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July 19, 2006

MOL-Sinotrans JV to Own New Double-Hulled VLCC

TOKYO - Mitsui O.S.K. Lines Ltd. (MOL, President: Akimitsu Ashida) today announced an agreement under which M.S. Tanker Shipping Limited, a joint-venture company with Sinotrans, will own a newly built double-hulled Malacca-Max type very large crude carrier (VLCC). The companies signed the agreement on July 5.

Vessel Profile

DWT: 310,000 MT Type
LOA: 333.0 M
Beam: 60.0 M
Shipbuilder: Mitsui Engineering & Shipbuilding Co., Ltd.
Launch: Between March and May, 2008 (plan)

Background

MOL established M.S. Tanker with Sinotrans, one of China's major shipping companies, in April, 2004 to meet China's increasing demand for crude oil transport in the coming years. M.S. Tanker has taken ownership of one VLCC and has chartered one another from MOL. Both of these ships, which have single hulls, have transported oil mainly from the Persian Gulf to China.

MOL and Sinotrans agreed that it is critical for M.S. Tanker to own a double-hulled VLCC, considering international regulations limiting the use of single-hulled tankers after 2010. With this agreement, M.S. Tanker's fleet will include two single-hulled VLCCs and one double-hulled VLCC. MOL will furthermore expand its business activities in China's crude oil transport market through participation with M.S. Tanker.

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