MOL, Tokyo Gas Subsidiary sign basic agreement for time charter contract, deal to build a new LNG carrier

Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) recently announced that the company has concluded a basic agreement on a time charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd. (headquarters: Minato-ku, Tokyo; President: Tadashi Narushima), a wholly-owned subsidiary of Tokyo Gas Co., Ltd. (headquarters: Minato-ku, Tokyo; President: Michiaki Hirose). At the same time, MOL signed a contract with Japan Marine United Corporation (JMU; headquarters: Minato-ku, Tokyo; President: Shinjiro Mishima) for construction of the new vessel.

This is the third new vessel MOL will manage, following two other newbuilding LNG carriers sailing under contract with Tokyo LNG Tanker and built by JMU. These ships were launched on February 28 and November 28, 2014. The third vessel will also transport LNG from the Cove Point LNG Project in the United States to Tokyo Gas facilities.

MOL is involved in operating 11 of 14 LNG carriers owned and managed by Tokyo LNG Tanker, including this newbuilding vessel, and directly manages eight of those 11 ships.

To realize "Solid growth through innovative changes,?as set forth in the company's midterm management plan STEER FOR 2020, MOL continues to take a proactive stance in offering safe and stable transport of LNG by drawing on its extensive experience, know-how, and network as the world leader in LNG carrier ownership and management."

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