MOL signs deals for construction and charter of VLGCs
Mitsui O.S.K. Lines, Ltd. (MOL) today announced that the company has concluded a shipbuilding contract for four very large gas carriers (VLGCs, full refrigerated-type gas carriers). Three of the ships will be built at Mitsubishi Heavy Industries, Ltd. and one by Kawasaki Shipbuilding Corporation.Capacity-83,000m3 (Mitsubishi Heavy Industries) 80,000m3 (Kawasaki Shipbuilding Corporation)The company also signed long-term charter contracts with Hong Kong-based CIDO Shipping (H.K.) Limited for three additional VLGCs, which will be built at Hyundai Heavy Industries Co., Ltd. by them. Capacity-82,000m3
Background
Production of liquefied petrochemical gas (LPG) will increase on global scale, resulting in rising demand for ocean transport of this commodity. MOL is expanding its fleet scale to meet this increasing demand. Of the four new VLGCs, the one built at Mitsubishi Heavy Industries will be owned by a new 50-50 joint venture that will be established by MOL and Oman Shipping Company, a national shipping company wholly owned by the government of Oman. This was announced in June 2006.
