MOL Accepts "Great Ship of the Year" Award
Maritime Reporter & Engineering New’s Great Ship of 2017 Award was presented to Mr. Yoshikazu Kawagoe, Chief Technical Officer, Mitsui O.S.K. Lines in MOL’s headquarters in Tokyo. A full report on the world’s 3rd largest shipowner will publish soon in the pages of MR. Mitsui O.S.K. Lines, Ltd. The World’s Largest Floating Storage and Regasification Unit (FSRU Max). Japanese shipowner Mitsui O.S.K. Lines, Ltd. (MOL) in middle of October, took delivery of MOL FSRU Challenger the…
Tanker Rescues Castaway in South China Sea
Mitsui O.S.K. Lines, Ltd. announced that on April 14, 2018, the MOL-operated/managed crude oil tanker Altair Trader rescued a castaway in the South China Sea.At 19:10 local time on April 14, while underway in the South China Sea toward the port of Kawasaki, Japan, the Altair Trader noticed a light on the sea surface ahead the starboard and spotted a castaway.The vessel immediately turned around and started rescue operations, and by 20:28 the same day, the survivor was safely rescued.At 22:30 on April 15…
MOL Launches Trial Use of Cooling-Work Suits Onboard
Mitsui O.S.K. Lines announced the trial introduction of specialized cooling-work suits for crewmembers, developed by Teijin Limited, in cooperation with MOL, on a vessel operated and managed by Mitsui O.S.K. Kinkai. The goal of the trial is to prevent crewmembers from heatstroke and reduce their workload. The work uniforms are equipped with rechargeable cooling fans for them working under intense heat on an Mitsui O.S.K. Kinkai's cargo vessel in service between Japan and Middle East.
ONE Stakeholders Announce Completion of Investment Payment
Japan's Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., and Nippon Yusen Kabushiki Kaisha have announced the completion of payment for investment in their new joint venture in the container shipping business, Ocean Network Express Pte. Ltd. (ONE). The JV was established in July 2017, with service commencing on April 1, 2018 with a total investment of USD 3 billion. The JV will be offering 85 services, calling at over 200 ports in 100 countries. K Line and MOL each hold 31 pct stake in the JV, while NYK participates with 38 pct share.
MOL, Mitsui Ink Charter Deal
Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers. MOL will manage the new vessels and transport shale gas-derived liquefied natural gas (LNG) from Cameron Project in Louisiana, the United States. Aiming toward its goal of "solid growth through innovative changes" set forth in the midterm management plan STEER FOR 2020…
MOL, Mitsui in Cameron LNG Transport Deal
Mitsui O.S.K. Lines, Ltd. (MOL) apprise that a contract has been signed with Mitsui & Co., Ltd. to charter two new 155,000m3 LNG carriers that will transport shale gas-derived liquefied natural gas (LNG) from the United States. MOL will manage the new vessels, which will supply LNG from a Mitsui & Co.-backed project in Cameron in Louisiana, the U.S. to markets in Japan and other countries. Charterer: Mitsui & Co., Ltd. Shipyard: Kawasaki Heavy Industries, Ltd. Ship management company: Mitsui O.S.K. Lines, Ltd.
Mitsui O.S.K. Raises Profit Forecast
Mitsui O.S.K. Lines Ltd., Japan's second-largest shipping company by sales, raised its full-year profit forecast as higher demand for transporting iron ore and other bulk commodities drove up prices for shipping goods. Mitsui O.S.K. expects net income of $1.8 b in the year ending March 31, compared with a previous forecast of 185 billion yen. The Tokyo-based shipping line's profit in the three months ended Dec. 31 rose to 58.9 billion yen from 39.8 billion yen a year earlier, the company said in a statement. Source: Bloomberg
Mitsui OSK Lines To Log $145M Special Loss
Japanese shipping company Mitsui O.S.K. Lines Ltd. will post a total 16.8 billion yen ($145 million) in special losses for the year to March, adding it would not revise its earnings forecasts. Of the total, a loss of 10.6 billion yen will result from the liquidation of two unprofitable domestic ferry board carriers. The remaining 6.2 billion yen will come from liquidating seven overseas units engaged in the shipping business. Last November, Mitsui O.S.K. said it expected a 8.5 billion yen group net profit for the year to March 31 against an actual profit of 8.32 billion yen a year earlier.
Moody's Rates Mitsui O.S.K. Lines Stable
Moody's Investors Service changed to stable from negative the outlook of its Ba1 senior unsecured debt rating and (P)Ba1 Japanese shelf registration rating of Mitsui O.S.K. Lines, Ltd. (MOL) and Ba1 debt ratings of Euromol B.V. and Mitsui O.S.K. Finance plc. The latter two companies are MOL's overseas finance subsidiaries supported by keepwell agreements with MOL. This rating outlook change is based on Moody's belief that MOL's improving performance will continue to contribute to its earnings and the company's financial fundamentals will be strengthened in the near to medium term. Although MOL's debt level increased marginally after its April 1999 merger with Navix Line…
Container Shipping: ONE Begins
Japan's Ocean Network Express (ONE) announced the commencement of container shipping businesses on April 1, 2018. ONE is the result of an integration of the container operations of three Japanese shipping carriers, namely, Kawasaki Kisen Kaisha, Ltd ("K" Line), Mitsui O.S.K. Lines, Ltd (MOL) and Nippon Yusen Kabushiki Kaisha (NYK). In April 2017, MOL, NYK and 'K' Line, started services as "THE Alliance" with other major domestic and foreign shipping companies. Ocean Network Express will continue to provide services as an alliance member.
Japan Ship Operator to Slash Bulk Ship Newbuild Orders
Daiichi Chuo K.K. may cancel ship orders, pare its fleet & sell new stock after getting emergency financing from shareholder Mitsui O.S.K. Lines Ltd. To help weather a slump in dry-bulk rates the company is in talks about canceling or delaying 10 of 60 on-order dry-bulk vessels as it heads toward a second straight annual loss, reports Bloomberg. The report adds that Nippon Yusen K.K. and Mitsui O.S.K., Japan's largest shipping lines, have also cut earnings forecasts as the industry contends with expanding capacity, slowing demand and higher fuel prices. Source: Bloomberg
MOL Starts Vietnam Tugboat Business
Mitsui O.S.K. Lines, Ltd. announced that the company has established a joint venture with two local companies in Vietnam and started a tugboat business. The joint company will allocate high-powered, high-performance tugboats in Vietnam's Cai Mep/Thi Vai area, where deepwater container terminals are now under developing. It will offer safe, high-quality support services for vessels calling at ports in the region, helping meet the needs of Vietnam's shipping industry and international shipping lines. (1) Company name Tan Cang-Cai Mep Towage Services Co., Ltd. (5) Investors Mitsui O.S.K. Lines, Ltd.
Delivery GDF Suez Neptune
The first shuttle and regasification vessel (SRV) co-owned by Höegh LNG and Mitsui O.S.K. Lines, Ltd. (MOL) was completed at Samsung Heavy Industries in South Korea, and was delivered to the GDF Suez group on November 30, 2009. It will serve on a long-term charter contract between the parties. GDF Suez Neptune is the first of two SRVs which was constructed in order to provide LNG transportation services to the Neptune LNG Deep Water Port off the coast of Gloucester, Massachusetts, U.S. – to be commissioned in early 2010 – as well as other GDF Suez’s projects around the world.
Höegh LNG and Mitsui OSK Lines Confirm LNG Re-gasification Vessels
Höegh LNG and Mitsui OSK Lines, Ltd. (MOL) confirm the signing of long term time charter parties for two Shuttle and Regasification Vessels (SRV) with SUEZ LNG Trading SA. These vessels are specifically designed to service an offshore natural gas import terminal to be built in Massachusetts Bay offshore the city of Boston on the US East Coast. The vessels will be delivered in 2009 and 2010. The SUEZ owned Neptune LNG LLC received the final license issued by MARAD for the construction of the terminal on 23 March. The LNG re-gasification vessels and the deepwater port installations can meet the most stringent environmental regulations anywhere in the US for such terminal facilities.
MOL Delivers Shuttle and Regasification Vessel
The second shuttle and regasification vessel (SRV) co-owned by Höegh LNG and Mitsui O.S.K. Lines, Ltd. was completed at Samsung Heavy Industries in South Korea and delivered to the GDF Suez group on June 1, 2010. It will serve on a long-term charter contract between the parties. GDF Suez Cape Ann is the second of two SRVs that were constructed to provide LNG transportation services to the Neptune LNG Deep Water Port off the coast of Gloucester, Massachusetts, USA, which was commissioned in early 2010, as well as to other GDF Suez projects around the world.
MOL, Osaka Gas’s Newbuild LNG Carrier Named
Mitsui O.S.K. Lines, Ltd. (MOL) announced that a naming ceremony for the LNG Venus, a newbuilding liquefied natural gas (LNG) carrier, was held at the Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. (MHI). The vessel is under construction at MHI and will serve Osaka Gas Co., Ltd. As a large group of guests looked on, Osaka Gas President Ozaki named the vessel, and his wife cut the rope. The LNG Venus is co-owned by MOL and Osaka Gas’ wholly owned subsidiary, Osaka Gas International Transport Inc. After its completion, it will sail under a charter contract with Osaka Gas.
Mitsui O.S.K. Lines, Marubeni, NOVATEK Sign MoU for LNG Transshipment
Mitsui O.S.K. Lines (MOL) and Marubeni Corporation signed a Memorandum of Understanding (MOU) in Moscow with PAO NOVATEK, Russia's largest independent gas production and sales company, to conduct a joint feasibility study aimed at establishing an LNG transshipment and marketing complex in the Kamchatka area. This Project will create offshore infrastructure to transship LNG cargoes from ice-breaking LNG ships to standard LNG ships. The LNG will be produced in LNG projects NOVATEK is implementing in the Arctic region. The Project will ensure flexible LNG supply to the Asia-Pacific region.
Mitsui O.S.K. Ship Ready To Leave Chinese Port
Japanese shipping firm Mitsui O.S.K. Lines Ltd said on Thursday that its ship, the "Baosteel Emotion" 226,434 deadweight-tonne ore carrier, is ready to leave a Chinese port soon after it paid a Chinese court to release the vessel from seizure. The company did not disclose how much it paid the court over an alleged payments dispute dating back to World War Two. (Reporting by Osamu Tsukimori; Editing by Dominic Lau)
MOL Becomes a Part of C-TPAT
Mitsui O.S.K. Lines (MOL) has fulfilled the U.S. Customs Services Supply Chain Security Profile commitment. MOL and its subsidiary companies, MOL (America) Inc. and Mitsui OSK Bulk Shipping (USA) Inc., are now certified members of C-TPAT.
ClassNK Commences Provision of Archive Center Services
Classification society ClassNK announced that it has reached a preliminary agreement with NYK Lines Co. Ltd. and Mitsui O.S.K. Lines Co. Ltd. regarding the use of the ClassNK Archive Center's As-built Drawings Storage Service (ADSS) for all kinds of ships. This agreement was made following consultation with NYK Lines Co. Ltd. and Mitsui O.S.K. Lines Co. Ltd., as well as Mitsubishi Heavy Industries Co. Ltd. and Imabari Shipbuilding Co. Ltd., the builders of the vessels that will utilize the service. A total of three vessels will utilize ADSS under this agreement, including the NYK Lines owned Elegant Salute, a 95,000dwt bulk carrier, Sno. 1589, built at Imabari Shipbuilding's Marugame Corporate Headquarters; the Mitsui O.S.K. Lines operated Jozen, a 95,000dwt bulk carrier, Sno.
MOL (LNG) Selects KVH TracPhone V7 for LNG Tankers
Following a successful trial on its liquefied natural gas (LNG) tankers, MOL LNG Transport Co., Ltd., a subsidiary of Mitsui O.S.K. Lines, is adding the award-winning TracPhone(R) V7 satellite communications system from KVH Industries, Inc., (Nasdaq:KVHI) to three of its LNG tankers. The systems will use KVH's global mini-VSAT Broadband(SM) service, which is being provided by KVH's partner, SKY Perfect JSAT, under the OceanBB brand name. SKY Perfect JSAT is working with Japan Radio Co., Ltd., a prominent Japanese navigation and communications equipment manufacturer, who is providing, installing, and integrating the TracPhone V7 antennas through a wholesale agreement with KVH. The TracPhone V7 was installed for a trial on one of MOL LNG Transport Co.'s LNG tankers in May 2011.
Akastor, Mitsui, MOL Close JV Transaction
Akastor ASA (OSE: AKA) announced today that the Agreement with MITSUI & CO., LTD ("Mitsui"), and Mitsui O.S.K. Lines, Ltd. ("MOL"), to create a joint venture with 50/50 ownership between AKOFS Offshore AS ("AKOFS") and Mitsui/MOL has now been approved and concluded according to the terms and conditions described in the press release of September 20, 2016. As a consequence, AKOFS will realize a cash gain of USD 66 million, and Akastor will realize an accounting gain of approximately USD 20 million. The accounting gain will be booked in Q4 2016.
Hoegh Autoliners Denies Price-fixing Allegations
Norwegian shipping firm Hoegh Autoliners denied on Tuesday allegations made by South Africa that it and Japanese rival Mitsui O.S.K Lines had colluded to fix transport tariffs to and from South Africa. Hoegh Autoliners specializes in transporting cars, controlling 50 specialized vessels or 6-7 percent of the global fleet in this market. South Africa's Competition Commission said on Tuesday Hoegh Autoliners had been referred for prosecution on seven charges relating to collusive tendering, price fixing and market division.