MOL, Gulf LPG Transport Start VLGC Pool

Mitsui O.S.K. Lines, Ltd. (MOL) announced on Jan. 27, the formation of a very large gas carrier (VLGC) pool called LPG Global Transport, along with Gulf LPG Transport Company W.L.L. of Qatar (Gulf LPG). The pool will begin operations immediately.

Gulf LPG Transport Company W.L.L. is a limited liability joint venture company established by Qatar Gas Transport Company (Nakilat) and Qatar Shipping Company.

MOL and Gulf LPG have jointly incorporated LPG Global Transport Management Inc. to manage the pool’s business operations.

Both MOL and Gulf LPG are bullish about the future expansion of global LPG seaborne trade, especially from Qatar. LPG Global Transport will be able to offer enhanced services to LPG charterers and create efficiencies by optimising voyage costs through efficient deployment of the combined fleet. To serve its worldwide customers in the most flexible, economical, and reliable manner, LPG Global Transport will build and expand its fleet as shown below. Gulf LPG will add one new building in March 2009 and MOL will add seven new buildings to be delivered during the second half of 2009 and the first half of 2010 to LPG Global Transport.

MHI : Mitsubishi Heavy Industries, Ltd.
KHI : Kawasaki Heavy Industries, Ltd.
HHI : Hyundai Heavy Industries Co., Ltd