Tokyo, Feb 4, 2009 - (ACN Newswire) - Mitsui O.S.K. Lines, Ltd. ('MOL') signed a contract to establish a joint terminal operation company with Saigon Newport Company, Hanjin Shipping Co., Ltd., and Wan Hai Lines, Ltd on February 4. The signing ceremony was held in Ho Chi Minh City. The terminal project will be located in Vietnam's Cai Mep region* and is slated to start operation in 2011. We plan to offer the most advanced, highest quality service in cooperation with partner companies.
Masakazu Yakushiji, Executive Vice President of MOL commented, "I believe the operation of this new terminal will strengthen our position in South East Asia and will be a key to our future expansion plans in this region."
1. Profile of JV company
- Name: Tan Cang Cai Mep International Terminal Company Limited
- Business: Container Terminal Operation
- Ownership: Mitsui O.S.K. Lines, Ltd.; Saigon Newport Company (Vietnam)**; Hanjin Shipping Co., Ltd.(Republic of Korea); Wan Hai Lines, Ltd. (Taiwan)
2. Outline of terminal
- Name: Tan Cang Cai Mep International Terminal
- Location: Cai Mep region, Vietnam
- Total area: About 40 hectares
- Draft: About 14m (capacity: Accommodating aprox. 7,000 TEU containership)
- Start of operation: February 2011 (plan)
3. Objectives and background of MOL's participation
Considering future growth in Vietnam's market, which is emerging as a hub of Southeast Asia, MOL sees a critical need for a terminal in the Cai Mep region. The new terminal will be one of the deepest berths of any port in Vietnam.
* Cai Mep River watershed in Ba Ria-Vung Tau Province, about 50km southeast of Ho Chi Minh City
** A national company under the umbrella of Vietnams Ministry of Defense and naval forces. It operates Cat Lai Terminal, Vietnams largest container facility, at the Port of Ho Chi Minh.
Mitsui O.S.K. Lines, Ltd. (TSE: 9104) is one of the world's largest shipping companies, with a strategically balanced portfolio of services including containerships, dry bulkers, car carriers, tankers and LNG carriers. It was formed by mergers of Mitsui Steamship Company with O.S.K. Line in 1964 and with Navix Line in 1999 and as such can claim a pedigree stretching back more than a century to the origins of Japanese shipping. For further information, please visit the Mitsui O.S.K. Lines, Ltd. home page at www.mol.co.jp.
Mitsui O.S.K. Lines, Ltd.
Feb 4, 2009
Topic: Corporate Announcement
Sectors: Shipping & Transportation
From the Asia Corporate News Network
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