Update (2) - Chinese Authorities Impound MOL Vessel
April 24, 2014
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that the MOL-operated iron ore carrier BAOSTEEL EMOTION, which had been impounded by the authorities in Zhejiang Province, China on April 19, 2014, is now ready to sail from the port.
* Please refer to our April 21 release "Chinese Authorities Impound MOL Vessel" for details.
The case is a civil action in China. MOL takes into account that the situation may result in obstacles to its services, which may result in a negative impact on MOL business activities in China. The company continued talks with the Shanghai Maritime Court and today the vessel was released to set sail.
Meanwhile, the impact on its FY2014 fiscal results will be minor as a settlement amount was already allocated and accounted for at the time of the court ruling.