansai Electric Power has taken direct ownership. MOL, as a partner, is committed to offering safe, reliable and stable LNG transport service with the new ship through its extensive knowledge and technologies cultivated during long years of experience in LNG shipping industry.