MOL vessel departs Chinese port

Iron ore carrier "BAOSTEEL EMOTION" of Mitsui O.S.K. Lines, Ltd. (MOL), which had been impounded by the authorities in Zhejiang Province, China on April 19, 2014, departed the port at 14:55 local time (15:55 JST) today, the Company said Thursday in its press release.

The case is a civil action in China. MOL takes into account that the situation may result in obstacles to its services, which may result in a negative impact on MOL business activities in China. The company continued talks with the Shanghai Maritime Court and today the vessel was released to set sail.

Meanwhile, the impact on its FY2014 fiscal results will be minor as a settlement amount was already allocated and accounted for at the time of the court ruling.

Tokyo-based Mitsui O.S.K. Lines, Ltd. (MOL, Japan) is a multi-modal transport group operating its fleet of 821 ships of total deadweight of 55,492 tonnes.