MOL's Coal Carrier NAGARA MARU to Serve JERA Trading
Mitsui O.S.K. Lines (MOL) announced the delivery of the coal carrier NAGARA MARU, which will serve Singapore-based JERA Trading, was delivered at Imari Shipyard and Works of Namura Shipbuilding on November 17, 2017. The vessel, which was jointly developed by Namura Shipbuilding and MOL, is a state-of-the-art coal carrier with a wide-beam/shallow-draft configuration and wide range of advanced safety and energy-saving features. The vessel is so-called "Hekinan MAX" which has characteristic 250 meters length to maximize transport volume to the discharging port…
MOL Develops Mariner Safety Education Tool
Mitsui O.S.K. Lines announced that it has developed a mariner safety education tool goggle, which uses virtual reality (VR) technology created by Tsumiki Seisaku. The tool relies on VR technology to replicate various training scenarios and work operations, until now a difficult task, offering a new level of realism and immersion. It works on easily portable VR goggles, which make it possible for seafarers to train safely regardless of location, onboard or in an office or training center.
MOL Presents Long-Service Awards
Mitsui O.S.K. Lines (MOL) has announced that its group seafarer manning company Magsaysay MOL Marine, Inc (MMM) held a long-service awards presentation ceremony for Filipino seafarers who work for MMM in Manila on November 3, and hosted a Family Day event the following day. MOL President & CEO Junichiro Ikeda, MOL Managing Executive Officer Masanori Kato, and executives of MOL group's ship management companies attended both events. Awards and recognition went to seafarers with 15 years of service aboard MOL-operated vessels, and a total of about 60 award recipients and their families attended.
AI to Estimate Vessel Speed and Fuel Consumption
Mitsui O.S.K. This project is a part of MOL's initiative to assess the effectiveness of AI technology, and aims to reduce fuel consumption and vessels' environmental impact by verifying the accuracy of the technology, using Fujitsu's AI Technology to estimate vessel performance at sea. MOL provided actual voyage data collected from MOL fleet in operation to Fujitsu Laboratories, which, along with Tokyo University of Marine Science and Technology, verified the data by using their jointly developed machine learning method.
MOL Research on Marine Rotary Machineries
Mitsui O.S.K. Lines (MOL) announced plans to work with Asahi Kasei Engineering Corporation (AEC) on a project to verify predictive detection of abnormalities in marine rotary machineries using vibrating sensors. The research will focus on the use of vibrating sensors to monitor the condition of key auxiliaries, such as pumps or purifiers, on a car carrier and VLCC that are under construction, using analysis software. The participants expect this project to create not only a standalone onboard monitoring system…
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
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.
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…
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…
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.
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.
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.
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.
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.
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.
Hudong-Zhonghua to Build LNG Carriers for PNG, Gorgon Jansz
Exxon Mobil Corporation (ExxonMobil) and Mitsui O.S.K. Lines, Ltd. (MOL) announced that they have selected Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong), a subsidiary of China State Shipbuilding Corporation, to build four LNG carriers in China. These carriers will provide LNG transportation from the Papua New Guinea (PNG) and Gorgon Jansz LNG projects and will be jointly owned by MOL and China Shipping (Group) Company (CS). A ceremony was held in Beijing to celebrate the execution of a Project Development Agreement and a Heads of Agreement for Shipbuilding Contracts in the presence of Mr. Zhang Guobao, vice chairman, National Development and Reform Commission…
MOL Supports Quake Victims of the Tohoku District
Mitsui O.S.K. Lines, Ltd. MOL has decided to donate ¥50 million to help support and rescue victims of the quake. MOL executives and employees have organized a charity donation program within the MOL Group of companies, the proceeds of which will be donated to organizations that are working to support victims and rebuild their cities. At the request of the government, MOL Ferry Co., Ltd. of our group company determined to cooperate for transporting members of the Japan Self-Defense Forces (JSDF) who were assigned to rescue operations in northeast Japan. This afternoon, four ferries – Sunflower Sapporo, Sunflower Furano, Sunflower Shiretoko…
Fujitsu Field Trials Ship Performance Estimation
Fujitsu Laboratories announced that it has conducted a trial of a ship performance estimation technology(1) together with Mitsui O.S.K. Lines (MOL) and Ube Shipping & Logistics, Ltd. Developed by Fujitsu Laboratories and Tokyo University of Marine Science and Technology (TUMSAT), the technology can predict figures such as ship speed and fuel consumption. The results of the trial showed that the technology is capable of estimating ship performance with an estimated margin of error under 1.5%, both on the ocean and near the coast, and in a variety of weather and wave conditions.