MOL Takes Full Ownership of Euro Marine Logistics JV
- Business & Finance
Japanese shipping company Mitsui O.S.K. Lines (MOL) has signed an agreement to acquire a 50% shareholding in Euro Marine Logistics (EML) from Norwegian car carrier owner and operator Höegh Autoliners.
Following the transaction, MOL will become the sole owner of EML and will as part of the deal take over the entire operations.
Established in 2011 as a joint venture between MOL and Höegh Autoliners, EML is a European short sea roll-on/roll-off (RoRo) shipping and logistics company transporting more than 1,000,000 units a year. It operates an extensive service network in the Mediterranean, Continental Europe, UK, Black Sea and Baltic.
For the future, MOL said it seeks further synergy between EML and its own car carrier business.
“We look forward to providing an even more integrated service to our customers, covering their deep sea and short sea needs. We thank Höegh Autoliners for their support during our eight years’ venture,” Hirotoshi Ushioku, Executive Officer of MOL’s Car Carrier Division, commented.
“With the agreement in place, it will allow us to fully focus on our core business of deep sea transportation. We thank Mitsui OSK Lines for our partnership since 2011,” Thor Jørgen Guttormsen, CEO of Höegh Autoliners, said.