MOL to Start Independent LR1 Product Tanker Operation

Wednesday, March 12, 2008

Mitsui O.S.K. Lines, Ltd. 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 Pool2" 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.
"The LR1 Pool," managed by LR1 Management K/S, entrusts MOL with marketing and chartering for Japanese and South Korean customers. This will terminate effective March 28, with closing of the business in , prior to withdrawal from the pool.
MOL will start marketing and chartering service in the worldwide market through the MOL Tokyo office, Mitsui O.S.K. Bulk Shipping (Asia Oceania) Pte. Ltd., Singapore office, and Mitsui O.S.K. Bulk Shipping (Europe) Ltd, London office, to flexibly meet expanding and diversifying needs of customers around the world.

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