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MHI and Hakata Shipbuilding Agree on Collaboration in Joint Deve


MHI and Hakata Shipbuilding Agree on Collaboration in Joint Development of High-performance 1,000 TEU Container Carrier

- 2 Vessels Already Ordered for Charter by KMTC, Korea -

Tokyo, Mar 18, 2013 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) and Hakata Shipbuilding Co., Ltd., of Imabari, Ehime Prefecture, have agreed to collaborate in the joint development of a 1,000 TEU (twenty-foot equivalent unit) container carrier. On March 18 the two companies received the first order for the carrier, for two vessels to be used for time chartering by Korea Marine Transport Co., Ltd. (KMTC) of Korea. The collaboration between MHI and Hakata Shipbuilding targets the development of a new fuel-efficient, high-performance, high-quality, low-cost vessel. Going forward the two companies intend to establish a framework advantageous for competing in the international feeder container ship* market, as a way of expanding their businesses.

Under the collaborative agreement, MHI will be responsible for hull form development and conceptual design of the container carrier while Hakata Shipbuilding will undertake aspects from the basic and detailed design through actual ship construction. The first two ships are slated to go into service sequentially from October 2014.

The first order for the new carrier was achieved as a result of technological collaboration between MHI and Hakata Shipbuilding, with cooperation provided by Mitsui & Co., Ltd. KMTC gave high marks to the new container carrier for its superiority in loading capacity and outstanding fuel efficiency compared to regular 1,000 TEU container ships.

MHI is widely recognized as a pioneer in the container carrier construction industry, its reputation backed by an abundant delivery record. Hakata Shipbuilding has earned high evaluations in the 1,000 TEU class feeder container ship market for the excellent performance and quality of its offerings.

MHI has adopted a long-term strategy for its shipbuilding and ocean development business to focus on high-value-added vessels and to strengthen its engineering operations by providing proprietary technologies to other companies both in Japan and abroad. Hakata Shipbuilding has been seeking to obtain advanced container ship-related technologies, including energy-saving features. The intentions of the two companies thus meshed and led to the conclusion of the collaboration agreement.

Going forward the two companies will further strengthen their proactive drive to create demand for new high-performance container carriers in Japan and other countries by combining MHI's technological development capacity with Hakata Shipbuilding's superior shipbuilding technology and operational experience in feeder container carriers.

*A feeder container carrier is a small-sized container ship that transports containers on feeder lines that large-size container carriers servicing main water routes cannot handle. Feeder ships primarily perform domestic transportation between main and local ports or international transportation between neighboring countries.

About Mitsubishi Heavy Industries

Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 2,820.9 billion yen in fiscal 2011, the year ended March 31, 2012. MHI's diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. For more information, please visit the MHI website at www.mhi.co.jp.

Contact:

Mitsubishi Heavy Industries Hideo Ikuno h.ikuno@daiya-pr.co.jp +81-3-6716-5277

Copyright 2013 JCN Newswire. All rights reserved. www.japancorp.net

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