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

People & Company News

ClassNK Holds LNG Fuel Technologies Seminars

ClassNk held LNG-Fuelled Vessel Technologies seminars in Shanghai and Singapore on 22 July and 24, July 2014, respectively. With the industry looking to adopt

USCG Change of Command in Galveston

A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday.

Miller Rejoins TITAN as Salvage Master

Captain Stuart Miller has rejoined Crowley Maritime Corporation’s TITAN Salvage operations team as salvage master, bringing with him over 30 years of worldwide,

Tanker Trends

Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy.

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.1276 sec (8 req/sec)