Japanese shipping giant Mitsui O.S.K. Lines (MOL) has announced that it will acquire 40% of Methanex Corporation’s subsidiary Waterfront Shipping (WFS) to expand its involvement in methanol-fueled ships.

Under the agreement worth $145 million, the companies will establish a strategic partnership, which will enable Methanex and WFS to benefit from MOL’s broad shipping experience.

Furthermore, Methanex will retain the remaining 60% majority interest in WFS, while the WFS’ daily activities remain unchanged.

The company also noted that the definitive agreements are subject to formal approval by MOL’s Board of Directors. If all customary conditions are met, the acquisition will be completed by the end of the year.

The strategic partnership strengthens a relationship established over 30 years between Methanex, WFS and MOL which, in 2016 in conjunction with other key partners, jointly built the first ocean-going dual-fuel vessel capable of running on methanol.

 

SOURCE READ THE FULL ARTICLE

MOL to boost methanol footprint with Waterfront stake