MOL, Reliance Pen Ship management agreement

Japan’s Mitsui O.S.K. Lines has signed an agreement to manage six Very Large Ethane Carriers (VLEC) being built by Samsung Heavy Industries for the Indian conglomerate Reliance Industries. Once built, the VLECs will carry liquefied ethane from the United States
to India. The vessels are expected to be delivered in the last quarter of 2016 and will enter into service thereafter. MOL will supervise the construction of six VLECs initially at the yard and thereafter operate and manage the vessels during the charter period for the Mumbai-based Reliance.