Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Masami Iijima) is currently proceeding with the procurement of eight LNG ships intended to be used for the delivery of LNG mainly to its customers in Japan from the Cameron LNG Export Project in the U.S.A. On September 26, 2014, Mitsui signed time charter parties for five of the above eight ships for a total maximum charter hire amount of approximately 400 billion Japanese yen. Additionally, Mitsui is preparing to conclude time charter parties for the remaining 3 ships.
||Subsidiaries of Mitsui O.S.K. Lines, Ltd. ("MOL") (2 ships)
Subsidiary of Nippon Yusen Kabushiki Kaisha ("NYK") (1 ship)
Ship-owning companies in which Mitsui invests (2 ships)
||newly built 155,000m3 Moss type LNG ship
newly built 174,000m3 Membrane type LNG ship
||Kawasaki Heavy Industries, Ltd.
||maximum 25 years
|Commencement of charter
Three of the above eight ships originate from ship-owning companies in which Mitsui invests, bringing Mitsui's LNG ship fleet, all ships in which are jointly owned by partners, to a total of twenty-seven ships. Mitsui will strengthen and expand its LNG ship business by transporting LNG from its own and third party LNG project sites all over the world and by accumulating knowledge on owning, chartering and operating LNG ships.
By exercising its functions, and knowledge in a variety of fields, Mitsui will demonstrate its comprehensive business capabilities and continue to expand its participation in all aspects of the natural gas and LNG value chain, from upstream development and production of natural resources to midstream and downstream businesses.
Time Charter Scheme
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.