International Marine Transport and MOL Agree on Merger
ROTTERDAM, 31 March 2011 – Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that two of its group companies—International Marine Transport Co., Ltd. and MOL Tankship Management Ltd. – have agreed to merge effective April 1, 2011, and continue and expand their business as MOL Ocean Expert Co., Ltd. The merger plan was approved by the shareholders’ meetings of both companies.
The details are as follows:
1. Outline of new company
Name: MOL Ocean Expert Co., Ltd.
Address: 2-1-1 Toranomon, Minato-ku, Tokyo
Paid-in-capital: \100 million
President: Hiroki Kasai
No. of employees: 61
Main business: Management and Assignment of Japanese seafarers
2. Objectives of merger
The merger will integrate marine officers for dry bulkships, tankers, and LPG carriers belonging to both companies under the MOL umbrella to ensure more flexibility in seafarer allocation and streamline management.
3. Outlines of both companies (as of December 31, 2010)