MOL signs Charter Agreement with Mitsui

By Finance

An agreement has been concluded between Mitsui O.S.K. Lines, Ltd.and Mitsui & Co., Ltd. today (29 January) to charter a new LNG carrier. The 177,000m3-capacity vessel will be the third charted one by Mitsui & Co. as last September an agreement was inked for two other carriers.

Manger of the vessels will be MOL. They will carry LNG obtained from shells and that is part of Louisiana’s Cameron Project in the United States.

Image: MOL

The purpose of the contract is to achieve a stable growth with the help of innovative transformations. The purpose has been determined in the midterm management plan STEER FOR 2020. At the same time MOL proceeds with replying to the demands of the clients for LNG provision and safe transportation supported by the knowledge, know-how and links acquired via company’s position as an international leader in the possession, administration and transportation of LNG.

The agreement’s content includes the owner of the ship (MOL’s affiliate with a total ownership), the name of the charterer (Mitsui & Co., Ltd.) and the period of chartering (starting in 2019 for up to 25 years). The LNG carriers have the following characteristics: 297.5m length, 48.9m breadth, 11.40m draft, with a cargo tank capacity of 177,000m3. Mitsubishi Heavy Industries, Ltd. is the shipyard and Mitsui O.S.K. Lines, Ltd.-the ship management company.