MOL, Kansai Electric Power Reach Agreement on Joint Ownership of 2 New LNG Carriers

LNG, Trade and Commerce — By on October 2, 2013 at 9:29 PM

MOLTOKYO—Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced an agreement with Kansai Electric Power Co., Inc. (President: Makoto Yagi), for joint ownership of two newbuilding liquefied natural gas (LNG) carriers (*) that will sail under long-term charter contracts signed in June 2012. Kansai Electric Power will hold a 70% share in the Bahamas-based MOL subsidiary that will own the two carriers, with MOL holding the remaining 30%.

* Please refer to the press release on June 29, 2012: MOL, Kansai Electric Power Sign Deals to Build, Charter 2 LNG Carriers

With this agreement, MOL and Kansai Electric Power will jointly own a total of three vessels following the LNG Ebisu (delivered in Sep. 2008), the first such vessel directly owned by Kansai Electric Power.

Backed by its experience, know-how, and worldwide service network build up as one of the world’s leading LNG carrier owners and management companies, MOL continually strives for safe and stable transport of LNG, which has drawn increasing attention in recent years as a clean energy source.

[Outline of newbuilding LNG carriers]

<1st vessel>

  • (1) Length                              About 293.0(m)
  • (2) Breath                              48.90(m)
  • (3) LNG tank                          Stretched Moss-type independent spherical type
  • (4) Cargo tank capacity            164, 700 (m3)
  • (5) Main engine                       Advanced steam turbine engine
  • (6) Speed                              19.5 (knots)
  • (7) Shipyard                           Kawasaki Heavy Industries, Ltd.
  • (8) Ship management company Mitsui O.S.K. Lines, Ltd.

<2nd vessel>

  • (1) Length                              About 288.0m
  • (2) Breath                              48.90m
  • (3) LNG tank                          Stretched Moss-type independent spherical type
  • (4) Cargo tank capacity            155, 300m3
  • (5) Main engine                       Advanced steam turbine engine
  • (6) Speed                              19.5 knots
  • (7) Shipyard                           Mitsubishi Heavy Industries, Ltd.
  • (8) Ship management company Mitsui O.S.K. Lines, Ltd.
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