MOL to quit long-range tanker pool

Tokyo-based MOL will this summer withdraw its seven long-range Panamax product tankers of about 75,000 deadweight tons from a pooling arrangement with European shipowners.

MOL joined the LR1 Pool in December 2002. The pool, managed by LR1 Management K/S on behalf of MOL, Denmark's TORM and six other European shipowners, has a total of 43 vessels including MOL's ships.

The Japanese company is entrusted by the pool with marketing and chartering to customers in Japan and South Korea. This will terminate on March 28 with the closing of the business in the United States, prior to complete withdrawal from the pool in June.

MOL will then independently market and charter the tankers through its Tokyo head office, Mitsui O.S.K. Bulk Shipping (Asia Oceania) Pte. Ltd. in Singapore, and Mitsui O.S.K. Bulk Shipping (Europe) Ltd., based in London.