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MOL to start independent LR1 product tanker operation

MOL to start independent LR1 product tanker operation

Tokyo: Mitsui O.S.K. Lines today announced that it plans to independently market and charter out seven 75,000dwt Panamax-type Large Range 1 (LR1) product tankers in the world market starting in June.

The announcement follows MOL's decision to withdraw from "The LR1 Pool" managed by LR1 Management K/S, that it has been a part of since December 2002. The company will terminate its association with the 43-vessel strong pool that caters to Japanese and South Korean customers as of March 28, prior to which there will be a closing of its business in US.

MOL will start marketing and chartering service in the worldwide market through the MOL Tokyo office (pictured), Mitsui O.S.K. Bulk Shipping (Asia Oceania), Singapore office, and Mitsui O.S.K. Bulk Shipping (Europe), London office.  [12/03/08]