Japanese To Combine Tanker Ops

Tuesday, October 24, 2000
Nippon Mitsubishi Oil Corp. and Cosmo Oil Co. Ltd., Japan's largest and third-largest oil refiners respectively, will integrate their tanker operations in November as a streamlining step under a year-old alliance. The companies said they expect to cut their combined freight costs by at least $4.62 million a year through the move. Japanese oil companies are under tremendous pressure from larger foreign-owned rivals like Exxon Mobil Corp. to cut costs and boost efficiency to restore profitability, which has been severely eroded by their inability to fully pass along higher crude oil costs by raising prices. Under the agreement, Cosmo Oil will pay $258,500 to acquire a 35 percent stake in Nippon Mitsubishi's wholly owned tanker unit Nippon Ryoyu Tanker Co. That company will change its name to Nippon Global Tanker Co Ltd and operate all 38 tankers currently transporting crude for the two companies. Cosmo Tanker Co, Cosmo Oil's shipping arm, will remain in operation but from November will handle only shipping logistics, the companies said. Reducing the number of vessels would be a logical step to save additional money, but no such plan has yet been adopted, they added.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

EIVA Welcomes New Global Director

The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology,

USCG Assists 2nd Activist From Arctic Challenger

Coast Guard personnel assisted in the removal of an activist who secured herself to the anchor chain of the Arctic Challenger in Bellingham, Wash., Monday morning.

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

Tanker Trends

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

Red Tape, Industrial Relations Could Stifle LNG Potential

Australia could develop the world’s most technologically advanced LNG industry, according to a report by Accenture. But if industry is to reach its potential

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1407 sec (7 req/sec)