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VANCOUVER, British Columbia and TOKYO, July 15, 2021 (GLOBE NEWSWIRE) — Methanex Company (TSX:MX) (NASDAQ:MEOH) (Methanex) and Mitsui O.S.Okay. Strains, Ltd. (TSE:9104) (MOL) are happy to announce that the events have concluded Key Business Phrases for the acquisition and sale of an fairness place in, and the institution of a strategic partnership involving, Methanex’s Waterfront Transport (WFS) subsidiary. With a fleet of roughly 800 vessels, MOL is likely one of the world’s largest transport corporations. WFS is a world marine transportation firm and operates the world’s largest methanol ocean tanker fleet.
MOL will purchase a 40 p.c minority curiosity in WFS for US$145 million. Methanex will retain the remaining 60 p.c majority curiosity in WFS and proceed to function WFS as a key factor of its world provide chain capabilities. There will probably be no change to Waterfront Transport’s day-to-day operations on account of this transaction, and Paul Hexter will stay President. The definitive agreements are topic to formal approval by MOL’s Board of Administrators. The closing is topic to regulatory approval and is anticipated by the top of the 12 months in any case customary situations are met.
By means of this transaction, Methanex, WFS and MOL will set up a strategic partnership, which can allow Methanex and WFS to profit from MOL’s broad transport expertise to additional strengthen its already glorious transport operations and capabilities.
The strategic partnership strengthens a relationship established over 30 years between Methanex, WFS and MOL who, in 2016 at the side of different key companions, collectively constructed the primary ocean-going dual-fuel vessel able to working on methanol. With Methanex because the world-leading methanol producer, WFS because the world’s main methanol shipper, and MOL’s huge transport expertise, the events intend to advance the commercialization of methanol, together with renewable methanol, as a viable marine gasoline.
Methanol is a secure, confirmed, cost-competitive marine gasoline for the business transport trade that may meet present and future emissions rules. Methanol as a marine gasoline can scale back sulphur oxides (SOx) by as much as 99 p.c, particulate matter (PM) emissions by as much as 95 p.c, and nitrogen oxides (NOx) by as much as 80 p.c in comparison with standard marine fuels. As a marine gasoline, methanol additionally reduces CO2 emissions throughout combustion by as much as 15 p.c. Methanol produced from renewable sources can scale back CO2 emissions by as much as 95 p.c in comparison with standard marine fuels, offering a pathway to satisfy the Worldwide Maritime Group’s (IMO) decarbonization objectives with out additional funding or compatibility points with the present dual-fuel engine expertise.
John Floren, President & CEO of Methanex, mentioned, “We’re happy to develop our relationship with MOL, a world main transport firm, which can allow Waterfront Transport to reinforce its capabilities by leveraging MOL’s in depth world transport expertise. We’ve got labored with MOL for over 30 years on methanol transport for the reason that period of Cape Horn Methanol Ltd., a predecessor to Methanex’s Chile operations, and we’re assured that our new strategic relationship will assist develop the marketplace for methanol as a decrease emission marine gasoline.”
Takeshi Hashimoto, President of MOL, mentioned, “MOL is happy to associate and deepen our long-standing relationship with Methanex, the chief within the methanol trade. This transaction is according to MOL’s Environmental Imaginative and prescient 2.1., which regards our energetic involvement in methanol-fueled ships as one of many measures for adopting clear different fuels.”
About Methanex Company
Methanex is a Vancouver-based, publicly traded firm and is the world’s largest producer and provider of methanol to main worldwide markets. Methanex shares are listed for buying and selling on the Toronto Inventory Change in Canada underneath the buying and selling image “MX” and on the NASDAQ World Market in the USA underneath the buying and selling image “MEOH”. Methanex may be visited on-line at www.methanex.com.
About Waterfront Transport
Waterfront Transport, a subsidiary of Methanex Company, is a world marine transportation firm specializing within the secure, accountable and dependable transport of bulk chemical compounds and clear petroleum merchandise to main worldwide markets in North America, Asia Pacific, Europe and Latin America. Waterfront Transport 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 roughly 30 fashionable, deep sea tankers varieties a seamless transportation community devoted to retaining an uninterrupted stream of methanol shifting to storage terminals and clients’ plant websites around the globe. For extra info, please go to www.wfs-cl.com.
About Mitsui O.S.Okay. Strains, Ltd.
Mitsui O.S.Okay. Strains, Ltd., based in 1884, is likely one of the prime transport corporations headquartered in Tokyo, Japan. The corporate operates greater than 800 vessels transporting sources, power, uncooked supplies and completed merchandise. For extra info, please go to www.mol.co.jp/en
FORWARD-LOOKING INFORMATION WARNING
This information launch incorporates forward-looking statements with respect to us and our trade. These statements relate to future occasions or our future efficiency. All statements aside from statements of historic truth are forward-looking statements. Statements that embrace the phrases “expects,” “will,” or different comparable terminology and comparable statements of a future or forward-looking nature determine forward-looking statements.
Extra notably and with out limitation, any statements relating to the next are forward-looking statements:
- anticipated closing possession curiosity in Waterfront Transport to be acquired by MOL, and
- anticipated timing of closing of the sale of the curiosity in Waterfront Transport to MOL.
We imagine that we’ve got an affordable foundation for making such forward-looking statements. The forward-looking statements on this doc are based mostly on our expertise, our notion of developments, present situations and anticipated future developments in addition to different components. Sure materials components or assumptions have been utilized in drawing the conclusions or making the forecasts or projections which are included in these forward-looking statements, together with, with out limitation, future expectations and assumptions in regards to the following:
- absence of a cloth destructive affect together with from main pure catastrophe or from adjustments in legal guidelines or rules.
Nevertheless, forward-looking statements, by their nature, contain dangers and uncertainties that might trigger precise outcomes to vary materially from these contemplated by the forward-looking statements. The dangers and uncertainties embrace, with out limitation:
- adjustments in legal guidelines or rules,
- actions of governments and governmental authorities,
- world-wide financial situations,
- the impacts of the COVID-19 pandemic, and
- different dangers described in our 2020 Annual Administration’s Dialogue and Evaluation and our First Quarter 2021 Administration’s Dialogue and Evaluation.
Having in thoughts these and different components, traders and different readers are cautioned to not place undue reliance on forward-looking statements. They don’t seem to be an alternative to the train of 1’s personal due diligence and judgment. The outcomes implied by forward-looking statements could not happen and we don’t undertake to replace forward-looking statements besides as required by relevant securities legal guidelines.
For additional info, contact:
Methanex Investor Inquires
Kim Campbell
Director, Investor Relations
Methanex Company
+1-604-661-2600 or Toll Free: +1-800-661-8851
www.methanex.com
Methanex Media Inquiries:
Jim Fitzpatrick
Director, World Communications
Methanex Company
+604-661-2600 or Toll Free: +1-800-661-8851
publicaffairs@methanex.com
Mitsui O.S.Okay. Strains Inquires
Media Relations Crew
Company Communication Division
Mitsui O.S.Okay. Strains, Ltd.
+81-3-3587-7015
mrtmo@molgroup.com
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