MOL, Iino Lines, Kansai Electric Power Agree on Joint Ownership of New LNG Carrier

Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that MOL, the Kansai Electric Power Co., Ltd., and Iino Kaiun Kaisha, Ltd. (Iino Lines) have agreed on joint ownership of a newly built LNG carrier (MOSS type, 145,000m3). MOL will hold a 15% share of the new vessel, Kansai Electric Power 70%, and Iino Lines 15%. The new LNG carrier is now under construction at Kawasaki Shipbuilding Corporation, and the joint owner company established by the three companies, based in the Bahamas, will be the shipowner when the tanker is launched. It is slated to go into service in May 2008.