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New tanker business jv from MOL and Tokyo Marine

New tanker business jv from MOL and Tokyo Marine

Tokyo: Mitsui O.S. K. Lines and Tokyo Marine have announced the creation of a new organisation to focus on trends in the liquefied cargo trade. Topics under discussion include increasing seaborne trade of chemical products and vegetable oil, while proactively exploring new businesses and the transport of ethanol - said to be drawing considerable attention for its for its aid in reducing CO2 emissions.

Employees at MOL's newly formed Tanker Project Group in the Tanker Division, and Tokyo Marine's new Chartering & Project Center will cooperate to formulate fleet plans, respond to customers and manage vessel operations.

The goals of the organisation include examining trends such as increasing seaborne trade of liquefied chemical products and increasing vessel size due to the fact that oil refineries and chemical plants, previously located near consuming regions, are now being built in oil producing countries - mainly in the Middle East. It will also examine the increase in seaborne trade of vegetable oils because of increased production in Southeast Asia fuelled by rising demand, particularly in Europe.  [05/11/08]