MOL Signs Deal with Chubu Electric Power on Long-term Charter/Joint Ownership of 2 New LNG Carriers

September 09, 2015

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced long-term charter contracts for two newbuilding LNG carriers with Chubu Electric Power Co., Inc. (Head Office: Nagoya, Aichi Prefecture; President & Director: Satoru Katsuno), through a joint ship owner company formed by the two companies. Also, the joint company signed contracts to build the two vessels - one with MI LNG Company, Limited (Head Office: Minato-ku, Tokyo; President: Terufumi Kajiwara), and the other with Kawasaki Heavy Industries, Ltd. (Head Office: Kobe, Hyogo Prefecture; President: Shigeru Murayama).

Those two new LNG carriers are the second and third vessels to sail under long-term charter contracts with Chubu Electric Power Co., Inc. following the ESSHU MARU delivered in December 2014. The new ships will transport LNG that Chubu Electric Power Co., Inc. is procuring from the Freeport LNG Project in the U.S. state of Texas.

As it moves toward the goal of "Solid growth through innovative changes" as set forth in the midterm management plan "STEER FOR 2020," MOL takes advantage of the experience, know-how, and network it has built up over the years as one of the world's largest LNG carrier owners and operators to precisely meet the LNG procurement needs of its customers, including Japanese power and gas utilities, and provide transport service matched in safety, reliability, and efficiency.

[ Specifications of LNG Carriers ]