(1888PressRelease)
April 17, 2008 - LONDON – Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) today announced that MOL has signed a time charter agreement with Gulf LPG Transport Company W.L.L. (“Gulf LPG”) of Qatar for the first, in a series, of four Liquefied Petroleum Gas (LPG) carriers currently being built at the Hyundai Heavy Industries yard in South Korea. The Bu Sidra (82,000㎥) was delivered to Gulf LPG earlier this month.
The second vessel, the Umm Laqhab (82,000㎥) will be delivered in July of this year and will also be chartered to MOL. The third and fourth vessels are due in late 2008 and early 2009, respectively. The service is being run under a Joint Operating Venture between the companies.
Gulf LPG is a jointly established limited liability company (LLC) between Qatar Gas Transport Company Ltd. (NAKILAT) and Qatar Shipping Company (Q-ship. Gulf LPG is located in Qatar With the increased growth of LNG production, the volume of LPG is also expected to grow; NAKILAT and Q-ship have positioned themselves to meet this expected demand.
