MOL Reaches Deal on New LNG Carrier Joint Ownership

Mitsui O.S.K. Lines  (MOL) said that the company, and other two companies including Chubu Electric Power, reached an agreement on joint ownership, with Chubu Electric’s decision to invest in Trans Pacific Shipping 2 Ltd., an LNG carrier-owning company.

MOL established Trans Pacific Shipping 2 (TPS2), a fifty-fifty joint venture owned with Mitsubishi Corporation, in May 2012, aimed at transporting LNG from Australia for Chubu Electric Power. TPS2 reached a long-term charter contract with Chubu Electric in October 2012.

Of the LNG tanker holding company’s stock, MOL will transfer 30% and Mitsubishi 10% so Chubu Electric can own a 40% share. The actual transfer is scheduled when the vessel is delivered.