MOL forms tanker venture

MOL forms tanker venture

MOL announced today that it has formed a joint venture with Emirates Trading Agency of Dubai, U.A.E., to establish an ocean transport service that will mainly use very large crude carriers (VLCCs).

The two companies said they formed the company to meet increasing demand for crude oil tanker transport to Asia.

The new company, called Bright Shipping, will launch a 260,000-metric ton VLCC in early May. MOL said in a statement that one of its major goals in its mid-term management plan is to expand its offshore trade business in the energy transport sector.

Emirates Trading Agency is a conglomerate with divisions in banking, retail, construction, real estate, trading, and ocean shipping