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December 25, 2014

MOL, Tokyo Gas Subsidiary Sign Basic Agreement for a Time Charter Contract, Deal to Build a New LNG Carrier


CG Rendering of New LNG Carrier

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that the company has concluded a basic agreement on a time charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd. (headquarters: Minato-ku, Tokyo; President: Tadashi Narushima), a wholly-owned subsidiary of Tokyo Gas Co., Ltd. (headquarters: Minato-ku, Tokyo; President: Michiaki Hirose). At the same time, MOL signed a contract with Japan Marine United Corporation (JMU; headquarters: Minato-ku, Tokyo; President: Shinjiro Mishima) for construction of the new vessel.

This is the third new vessel MOL will manage, following two other newbuilding LNG carriers sailing under contract with Tokyo LNG Tanker and built by JMU. These ships were launched on February 28 and November 28, 2014. The third vessel will also transport LNG from the Cove Point LNG Project in the United States to Tokyo Gas facilities.

MOL is involved in operating 11 of 14 LNG carriers owned and managed by Tokyo LNG Tanker, including this newbuilding vessel, and directly manages eight of those 11 ships.

To realize "solid growth through innovative changes," as set forth in the company's midterm management plan STEER FOR 2020, MOL continues to take a proactive stance in offering safe and stable transport of LNG by drawing on its extensive experience, know-how, and network as the world leader in LNG carrier ownership and management.


Sailing Route from the Cove Point LNG Project

Tokyo LNG Tanker Co., Ltd. LNG Carriers Involved/Managed by MOL

  Ship Name Tank Capacity (m3) Type Completed (Schedule) Ownership Type
MOL Managed vessels LNG Vesta 127,000 Moss 1994.6 Co-own
Energy Frontier 147,000 Moss 2003.9 --
Energy Advance 147,000 Moss 2005.3 --
Energy Progress 147,000 Moss 2006.11 Co-own
Energy Navigator 147,000 Moss 2008.6 Share
JMU No.5070 165,000 SPB (2017) Share
JMU No.5072 165,000 SPB (2017) Share
Newbuilding (JMU No.5073) 165,000 SPB (2018) Own
Other shared vessels LNG Flora 127,000 Moss 1993.3 Share
GDF Suez Neptune 145,000 Membrane 2009.11 Share
GDF Suez Cape Ann 145,000 Membrane 2010.6 Share

[ Outline of time charter contract ]

(1) Shipowner : Mitsui O.S.K. Lines, Ltd.
(2) Charterer : Tokyo LNG Tanker Co., Ltd.
(3) Charter period : Around 2018 - (max. 20 years)

[ Profile of newbuilding LNG carrier ]

(1) Length : About 299.9m
(2) Breadth : 48.9m
(3) Draft : 11.5m
(4) LNG tank : Self Supporting Prismatic shape IMO Type B (SPB) cargo tank
(5) Cargo capacity : 165,000m3
(6) Main engine : Tri-fuel diesel electric propulsion system
(7) Speed : 19.5 knots
(8) Shipyard : Japan Marine United Co., Ltd.
(9) Ship management company : Mitsui O.S.K. Lines, Ltd.
(10) Year of delivery : 2018
(11) Name : TBD

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