MOL and Cosco to Co-own 4 Yamal Tankers
Mitsui OSK Lines (MOL) November 2 said that China COSCO Shipping Corporation (Cosco) will take a 50% equity stake in its wholly owned subsidiary that will own four LNG carriers serving the Russia Yamal LNG project.
The ownership will henceforth be split 50%-50% between MOL and Cosco..jpg "CESI Beihai is jointly owned by Mol, Cosco and Sinopec (Photo credit: Mitsui OSK)")
MOL announced June 29 2017 it signed long-term charter contracts for the four LNG carriers through its wholly owned company. The carriers, each able to carry 174,000m3 of LNG, will be delivered in 2019 and 2020.
MOL and Cosco are already involved in three earlier joint ventures: one for ExxonMobil (a total of four vessels were delivered from 2015 through 2016), another for Sinopec (six vessels delivered from 2016 through 2018, one of which -- delivered June 2017 -- is shown in the banner photo to this article), and the ice-class LNG carriers for the Yamal LNG project (three vessels will be delivered from 2018 through 2019).
The total number of vessels co-owned by MOL and China COSCO Shipping will increase to 17 in 2020 when all vessels including those in latest project are in service.
Shardul Sharma