MOL to Start Independent LR1 Product Tanker Operation

Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that it will begin independently marketing and chartering seven Large Range 1 (LR1)*1 product tankers in the world market starting in June.

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.