Latest news with #MitsuiO.S.K.Lines
Mint
23-05-2025
- Business
- Mint
Japanese Gas Tanker Giant Sees Difficulty Buying Chinese Vessels
Mitsui O.S.K. Lines, owner of the world's largest fleet of liquefied natural gas carriers, said it is hard to buy Chinese vessels for the time being as the US ramps up scrutiny of the Asian country's shipbuilding industry. 'It is difficult to purchase Chinese vessels under the current circumstances, because of the port entry fees' that the US is proposing for China-built ships calling at its ports, a spokesperson for the Japanese firm said. Earlier on Friday, the Nikkei reported Mitsui O.S.K. was planning to shift new orders from China to South Korea. But the plans have not yet been finalized, the spokesperson told Bloomberg News. The Japanese firm is aiming to reduce risks, according to remarks made by President and Chief Executive Officer Takeshi Hashimoto during an interview. 'We will wait and see about new business with the Chinese,' Hashimoto said in the report, which added that Mitsui O.S.K. will not cancel any existing contracts with Chinese yards. Washington has issued a flurry of measures under President Donald Trump's administration aimed at curbing China's maritime dominance and reviving its own flagging shipbuilding industry. The moves have shaken up the global shipping market, prompting shipowners to rethink where they want their vessels to be built in the future. South Korean shipbuilders have sensed an opportunity. Last week, major shipbuilders HD Hyundai Co. and Hanwha Ocean Co. offered to help the US improve its shipbuilding capacity and restore its maritime dominance. South Korean builders have an 18% share of ships under construction worldwide in deadweight tons terms, while the Japanese have 11%, according to data from Clarksons Research. Mitsui O.S.K. owns a fleet of 97 LNG vessels, according to a 2024 corporate presentation. It also maintains the world's second-largest merchant fleet at 873 vessels. Chinese shipyards make up two-thirds of the global orderbook. In January, state-run China State Shipbuilding Corp. was added to a US Department of Defense blacklist, which carries no specific penalties but discourages American firms from doing business with it. Other Chinese shipbuilders include privately-owned New Times Shipbuilding and Yangzijiang Shipbuilding. This article was generated from an automated news agency feed without modifications to text.
Nikkei Asia
23-05-2025
- Business
- Nikkei Asia
Japan shipping giant Mitsui O.S.K. to stop ordering Chinese LNG carriers
TOKYO -- Japan's Mitsui O.S.K. Lines plans to hold off on making new orders with Chinese shipbuilders for liquefied natural gas carriers in the wake of fees touted by the Trump administration for China-made vessels entering U.S. ports. The operator of the world's largest fleet of LNG carriers will, instead, buy such ships from South Korean builders.
Nikkei Asia
30-04-2025
- Business
- Nikkei Asia
Mitsui O.S.K. forecasts 60% net profit drop as Trump tariffs bite
TOKYO -- Mitsui O.S.K. Lines now sees net profit plunging 60% in the fiscal year ending March 2026, the Japanese marine shipping company said Wednesday, as the risk to the global flow of goods by U.S. President Donald Trump's tariffs becomes more apparent. The company's revised projection of 170 billion yen ($1.19 billion) falls short of the QUICK Consensus market forecast of 222 billion yen.
Yahoo
09-04-2025
- Business
- Yahoo
Shipping group Mitsui O.S.K. to seize opportunities as tariffs drive trade route shift -CEO says
By Yuka Obayashi TOKYO (Reuters) - Mitsui O.S.K. Lines (MOL), Japan's second-largest shipping company, aims to capitalise on opportunities that emerge from a shift in trade routes driven by new U.S. tariffs, CEO Takeshi Hashimoto said. The highest U.S. tariffs in more than a hundred years came into force on Wednesday, roiling global markets. "Trade routes will inevitably be reshuffled," Hashimoto told Reuters in an interview on Tuesday. "We'll likely see increased trade from low-tariff countries and declines from high-tariff ones," he said, noting some cargos could be rerouted through Mexico or Canada, where tariffs may be lower. MOL plans to monitor shifting trade patterns and seize new opportunities, he said. Hashimoto said U.S. energy and grain exports to Asia could be impacted, with countries like China potentially turning to Brazil or Argentina as alternative grain suppliers and to Qatar for liquefied natural gas (LNG). MOL is considering opening an office in Washington to gather information and lobby, Hashimoto said. He said that during the first Trump administration, trade routes were also reconfigured in response to tariffs. Some Chinese exports to the U.S. were rerouted through other countries like Vietnam, while China increased grain imports from Brazil and others while cutting back U.S. purchases. The CEO believes Trump's goal is to strike favourable trade deals, making a full-scale tariff war unlikely. LNG FLEET EXPANSION MOL, the world's largest LNG carrier, plans to expand its LNG fleet from 108 vessels now to around 150 by 2030, expecting demand to grow into the 2030s before declining, Hashimoto said. "LNG use will continue to rise through the 2030s, then gradually decline from around 2040," Hashimoto said, adding that significant volumes could still be used globally in 2050. Between 2020 and early 2022, MOL signed charter deals for three ice-breaking LNG vessels and a condensate ice-breaker for the Arctic LNG 2 project in Russia, but delivery of vessels is on hold due to Western sanctions, Hashimoto said. On Alaska LNG, which U.S. President Donald Trump is pushing to develop, MOL has had intermittent discussions with Alaska for quite some time, Hashimoto said, though pipeline issues remain unresolved. He did not meet with the Alaskan delegation that recently visited Japan, but expressed willingness to participate in LNG transportation if the Alaska LNG development project progresses. Hashimoto said the company may raise shareholder returns as early as in the 2025/06 financial year after generating strong profits over the past two years and a big increase in equity capital to more than 2.5 trillion yen ($17.20 billion). "We are considering increasing shareholder returns a bit more," Hashimoto said, but said a decision would be made after assessing the impact of U.S. tariffs. ($1 = 145.3200 yen)
