MOL Reaches Deal on Joint Ownership of New LNG Carrier for Chubu Electric Power Company
May 16, 2014
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that the company and other two companies including Chubu Electric Power Company decided a deal on joint ownership with Chubu Electric's decision to invest in Trans Pacific Shipping 2 Ltd., an LNG carrier-owning company.
MOL established Trans Pacific Shipping 2 Ltd.(TPS2), a fifty-fifty joint venture owned with Mitsubishi Corporation (Head Office: Chiyoda-ku, Tokyo; President & CEO: Ken Kobayashi), in May 2012, aimed at transporting LNG from Australia for Chubu Electric Power Company (Head Office: Nagoya, Aichi Prefecture; President: Akihisa Mizuno). TPS2 reached a long-term charter contract with Chubu Electric in October 2012.
Of the LNG tanker holding company's stock, MOL will transfer 30% and Mitsubishi 10% so Chubu Electric can own a 40% share. The actual transfer is scheduled when the vessel is delivered.
Toward realizing "Solid growth through innovative changes" set forth in the midterm management plan "STEER FOR 2020", MOL takes advantage of the experience, knowhow, and networks built up over the years as one of the world's largest LNG carrier owners and operators to meet the LNG procurement needs of our customers, including Japanese power and gas companies. We will accurately meet the LNG procurement needs of our customers and contribute to transport service to the greatest possible degree.
[Outline of long-term charter contract]
|Shipowner||: Trans Pacific Shipping 2 Ltd.|
|Charterer||: Chubu Electric Power Company or its subsidiary|
|Charter period||: About 20 years from about 2019|
[Specifications of LNG carrier]
|Ship Management||: MOL|
|Delivery due date||: December 2014|
|Shipbuilder||: Mitsubishi Heavy Industries, Ltd.|
|Type of Ship Design||: Continuous tank cover type
("Sayaendo (peapod in Japanese)" type)
|Tank capacity||: Abt. 153,000 m3 (*)
* The amount of LNG that can be loaded into a 155,300 m3 tank
[Profile of LNG carrier-owing company]
|Name||: Trans Pacific Shipping 2 Ltd.|
|Country of registration||: Bahama|
|Business goal||: Owning and operating LNG tankers|
|Ownership||: MOL 20% (50%)
Mitsubishi Corporation 40% (50%)
Chubu Electric Power Company 40%
( ) is the ownership share prior to Chubu Electric investment