Press Release


Press Release

February 13, 2015

MOL and E.ON Subsidiary Sign Charter Contract for 2 Newbuilding LNG Carriers
- Korean-built ships will transport LNG from the U.S. to worldwide destinations -

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that, through a joint venture ship-owning company with Itochu Corporation (President & CEO Masahiro Okafuji; headquartered in Minato-ku, Tokyo), charter agreements have been signed with E.ON Global Commodities SE (EGC; CEO: Christopher Delbrück; Head Office: Düsseldorf, Germany), a wholly owned subsidiary of E.ON SE (E.ON; CEO: Dr. Johannes Teyssen; Head Office: Düsseldorf). The joint venture also signed a deal with Daewoo Shipbuilding & Marine Engineering Co., Ltd.'s shipyard in Korea to build maximum of two new 179,900m3 liquefied natural gas (LNG) carriers to be able to fulfil the contractual requirements to EGC.

MOL will manage the two new vessels, which will transport LNG from a shale gas liquefying plant in North America to Europe and other destinations around the world.

EGC is the energy trading arm of E.ON SE, one of the world's largest investor-owned power and gas companies. As the commercial hub for E.ON SE to the international wholesale markets, it sources, stores, transports, markets and trades energy commodities on a global scale. The company also owns and operates a pipeline infrastructure business, which supports gas supply and trading activities, and an unbundled gas storage business.

With decades of experience and know-how, and a network developed as the world's leading LNG carrier owner and management company, MOL continually meets customers' diverse LNG procurement needs. The MOL Group's safe, reliable, and competitive LNG transport service plays an essential role in achieving "solid growth through innovation," as set forth in the midterm management plan STEER FOR 2020.

[Outline of Charter Agreement]

Shipowner : Wholly owned subsidiary of MOL
 (50% shares to be assigned to Itochu)
Charterer : E.ON Global Commodities SE
Charter period : Starting 2018 (20 years)

[Profile of newbuilding LNG carriers]

Length   : 297.2m
Breadth : 46.4m
Draft : 11.80m
LNG tank : Membrane-type LNG carrier
Cargo tank capacity : 179,900m3
Shipyard : Daewoo Shipbuilding & Marine Engineering Co., Ltd.
Ship management company : MOL LNG Transport (Europe) Ltd.

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