Bussiness News

The charters are for MOLs two existing 177,000 cubic meter capacity LNG carriers with the state-of-the-art tri-fuel-diesel electric propulsion systems built in South Korea at Hyundai yards in 2010 and co-owned by Itochu Corporation (Itochu) (MOL 70% and Itochu 30%). The vessels are to be operated by MOL.

Simultaneously, MOL has entered into two heads of agreement, one with the PNG LNG Project and one with an ExxonMobil affiliated company in the Gorgon Project, with the intention for MOL to construct and long-term charter a total of four LNG vessels to the projects, all of which are planned to be built in the People's Republic of China (the "PRC").  Deliveries will commence between 2014-2016.

MOL has a proven track record of providing first class transportation for large scale LNG projects in the Asia Pacific and Middle East regions for over 30 years. MOL is also proud of its long association with ExxonMobil and its affiliates and joint ventures and is looking forward to working with the company and its partners in the years ahead. MOL will make the best use of its expertise, experience and resources throughout its global organization to achieve the objectives of the two projects and to meet the high expectations of its new customers.

MOL is one of the worlds largest multi-modal transport companies, operating 861 vessels and employing a workforce in excess of 9,200 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.