MOL, Hafnia Agree To Jointly Operate New LR1 Pool

Press Release
Tuesday, April 19, 2011

On the May 1, “Straits Tankers Pte Ltd”, a MOL and Hafnia Management strategic J/V set up in Singapore, will be ready to market 25 coated LR1’s, entered into the “Straits Tankers LR1 Pool”. The goal is to further utilize the fleet to flexibly meet diversifying needs of customers who will be serviced from the Straits Tankers offices in Singapore and Copenhagen, Denmark.

The Pool consist of LR1 product tankers from Japanese shipowner MOL, Swedish shipowners Marinvest and Gotlandsbolaget and Danish shipowner Nordic Tankers. UACC - United Arab Chemical Carriers in Dubai has also decided to participate.

Lars Mossberg, Chairman of Hafnia Management said ”With the continued economic challenges in the tankers markets, consolidation of fleets is the natural way forward in order to jointly meet customer increased demands as to scope of services whilst optimizing the operation through economy of scale. It’s a win-win for all parties”

Tsuneo Watanabe, Director and Managing Executive Officer of MOL said “Our country is facing a challenge from the natural disaster from a month ago, but together with Hafnia, we can support recovery of the Great East Japan Earthquake, which will substantially lead to the growth of the world economy and our customers.

The Executive Management of the J/V will be Soren Steenberg Jensen as CEO, and Kazuhiro Takahashi as COO, whom both is highly experienced in the LR1 sector globally.

Mitsui O.S.K. Lines, Ltd is one of the world’s largest multi-modal transport companies, operating more than 850 vessels and employing a workforce in excess of 9,700 worldwide. MOL operates one of the largest networks of liner and logistics services around the globe, including weekly Transpacific, Transatlantic, Americas and Asia-Europe services.

Hafnia Management A/S is a company started less than a year ago by shipowners and run by senior staff with substantial knowledge within the product tanker market and shipping pools. Hafnia focuses on commercial management of clean petroleum product pools, and its experienced staff holds solid track records in consolidation and optimization.

Source: MOL

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