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MOL and Kansai Electric agree joint ownership of LNG carriers

LNG Industry,

Mitsui O.S.K. Lines, Ltd. (MOL) has announced an agreement with Kansai Electric Power Co., for joint ownership of two liquefied natural gas (LNG) carriers.

The carriers will sail under long term charter contracts signed in June 2012. Kansai Electric Power will hold a 70% share in the MOL subsidiary that will own the two carriers, with MOL retaining the remaining 30%.

With this agreement, MOL and Kansai Electric Power will jointly own a total of three vessels following the LNG Ebisu (delivered in September 2008), the first such vessel directly owned by Kansai Electric Power.

The carriers are due to launch in 2016 and 2017. MOL will manage and operate the ships, which will transport LNG for Kansai Electric Power. One of the vessels, a Moss-type carrier with a 164,700 m3 cargo tank capacity, will be the largest ship in its class that can pass through the expanded Panama Canal, which is scheduled for completion in 2014.



Adapted from press release by Katie Woodward

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