Press Release


Press Release

March 12, 2008

MOL to Start Independent LR1 Product Tanker Operation

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that it will begin independently marketing and chartering seven Large Range 1 (LR1)*1 product tankers in the world market starting in June.

MOL has participated in "The LR1 Pool*2" since December 2002, and entrusted the pool with operation of MOL's LR1 product tankers. However, MOL decided to withdraw from the pool in June.

"The LR1 Pool," managed by LR1 Management K/S, entrusts MOL with marketing and chartering for Japanese and South Korean customers. This will terminate effective March 28, with closing of the business in U.S., prior to withdrawal from the pool.

MOL will start marketing and chartering service in the worldwide market through the MOL Tokyo office, Mitsui O.S.K. Bulk Shipping (Asia Oceania) Pte. Ltd., Singapore office, and Mitsui O.S.K. Bulk Shipping (Europe) Ltd, London office, to flexibly meet expanding and diversifying needs of customers around the world.

*1 LR1 product tanker
Panamax-type product tanker (about 75,000 dwt). This type is used around the world for various purposes - as a tanker to complement Large Range 2 (LR2) tankers (about 100,000 dwt) which transport naphtha from the Middle East to Asia; and for a mid- and long-distance transport of naphtha, gasoline, gas oil, diesel oil, jet fuel, and so on.

*2 The LR1 Pool
Joint operator of LR1 product tankers. Pool members are Danish ship owner A/S D/S Torm (TORM, headquartered in Copenhagen), six European shipowners, and MOL. As of today, the fleet totals 43 vessels including MOL ships.

Top of Page