Latest news with #MitsuiOSK
Mint
27-05-2025
- Business
- Mint
Mitsui OSK Talking to Japan Over EU Sanctions on Its LNG Tankers
Mitsui OSK Lines Ltd. is seeking help from the Japanese government after a surprise decision by the European Union to sanction three of its liquefied natural gas tankers linked to a Russian project. 'We are not at all happy about this, so we are now lobbying the EU through various channels, including the Japanese government,' Chief Executive Officer Takeshi Hashimoto said in an interview on Tuesday. The North Moon, North Ocean and North Light — managed by Mitsui OSK — were included in the 17th package of sanctions adopted by the European Council last week. The measures were part of the EU's mounting efforts to push Moscow into a peace deal with Ukraine, addressing workarounds to previously imposed restrictions. The three vessels recently helped move shipments from Yamal LNG, which is not under sanctions. They loaded cargoes transshipped near the port of Murmansk, where cargoes arrive on ice-class ships directly from the plant, according to shipping data compiled by Bloomberg. Some of the vessels are already loaded and Mitsui OSK will unload them as soon as possible, Hashimoto said. 'I think those vessels will be unusable for some time to come,' he said. 'But, to be honest, they have been saying for a long time that the Yamal project is not subject to sanctions, and suddenly these ships are subject to sanctions.' The company saw a considerable rush for stockpiling LNG from January to March ahead of tariffs by US President Donald Trump and, after dropping in April, demand has been very strong since May following an easing in the trade war. 'We expect it to continue to be strong during May and June,' Hashimoto said. This article was generated from an automated news agency feed without modifications to text.
Business Times
27-05-2025
- Business
- Business Times
Japanese gas tanker giant Mitsui OSK sees difficulty buying Chinese vessels
[SINGAPORE] Mitsui OSK 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 (May 23), the Nikkei reported Mitsui OSK was planning to shift new orders from China to South Korea. But the plans have not yet been finalised, 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 OSK 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 and Hanwha Ocean offered to help the US improve its shipbuilding capacity and restore its maritime dominance. South Korean builders have an 18 per cent share of ships under construction worldwide in deadweight tonnes terms, while the Japanese have 11 per cent, according to data from Clarksons Research. Mitsui OSK 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 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. BLOOMBERG
Japan Times
23-05-2025
- Business
- Japan Times
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 U.S. 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 U.S. 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 said.
Bloomberg
30-04-2025
- Business
- Bloomberg
Japan Shipper Stocks Fall as Mitsui OSK Miss Stokes Tariff Fears
Shares of Japanese marine transport firms plunged after Mitsui OSK Lines' earnings forecast missed market estimates, fueling concerns about the impact of Donald Trump's tariffs on the shipping industry. Mitsui OSK's shares fell as much as 16%, the most since March 2011, after it released quarterly earnings at lunchtime in Tokyo. Fellow shippers Kawasaki Kisen Kaisha and Nippon Yusen both lost around 10%. All three were among the Nikkei 225 index's worst performers as of mid-afternoon Wednesday.
