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MOL to Start Independent LR1 Product Tanker Operation

03-14-2008 06:26 PM CET | Logistics & Transport

Press release from: MOL

/ PR Agency: Image Line Communications
LONDON, 14 March 2008 – Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that, beginning in June 2008, it will begin independently marketing and chartering seven Large Range 1 (LR1)*1 product tankers in the world market.

MOL has participated in “The LR1 Pool*2” since December 2002, and entrusted the pool with operation of MOL’s LR1 product tankers. However, MOL decided to withdraw from the pool in June.

“The LR1 Pool,” managed by LR1 Management K/S, entrusts MOL with marketing and chartering for Japanese and South Korean customers. This will terminate effective March 28, with closing of the business in U.S., prior to withdrawal from the pool.

MOL will start marketing and chartering service in the worldwide market through the MOL Tokyo office, Mitsui O.S.K. Bulk Shipping (Asia Oceania) Pte. Ltd., Singapore office, and Mitsui O.S.K. Bulk Shipping (Europe) Ltd, London office, to flexibly meet expanding and diversifying needs of customers around the world.

Further Details:

(*1) LR1 product tanker
Panamax-type product tanker (about 75,000 dwt). This type is used around the world for various purposes – as a tanker to complement Large Range 2 (LR2) tankers (about 100,000 dwt) which transport naphtha from the Middle East to Asia; and for a mid- and long-distance transport of naphtha, gasoline, gas oil, diesel oil, jet fuel, and so on.

(*2) The LR1 Pool
Joint operator of LR1 product tankers. Pool members are Danish ship owner A/S D/S Torm (TORM, headquartered in Copenhagen), six European shipowners, and MOL. As of today, the fleet totals 43 vessels including MOL ships.

Sarah A. Chase
Head of PR
tel +44 (0)20 7689 9009
fax +44 (0)20 7689 8008
pr@imageline.co.uk
www imageline.co.uk
www ilexhibitions.co.uk
Image Line Communications Ltd 1A Zetland House, 5-25 Scrutton Street, London EC2A 4HJ

MOL is one of the world’s largest multi-modal transport companies, operating more than 800 vessels and employing a workforce in excess of 8,600 worldwide. MOL operates one of the largest and most diverse networks of liner and logistics services around the globe, including weekly Transpacific, Transatlantic, Americas and Asia-Europe services. Please visit the company’s website at www.MOLpower.com

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