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MOL and Gulf LPG start VLGC Pool

MOL and Gulf LPG start VLGC Pool

Tokyo: Mitsui O.S.K. Lines and Gulf LPG Transport Company W.L.L. of Qatar (Gulf LPG) have enetered into an agreement for immediate launch of a very large gas carrier (VLGC) pool called LPG Global Transport. MOL and Gulf LPG have jointly incorporated LPG Global Transport Management Inc. to manage the pool's business operations.

In a statement to the press, the Japanese shipping giant said, "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."

LPG Global Transport is expected to substantially increase its pooled fleet, with Gulf LPG contributing one new building in March 2009 and MOL adding seven new buildings to be delivered during the second half of 2009 and the first half of 2010.  [27/01/09]