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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Tanker Trends

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1589 sec (6 req/sec)