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 March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WOW at USMMA

The United States Merchant Marine Academy Hosts 7th Annual Women on the Water Conference. Last week, The United States Merchant Marine Academy (USMMA) in conjunction with the U.

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

U.S. Oil Train Traffic mostly from Midwest to East Coast

U.S. oil trains delivered more than 13.5 million barrels of crude oil from the Midwest to the East Coast in January, according to government data that gives a first

Tanker Trends

Maersk to Install Transas ECDIS on 100 Vessels

Maersk Line, the world's largest container company, has selected Transas Marine for ECDIS implementation on more than 100 vessels, Transas announced today. The

Rotterdam Gate LNG Terminal Expansion Started

Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun.

ECDIS to be Installed on 100 plus Maersk Vessels

Maersk Line selected Transas Marine for  ECDIS implementation on  more than 100 vessels.   The contract features Transas state-of-the-art Navi-Sailor ECDIS 4000

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics 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: 0.1495 sec (7 req/sec)