The Japanese shipping company MOL has acquired shares in V.Ships France. As part of the partnership, the French company will take over the management of two modern LNG newbuilds.
Mitsui O.S.K. Lines (MOL) and the ship management company V.Group have signed a strategic cooperation agreement. Under the agreement, the Japanese shipping company will acquire 25% of the shares in V.Ships France via its subsidiary MOL Euro Energie. The remaining 75% will continue to be held by V.Ships. As part of the partnership, the ship managers will provide “full technical support” for two modern LNG newbuildings from MOL.
MOL and V.Ships France have already been working together for several years. The French company already manages several MOL vessels, including the shipping company’s entire LNG bunker fleet.
“MOL is an important partner for V.Ships France and V.Ships as a whole,” said V.Ships CEO Robert Desai. “We are very pleased with this extended, long-term partnership, which makes MOL our equity partner in one of the Group’s highly specialized businesses.”
V.Ships France has long specialized in the LNG and dual-fuel sectors. The agreement that has now been concluded reflects the trust that MOL places in this expertise. “Having a partner of MOL’s caliber join V.Ships France is a testament to the work of our team in Nantes and the global strength and credibility of V.Ships,” said Desai. “We look forward to deepening our collaboration as the LNG sector continues to grow.”
V.Ships France will continue to operate from Nantes. MOL will benefit from V.Group’s portfolio, scale and reach. This includes regulatory compliance, one of the largest crew pools in the world and other services that meet technical standards. The fleet also benefits from V. Group’s proprietary digital ship platform “ShipSure” and its maritime services.
MOL expands LNG fleet
Jun Kanda from MOL Euro Energie said: “We are very pleased to have V.Ships France as such an important long-term partner.” The company has consistently demonstrated “the highest level of technical expertise” in the management of LNG and dual-fuel vessels during the long partnership.
“This expanded partnership, including our equity investment in V.Ships France, reflects our strong confidence in the company’s team and capabilities,” said Kanda. “As we continue to expand our LNG fleet, a ship management partner with such high caliber expertise and the support of V. Group’s extensive resources is of real strategic value to our business.”
Tokyo-based MOL is one of the largest shipping companies in the world. Together with its subsidiaries, it has a fleet of more than 700 vessels in several segments. Together with the two other major container shipping companies NYK and K Line, MOL operates its container activities as Ocean Network Express (ONE), which is the sixth largest container shipping company in the world with a capacity of around 2.1 million TEU. ONE recently acquired additional shares in the ship owner Seaspan.
