Mitsui Co News

Japanese marine electrical machinery supplier BEMAC Corporation has completed its acquisition of The Switch Engineering Oy, Finland-based special electric machine and high-power converter product supplier, following a tripartite share purchase agreement signed last October.BEMAC Corporation, in partnership with global trading and investment company Mitsui & Co., Ltd., has acquired 100% of the shares in The Switch.The Switch produces permanent magnet machines (PMM), marine drives (DC-Hubs and single drives) and high-speed solid rotor induction motors (SRM).

Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries (MHI) Group and Nihon Shipyard, have signed a memorandum of understanding (MoU) with Mitsui & Co on the collaborative study for ocean-going liquified CO2 (LCO2) carriers for large-scale international transportation from 2028 onwards.With the plans for LCO2 carries the companies aim to accommodate the carbon dioxide capture and storage (CCS) business led by Japanese government.Utilizing the technologies and construction know-how of Mitsubishi Shipbuilding and Nihon Shipyard…

Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG 2 project due to sanctions shows the hurdles it faces.Novatek's announcement comes after the United States last month imposed sanctions on Arctic LNG 2…

Japan's industry and land ministries on Wednesday picked three consortia, including one featuring Germany's RWE and its partners, to operate offshore wind farms in the second round of a public auction. They said they would award a fourth wind farm that was part of the tender at a later date.The results of the second major round under a new law to promote wind power were closely watched by energy companies at home and abroad, after the first round was dominated by Mitsubishi Corp.Japan's…

Maersk Tankers confirmed an order for up to 10 very large ammonia carriers (VLAC) has been placed with Hyundai Samho Heavy Industries in Korea. Mitsui & Co., Ltd. will join as a co-investor in the first four vessels. The vessels will be operated by Maersk Tankers.The 93,000 cbm newbuilds will be among the largest ammonia carriers in operation, capable of carrying a full cargo of ammonia. The first four firm VLACs are due to be delivered from late 2026 onwards, and the contract…

The Biden administration is working closely with partner countries over sanctions on a Russian liquefied natural gas project in the Arctic as a January deadline looms on a wind down of transactions with the plant, a State Department spokesperson said on Wednesday.The U.S. imposed sanctions last week on the Arctic LNG-2 project in Russia as part of wide-ranging measures to punish Moscow for the war in Ukraine. The Office of Foreign Assets Control, part of the Treasury Department, also issued a general license that authorizes the wind down of transactions involving Arctic LNG-2, through Jan.

Japan will make sure its energy supplies are not affected by sanctions the United States recently imposed on the Arctic LNG 2 project in Russia in which it has a stake, Industry Minister Yasutoshi Nishimura said on Tuesday.Japan, the world's second-largest liquefied natural gas (LNG) buyer, relies on LNG as a transition fuel before it reaches carbon neutrality in 2050, and has supply contracts and stakes in projects globally to guarantee imports.The Arctic LNG 2 project is to be launched next month…

Japan will ensure stable and steady energy supply to the country even after the U.S. imposed fresh sanctions related to Russia's Arctic LNG 2 project, Japan's Chief Cabinet Secretary Hirokazu Matsuno said on Tuesday.The Arctic LNG 2 project is operated by Russia's Novatek while Japanese trading company Mitsui & Co and state-owned Japan Organization for Metals and Energy Security (JOGMEC) hold a combined 10% stake.Mitsui and JOGMEC are set to receive a combined 2 million metric tons of LNG per year from the project.The latest sanctions are part of several economic measures the U.S.…

Interest in methanol as an alternative fuel has grown in the shipping industry, which seeks to achieve net-zero emissions by 2050.Below is a list of upcoming methanol bunkering-related projects by companies and ports:COMPANIES:A.P. Moller-MaerskMaersk received the world's first methanol-enabled container ship in July. It has 24 more such vessels on order to help it to achieve its goal of using low-emission fuels to transport a quarter of its volumes by 2030.HD Hyundai Heavy Industries expects to build a dozen more such vessels…

Denmark's Maersk said on Monday it has secured fuel for the world's first container vessel able to run on carbon-neutral methanol for its inaugural journey.Interest in methanol as an alternative fuel for bunkering has grown in the shipping industry, which seeks to achieve net-zero emissions by 2050.Below is a list of key upcoming methanol bunkering-related projects by companies and ports:COMPANIES:*A.P. Moller-MaerskMaersk has ordered 19 methanol-enabled ships to work towards a goal of transporting 25% of its ocean cargo using green fuels by 2030.

Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL) and trading company Mitsui & Co., Ltd. announced they have received approval in principle (AIP) from classification society ClassNK for the design of a large ammonia-powered bulk carrier.MOL and Mitsui jointly determined the size and specifications of the vessel, and both companies entrusted Mitsubishi Shipbuilding Co., Ltd. for design of the vessel. The AIP covers a 210,000 DWT Capesize bulker.The design calls for a main engine fueled by ammonia, which emits no CO2 when burned, thereby achieving zero CO2 emissions during the voyage.

Hong-Kong-headquartered dry bulk shipowner Pacific Basin Shipping said it sees methanol as its best option as it pursues commercially viable zero-emissions vessels.In May 2022, the company entered into a memorandum of understanding with Nihon Shipyard Co., Ltd and Mitsui & Co., Ltd to cooperate on the development of zero-emission vessels and potential investment in related green fuel bunkering infrastructure."We have collectively now completed our feasibility assessment of the various potential green fuels (covering fuel characteristics, availability and scalability, technical pros and cons, lifetime operating and capital costs, etc.)…

Japan's Mitsui OSK Lines (MOL) said on Wednesday it had signed a long-term charter contract with the new Russian operator of the Sakhalin-2 liquefied natural gas (LNG) project for LNG carrier Grand Mereya to continue its shipping service.Russian President Vladimir Putin signed a decree in June taking charge of the LNG project, creating a new legal entity to deal with buyers and shareholders. MOL's move comes after Japanese utilities, such as JERA and Tokyo Gas, signed deals with the new Russian operator to maintain long-term deliveries of LNG and Japanese trading houses Mitsui & Co and Mitsubishi Corp were approved by Russia to take a stake in the new operator.

Claus Gronborg has been appointed CEO of Maersk Product Tankers – one of the largest product tanker owners in the world.Gronborg takes over the leadership of Maersk Product Tankers on October 1 from Christian M. Ingerslev. Gronborg will remain Chief Investment Officer of Maersk Tankers and a member of the executive team.Ingerslev will continue as CEO of Maersk Tankers and become a member of the Maersk Product Tankers board of directors.As CEO of Maersk Product Tankers, Gronborg will be responsible for delivering the company’s fleet strategy…

Oslo-based hydrogen bunkering company HYON has entered a collaboration agreement with Japanese trading and investment company Mitsui & Co., Ltd. (Mitsui). The two companies said they were looking into business opportunities related to creating hydrogen fueling infrastructure in Europe, Asia anywhere else where there is a possibility for hydrogen demand. Mitsui, which has a diversified portfolio of business in various sectors, including shipping, offshore development, mobility, infrastructure, chemicals and energy, will make a financial and strategic investment in HYON as part of the deal.

Oslo-based subsea well intervention and installation services company AKOFS Offshore has signed a three-year contract with Brazil's Petrobras for its vessel Skandi Santos.Under the contract, the Skandi Santos will perform a broad scope of subsea services in Brazil. The services will start in Q4 2022 and the total contract value is about $107 million. AKOFS Offshore, owned by Akastor AS (50%), Mitsui & Co., Ltd (25%), and Mitsui O.S.K. Lines, Ltd. (25%)., will be performing the Skandi Santos operations with its partners Bravante for marine services and IKM Subsea for ROV services.The Skandi Santos is designed to install and retrieve subsea trees and modules, including subsea structures and manifolds at water depths of up to 2,500 meters.

Semco Maritime and PTSC M&C consortium has been selected by Hai Long Offshore Wind Project in Taiwan as the Preferred Supplier for two offshore substations for the Hai Long 2 and Hai Long 3 offshore wind projects.The projects will be established off the Taiwanese coast and deliver more than 1 GW of green wind energy when the projects are commissioned in 2025-2026."The contract represents the largest offshore substations contract awarded in a Taiwanese project to date. It is also the consortium’s first and considered an important strategic breakthrough…

Maersk Training has named a new UK head of commercial to drive its growth and increase its safety offering for the energy industry.Based in Aberdeen, Paul Hudson will oversee sales, commercial and marketing activities for the company. He will work with UK managing director, Leonardo Machado, to expand the business as Maersk Training says its aim is to be the preferred training and solution partner across the oil and gas, maritime, and renewables sectors.Hudson joins Maersk Training from ROVOP where he was head of business development before becoming its sales and marketing director.

Russian gas company Novatek has signed heads of agreement with Glencore for the long-term supply of LNG from the Arctic LNG 2 project.The agreement, signed Wednesday at Saint-Petersburg International Economic Forum, established the key commercial terms for the long-term supply of more than of 0.5 million tons of LNG per year from the Arctic LNG 2 project. The LNG will be delivered to a number of locations in East Asia, Novatek said.Leonid Mikhelson, NOVATEK's Chairman of the Management…

Cargill and Maersk Tankers are aiming to unlock more competitive and transparent bunker pricing and improved customer service through a new strategic partnership combining their bunker volumes, offering a new bunker procurement service to tramp shipping companies and trading houses. The initial goal is to procure bunker fuel for Cargill and Maersk Tankers’ combined fleet, while aiming to attract additional customers in the coming months. The service will leverage Cargill’s in-house bunker expertise and Maersk Tankers’ commercial and operational capabilities and will launch on April 1…

Japan's Mitsui OSK Lines Ltd (MOL) said on Monday it has signed a 30-year charter contract with the operator of the Arctic liquefied natural gas (LNG) 2 project, led by Novatek, for three ice-breaking carriers for the Russian project.The three vessels will be built by South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd, costing about 90 billion yen ($859 million) in total, and are scheduled for delivery in 2023, MOL said.The carriers will mainly transport LNG from a…

Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture. The world's biggest LNG markets - Japan, China, South Korea, and India - are all seeing a drop in demand. Asia's spot LNG prices dropped to $1.85 per million British thermal units (mmBtu) last week, the lowest ever, as cargoes have flooded the market. "At prices in the $2/mmBtu range ... some producers are getting close to not recovering cash costs of their operations.

California energy company Sempra Energy said on Thursday it expects to make final investment decisions (FID) this year to build two new liquefied natural gas (LNG) export plants - one in the United States and one in Mexico:Sempra said it plans to make FIDs on the first phase of the Costa Azul export plant in Baja California in Mexico in the first quarter and the Port Arthur export plant in Texas in the third quarter.At Costa Azul, Sempra has said Energia Costa Azul LNG has non…