MOL invests in six Reliance ethane carriers

MOL invests in six Reliance ethane carriers

Japan’s Mitsui OSK Lines (MOL) has taken its Indian energy shipping aspirations to the next level by investing in six very large ethane carriers it had been operating for on behalf of Reliance.

MOL has come onboard in a deal that will split ownership of the ships 50:50 with Reliance, one of India’s largest conglomerates led by Mukesh Ambani.

Speaking on this strategic transaction, P.M.S. Prasad, executive director at Reliance, said “Given MOL is currently the operator of all the six VLECs, investment by MOL will deepen our relationship with them and ensure continued safe and efficient operations of the VLECs.”

Takeshi Hashimoto, executive vice president at MOL, said, “MOL has detailed knowledge about these assets having supervised the construction and delivery of the six VLECs and subsequently operating them since their delivery.”

Getting more involved in India’s energy supply chains has been one of the strands of MOL’s latest medium term business plan.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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