MOL Starts Vietnam Tugboat Business

Mitsui O.S.K. Lines, Ltd. announced that the company has established a joint venture with two local companies in Vietnam and started a tugboat business. The joint company will allocate high-powered, high-performance tugboats in Vietnam's Cai Mep/Thi Vai area, where deepwater container terminals are now under developing. It will offer safe, high-quality support services for vessels calling at ports in the region, helping meet the needs of Vietnam's shipping industry and international shipping lines.

Joint company outline:
(1) Company name    Tan Cang-Cai Mep Towage Services Co., Ltd. (TCTS)
(2) Established    August 2010
(3) Headquarters    Ba Ria-Vung Tau Province, Vietnam
(4) Business    Harbor towage and escorting services
(5) Investors    Mitsui O.S.K. Lines, Ltd.
Saigon Newport Corporation (Vietnam) *2
Haivan Shipping-Services Corporation (Vietnam) *3
(6) Paid-in capital    US$4.5 million
(7) Initially allocated tugboats    Two 4,000 HP (one exported from Japan)