MOL Charters LNG Vessels to ExxonMobil

Mitsui O.S.K. Lines, Ltd. (MOL) has been awarded two long-term charters by an ExxonMobil affiliate and its co-venture partners in its Papua New Guinea LNG Project. The charters are for MOL’s two existing 177,000 cubic meter capacity LNG carriers with the tri-fuel-diesel electric propulsion systems built in South Korea at Hyundai yards in 2010 and co-owned by Itochu Corporation (Itochu) (MOL 70% and Itochu 30%). The vessels are to be operated by MOL. Simultaneously, MOL has entered into two heads of agreement, one with the PNG LNG Project and one with an ExxonMobil affiliated company in the Gorgon Project, with the intention for MOL to construct and long-term charter a total of four LNG vessels to the projects, all of which are planned to be built in the People's Republic of China. Deliveries will commence between 2014-2016.