Latest news with #MitsuiOSKLines
Japan Times
7 days ago
- Business
- Japan Times
Top Japan shipper sees orders recovering as trade tensions ease
Japanese shipping giant Nippon Yusen is confident U.S. tariffs won't hurt its business as much as initially expected, with bookings already recovering and set to stay strong over the next three months. The biggest shipper by market capitalization — which operates container and cruise lines, specialized carriers, and air freight — saw a robust recovery in container shipping orders following an easing in tensions between the United States and some of its trading partners this month, said Chief Executive Officer Takaya Soga. That's after booking volumes had slumped by a third as U.S. President Donald Trump announced sweeping tariffs in April. "Even if things continue as they are now, there will probably not be another decline in bookings from tariffs this year,' he said on Wednesday. Specifically with regard to shipping autos, which have faced a 25% U.S. tariff since April 3, Soga said bookings "have not dropped at all.' Separately, rival Mitsui OSK Lines also said an expected decline in shipping volume had not materialized as of April and May. "In a sense, it is a happy miscalculation,' Chief Executive Officer Takeshi Hashimoto said earlier this week. A good order book would help Nippon Yusen focus on quickly expanding its shipping business through mergers and acquisitions, Soga said. Nippon Yusen became the world's largest operator of liquefied petroleum gas (LPG) carriers last month after it acquired the non-crude oil tanker shipping business from Eneos Ocean, a subsidiary of Eneos Holdings, for ¥76 billion ($526 million). The company took over over 47 vessels, including LPG carriers and chemical tankers. Soga said acquiring part of Eneos Ocean "was a very good deal, and I'm currently looking into other similar opportunities.' He declined to name any potential targets. When asked about the U.S.' planned port-entry fee targeting Chinese vessels, Soga said he sees the policy having limited impact on Nippon Yusen as only 8% of its fleet is China-built. He added his company has no plans to exclude Chinese shipyards from future shipbuilding orders. Earlier this week, Mitsui OSK said it is hard to buy Chinese vessels for the time being as the U.S. ramps up scrutiny.
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
Bloomberg
27-05-2025
- Business
- Bloomberg
Mitsui OSK Talking to Japan Over EU Sanctions on Its LNG Tankers
Takeaways NEW 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.
Bloomberg
27-05-2025
- Business
- Bloomberg
Mitsui OSK Lines CEO on Trade Tariffs Impact
Takeshi Hashimoto, President and CEO at Mitsui OSK Lines, discusses the company's business strategy and the impact from the trade tariffs. He speaks with Haidi Stroud-Watts and Paul Allen on "Bloomberg: The Asia Trade". (Source: Bloomberg)
Bloomberg
23-05-2025
- Business
- Bloomberg
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.
