Methanex & MOL Lines Form a Strategic Partnership
Methanex Corporation and Mitsui OSK Lines Ltd announced that the parties have concluded Key Commercial Terms for the purchase and sale of an equity position in, and the establishment of a strategic partnership involving, Methanex's Waterfront Shipping subsidiary. With a fleet of approximately 800 vessels, MOL is one of the world's largest shipping companies. WFS is a global marine transportation company and operates the world's largest methanol ocean tanker fleet. MOL will acquire a 40 percent minority interest in WFS for US 145 million. Methanex will retain the remaining 60 percent majority interest in WFS and continue to operate WFS as a key element of its global supply chain capabilities. There will be no change to Waterfront Shipping's day-to-day operations due to this transaction, and Paul Hexter will remain President. The definitive agreements are subject to formal approval by MOL's Board of Directors. The closing is subject to regulatory approval and is expected by the end of the year after all customary conditions are met.
Through this transaction, Methanex, WFS and MOL will establish a strategic partnership, which will enable Methanex and WFS to benefit from MOL's broad shipping experience to further strengthen its already excellent shipping operations and capabilities.