MOL, Kansai Electric Power Reach Agreement on Joint Ownership of 2 New LNG Carriers

Tokyo - October 01, 2013

Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced an agreement with Kansai Electric Power Co., Inc. (President: Makoto Yagi), for joint ownership of two newbuilding liquefied natural gas (LNG) carriers (*) that will sail under long-term charter contracts signed in June 2012. Kansai Electric Power will hold a 70% share in the Bahamas-based MOL subsidiary that will own the two carriers, with MOL holding the remaining 30%.

*Please refer to the press release on June 29, 2012: MOL, Kansai Electric Power Sign Deals to Build, Charter 2 LNG Carriers

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

Backed by its experience, know-how, and worldwide service network build up as one of the world's leading LNG carrier owners and management companies, MOL continually strives for safe and stable transport of LNG, which has drawn increasing attention in recent years as a clean energy source.

Outline of newbuilding LNG carriers

1st vessel
(1) Length About 293.0(m)
(2) Breath 48.90(m)
(3) LNG tank Stretched Moss-type independent spherical type
(4) Cargo tank capacity 164,700 (m3)
(5) Main engine Advanced steam turbine engine
(6) Speed 19.5 (knots)
(7) Shipyard Kawasaki Heavy Industries, Ltd.
(8) Ship management company Mitsui O.S.K. Lines, Ltd.

2nd vessel
(1) Length About 288.0m
(2) Breath 48.90m
(3) LNG tank Stretched Moss-type independent spherical type
(4) Cargo tank capacity 155,300m3
(5) Main engine Advanced steam turbine engine
(6) Speed 19.5 knots
(7) Shipyard Mitsubishi Heavy Industries, Ltd.
(8) Ship management company Mitsui O.S.K. Lines, Ltd.

Mitsui O.S.K. Lines, Ltd. press release