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MOL and Kansai Electric to jointly own LNG carrier pair

MOL and Kansai Electric to jointly own LNG carrier pair
Mitsui OSK Lines (MOL) and Kansai Electric Power have reached an agreement to jointly own two LNG carriers ordered for long term charter to the power company.

MOL said it would own a 30% stake in the newbuildings, while Kansai Electric Power would take a 70% stake, through a Bahamas-registered subsidiary of MOL.

The two LNG carriers were ordered last year at Kawasaki Heavy Industries and Mitsubishi Heavy Industries on the back of a long term charter contract to Kansai Electric Power. MOL will manage the vessels which are due for delivery in 2016 and 2017.

The two companies currently jointly own one LNG carrier the LNG Ebisu delivered in 2008.