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November 11, 2014

MOL, Ultranav, OSG and Asahi Tanker Reach Agreement to Pool Product Tanker Operation

TOKYO—Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that the pool agreement governing the formation of a new MR (*1) pool has now been signed among the four partners. Partners in the new pool will be MOL, Asahi Tanker Co., Ltd., Ultranav International S. A.(Ultranav)(*2) ., and OSG International, Inc. (*3)

The new pool "Clean Products Tankers Alliance" will operate a combined fleet of around 60 MR vessels. Ultranav, headquartered in Santiago will operate IMO-type vessels (*4) mainly for the Americas trade out of their office in Miami, and MOL whose main operations are in Tokyo, Singapore, London, and Houston, will operate other vessels for worldwide trade.

The joint pool agreement will enable more efficient arrangement of vessels, allowing the flexibility to meet diverse customer needs with reliable, high-quality ocean transport service.

*1:MR:
Medium range product tankers; ranging 45,000- 55,000 deadweight ton

*2:Ultranav International S.A.:
Part of the Chilean Ultramar Group

*3:OSG International, Inc.:
A wholly owned subsidiary of Overseas Shipholding Group, Inc., of the U.S.

*4:IMO-type vessels:
Tankers which comply with the construction and equipment requirements for carriage of chemicals in bulk adopted by IMO(International Maritime Organization). IMO-type vessels can carry petroleum products, easy chemicals, vegetable oils, and other cargoes.

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