China COSCO To Acquire 50% Stake In LNG Carrier Subsidiary Of Mitsui O.S.K

Published: Oct 31 2017
Deal Summary

China COSCO Shipping Corporation Limited, a shipping company, agreed to acquire a 50% stake in LNG carrier subsidiary of Mitsui O.S.K. Lines, Ltd. (MOL), a company that provides marine transportation, warehousing, and cargo handling services for energy industry. The transaction is valued at €754.7 million (MM) (US$877.42 MM).

The LNG subsidiary of MOL will own four conventional LNG carrier newbuildings, booked to deliver cargoes from Yamal LNG project. Following the completion of the transaction, the four LNG carriers will be owned by China COSCO (50%) and MOL (50%).

The transaction will enable China COSCO to expand their fleet of vessels.

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