MOL and Viken team up

By Finance

Mitsui OSK Lines (MOL) has teamed up with Viken Shipping in a shuttle tanker joint venture. It will be called Viken MOL AS and will be managed from the Bergen's office of Viken Shipping.

Initially, the team will acquire 5 tankers owned by Viken. They are believed to be the Madre De Deus, the Angra Dos Reis, the San Sebastiao, the Sao Luiz and the Rio Grande. Currently those vessels are chartered to Transperto, subsidary of Petrobas.

MOL confirmed that the cooperation reflects the ongoing commitment of the company to take part in worldwide energy transport projects. According to the Japanese shipowner, both MOL and Viken share an ambition to develop a long term partnership on joint investments in high quality ships under long-term contracts with reputable charterers.

“Although the initial investment is in crude oil shuttle tankers, the joint venture is not intended to be restricted to this marked segment only.

“Offshore business including shuttle tankers will become the backbone of MOL operations as it seeks to secure mid- and long-term contracts that generate stable profits," they added.

Image: Viken Shipping