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February 25, 2004
MOL Upgrades Product Tanker Fleet
-- Plans 10 LR1 type tankers by 2007 --
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President:
Kunio Suzuki) today announced their decision
to expand its product tanker fleet with the
most advanced double-hull LR1 type*1 vessels. The company will become top operator
of oil product tankers meeting customer needs
in Asia and around the world, together with
MR type*1 product tankers whose fleet will
be 30 vessels by 2006. This is a part of
MOL's mid-term management Plan which focuses
on growth and expansion of the company's
energy and resource transport business.
The Tanker Division management strategy aims
at further stabilizing and increasing profits
with a larger fleet of product tankers as
well as crude oil tankers (mainly VLCCs)
and methanol carriers, in which MOL holds
the world's largest share.
Summary of fleet expansion
Currently the company owns three LR1 type
product tankers, and has decided to expand
the fleet with 10 new tankers to be delivered
by 2007. Seven of the tankers have been ordered
with remaining three will be added shortly.
MOL may also consider decommissioning the
current three vessels.
Those three LR1 type product tankers serve
LR1 Pool*2 , the world's largest product tanker group.
10 new tankers will also serve in the LR1
Pool..
All 10 tankers are in the 75,000 DWT/85,000
CBM class, and feature the most advanced
double-hull design. Those tankers not only
meet the requirements of the customers, but
also have specifications which ensure environmental
protection. Those tankers are designed to
meet the strict standards backed by long
and rich experience on product tanker operation
and ship management of MOL.
Background and MOL's approach
MOL forecasts steady growth in the
trade
of oil products - the cargo transported
by
LR1 type product tankers - such as
gasoline,
naphtha, kerosene, diesel oil, and
jet fuel.
In addition to 45,000 DWT MR-type*3 product tanker fleet that will grow to 30
vessels by mid-2006, MOL offers top-quality
transport services with flexibility to meet
increasing demand and diversifying customer
needs in Japan and overseas, as the world
largest operator in product tankers.
*1 LR1 type: Large Range 1 (LR1) product tankers. in
the 55,000-85,000 DWT range. These versatile
ships are in high demand around the world,
transporting gasoline, jet fuel, and other
oil products between the Middle East and
Europe. They are also used to supplement
the Large Range 2 (LR 2, over 85,000 DWT
class) fleet to transport naphtha between
the Middle East and Far East.
*2 The LR1 pool: The world largest LR1 product tanker pool
is operated mainly by Denmark-based TORM.
It operates 24 LR 1 product tankers of about
60 in service around the world.
*3 MR-type: Middle Range (MR) product tankers in the
25,000-55,000 DWT range.
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