Japanese shipping major Mitsui O.S.K. Lines Ltd. (MOL) is going ahead with orders for seven VLGC newbuildings.
Japanese shipping major Mitsui O.S.K. Lines Ltd. (MOL) is going ahead with orders for seven VLGC newbuildings as it partners Qatar's Gulf LPG Transport Company to form a VLGC pool which is due to have 16 vessels by 2010.
LPG Global Transport Management Inc. has been jointly set-up by the two companies to manage the pool's operations.
MOL has been quoted saying that LPG Global has begun operations.
?Both MOL and Gulf LPG are bullish about the future expansion of global LPG seaborne trade, especially from Qatar,? said a statement.
?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.?
Sources say LPG Global will commercially manage four 82,000m³ LPG vessels being built by Hyundai Heavy Industries for Gulf LPG with the last due for delivery in March.
Gulf LPG is a 50/50 joint venture between the Qatar Gas Transport Co. Ltd (Nakilat) and Qatar Shipping Co. (QSC) formed to own and operate the four vessels.
The LPG Global pool will also run five MOL vessels, aside from seven MOL newbuildings to be delivered during the second half of 2009 and the first half of 2010 to LPG Global Transport.