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April 15, 2008

MOL, Gulf LPG Transport of Qatar Sign Charter Deal for VLGCs

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) today announced that MOL has signed a time charter agreement with Gulf LPG Transport Company W.L.L. ("Gulf LPG") of Qatar for the first, in a series of four Liquefied Petroleum Gas(LPG) carriers currently being built at the Hyundai Heavy Industries yard in South Korea. the Bu Sidra (82,000m3) was delivered to Gulf LPG earlier this month.

The second vessel, the Umm Laqhab (82,000m3) will be delivered in July of this year and will also be chartered to MOL, with the third and fourth vessels due in late 2008 and early 2009 respectively, being run under a Joint Operating Venture between the companies.

Gulf LPG is a jointly established limited liability company in Qatar between Qatar Gas Transport Company Ltd. (NAKILAT) and Qatar Shipping Company (Q-ship). With the increased growth of LNG production, the volume of LPG is also expected to grow; NAKILAT and Q-ship have positioned themselves to meet this expected demand.

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