2019 April 25 07:12

MOL announces delivery of VLCC "PHOENIX JAMNAGAR"

Mitsui O.S.K. Lines, Ltd. ("MOL") announced the delivery of a Very Large Crude Carrier, "Phoenix Jamnagar" on April 24, which was built at Japan Marine United Corporation Ariake works and will be placed under control of Phoenix Tankers Pte. Ltd. based in Singapore, a 100% subsidiary of MOL, the company said in its release.

The vessel was designed and developed by JMU as a next-generation Malacca Max Type VLCC with utilizing its accumulated knowledge and technology as gained through numerous Malacca Max deliveries experiences. The vessel will primarily be employed for the crude oil transportation to India under a long-term contract between Phoenix and Reliance Industries Limited.

MOL, one of the world's biggest VLCC operators with unsurpassed know-how achieved through long time presence in the tanker industry, will further enhance its relationship with Reliance and will be committed to contribute to the rapidly growing India's crude oil imports by providing safe and high-quality crude oil ocean transport service.

Reliance is India's largest private sector company, with a consolidated turnover of INR 622,809 crore (US$90.1 billion) and net profit of INR 39,588 crore (US$ 5.7 billion) for the year ended March 31, 2019. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Reliance is the first private sector company from India to feature in Fortune's Global 500 list of 'World's Largest Corporations'.