Methanex and Mitsui O.S.K. Lines Finalize Definitive Agreements for a Strategic Shipping Partnership
October 27 2021 - 08:00PM
Following a prior announcement made in mid-July 2021, Methanex
Corporation (TSX:MX) (NASDAQ:MEOH) (Methanex) and Mitsui O.S.K.
Lines, Ltd. (TSE:9104) (MOL) have concluded definitive agreements
for Methanex and MOL to establish a strategic partnership involving
Methanex’s Waterfront Shipping (WFS) subsidiary. The definitive
agreements are consistent with the previously announced Key
Commercial Terms (Note 1), with MOL acquiring a 40 percent minority
interest for US$145 million (Note 2).
The closing is subject to all customary
conditions being met, including regulatory approval.
Methanol is a safe, proven, cost-competitive
marine fuel for the commercial shipping industry that can meet
current and future emissions regulations (Note 3). Through this
transaction, Methanex as the world-leading methanol producer, WFS
as the world’s leading methanol shipper, and MOL as the provider of
multimodal shipping services will strengthen a relationship
established over 30 years and advance the commercialization of
methanol, including renewable methanol (Note 4), as a viable marine
fuel.
Note 1 : For further details, please refer to
the previous news release.
July 15, 2021 (Vancouver) / July 16, 2021
(Tokyo) “Methanex and Mitsui O.S.K. Lines Announce Agreement on Key
Commercial Terms for a Strategic Partnership | Methanex
Corporation”
Note 2:The final price will be subject to
customary closing adjustments.
Note 3 : As a marine fuel, methanol can reduce
sulphur oxides (SOx) emissions by up to 99 percent, particulate
matter (PM) emissions by up to 95 percent, nitrogen oxides (NOx) by
up to 80 percent, and CO2 emissions by up to 15 percent during
combustion compared to conventional marine fuels. Also, methanol
produced from renewable sources can reduce CO2 emissions by up to
95 percent.
Note 4 : Methanol is most commonly produced on a
commercial scale from natural gas and coal. Methanol can also be
made from renewable sources, such as municipal waste, biomass and
recycled carbon dioxide.
About Methanex Corporation
Methanex is a Vancouver-based, publicly traded
company and is the world's largest producer and supplier of
methanol to major international markets. Methanex shares are listed
for trading on the Toronto Stock Exchange in Canada under the
trading symbol "MX" and on the NASDAQ Global Market in the United
States under the trading symbol "MEOH”. Methanex can be visited
online at www.methanex.com.
About Waterfront Shipping
Waterfront Shipping, a subsidiary of Methanex
Corporation, is a global marine transportation company specializing
in the safe, responsible and reliable transport of bulk chemicals
and clean petroleum products to major international markets in
North America, Asia Pacific, Europe and Latin America. Waterfront
Shipping operates the world's largest methanol ocean tanker fleet
with its fleet comprising vessels from 3,000 to 50,000 deadweight
tonnes. Its fleet of approximately 30 modern, deep sea tankers
forms a seamless transportation network dedicated to keeping an
uninterrupted flow of methanol moving to storage terminals and
customers' plant sites around the world. For more information,
please visit www.wfs-cl.com.
About Mitsui O.S.K. Lines,
Ltd.
Mitsui O.S.K. Lines, Ltd., founded in 1884, is
one of the top shipping companies headquartered in Tokyo, Japan.
The company operates more than 800 vessels transporting resources,
energy, raw materials and finished products. For more information,
please visit www.mol.co.jp/en
For further information, contact:
Methanex Investor Inquires Kim
CampbellDirector, Investor RelationsMethanex
Corporation+1-604-661-2600 or Toll Free:
+1-800-661-8851www.methanex.com
Methanex Media Inquiries:Jim
FitzpatrickDirector, Global Communications Methanex
Corporation+1-604-661-2600 or Toll Free:
+1-800-661-8851publicaffairs@methanex.com
Mitsui O.S.K. Lines Inquires Media Relations
TeamCorporate Communication DivisionMitsui O.S.K. Lines,
Ltd.+81-3-3587-7015mrtmo@molgroup.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/37dd496f-5c7f-473b-a42e-03fff1c3c7dc
Methanex (TSX:MX)
Historical Stock Chart
From Feb 2024 to Mar 2024
Methanex (TSX:MX)
Historical Stock Chart
From Mar 2023 to Mar 2024