MOL (Mitsui O.S.K. Lines)

Tokyo listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built capesize bulk carrier 203K DWT MV Wakashio grounded off Mauritius in the first week of August. MOL (Mitsui O.S.K. Lines) chartered-in MV Wakashio from Japanese shipowner Nagashiki Shipping. Nagashiki Shipping is a low-profile family-owned shipping company that owns a large fleet of state-of-the-art vessels and charters out to blue-chip operators like MOL (Mitsui O.S.K. Lines). Nagashiki Shipping was established around the mid-1800s. After the second world war, the modern Nagashiki Shipping was created in 1958. Nagashiki Shipping has a head office in Okayama prefecture. Like many Japanese private shipowning companies, Nagashiki Shipping charters-out it’s fleet on long-term time charter or bareboat leasing agreements with established operators like MOL (Mitsui O.S.K. Lines), Nippon Yusen Kaisha (NYK), Norden Shipping (Dampskibsselskabet DS Norden A/S), CNC Line, Asahi Tanker, and TS Line. MV Wakashio was the only ship in the Nagashiki Shipping’s fleet which had in-house ship-management. The rest ofNagashiki Shipping’s fleet is managed by Misuga Kaiun and Anglo-Eastern. MOL (Mitsui O.S.K. Lines) chartered-in MV Wakashio was ranked as a low-risk ship by the Tokyo MOU PSC (Port State Control) Authority. Nagashiki Shipping announced that the company will abide by its legal responsibility for the disaster and clean up the pollution caused by MV Wakashio. MV Wakashio incident has inspired many shipowners to undergo a meticulous safety review. 16-August-2020

 

Tokyo listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built capesize bulk carrier 203K DWT MV Wakashio grounded off Mauritius in the first week of August. Charterers MOL (Mitsui O.S.K. Lines) has joined the continuing response to the casualty. MV Wakashio is going to cause major pollution in Mauritius. Shipowner Nagashiki Shipping owns and manages MV Wakashio. Shipowner Nagashiki Shipping has been working with Mauritius local authority and salvage company to prevent the spill of oil. Mauritius is insured by Japan P&I Club. MV Wakashio is carrying around 4K tons of low sulfur fuel oil (LSFO) and diesel onboard. MOL (Mitsui O.S.K. Lines) has been operating MV Wakashio commercially on the spot market. MOL (Mitsui O.S.K. Lines) chartered 2007 built capesize bulk carrier 203K DWT MV Wakashio was heading to Brazil from the Far East in ballast when the ship inexplicably grounded off Mauritius. MOL (Mitsui O.S.K. Lines) is thoroughly aware of the tragic incident and the regretful harm to the magnificent environment in Mauritius. MOL (Mitsui O.S.K. Lines) has also transmitted staff to Mauritius. (Mitsui O.S.K. Lines) will collaborate with the authorities of Mauritius. 6-August-2020

 

Tokyo listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) has been planning to replace vintage capesize bulk carriers with the new ones. Even though, MOL (Mitsui O.S.K. Lines) has been reducing its exposure to the dry bulk market. Over a decade, MOL (Mitsui O.S.K. Lines) has been trimming it’s operated and owned capesize bulk carriers from 130 ships to 90. MOL (Mitsui O.S.K. Lines) is planning to replace the current capesize bulk carriers that will be over 15 years old in two years. MOL (Mitsui O.S.K. Lines) declared an asset-light strategy. MOL (Mitsui O.S.K. Lines) requires more modern, fuel-efficient capesize bulk carriers to meet its own environmental and operational standards. Lately, iron ore import to Japan is in decline, which is one reason why MOL (Mitsui O.S.K. Lines) is hesitant to grow the capesize bulker fleet due to charterers, the Japanese steel mills, have been temporarily closing blast furnaces during coronavirus recession. MOL (Mitsui O.S.K. Lines) estimates that 2020 will be a tough year for capesize players. 2-August-2020

 

Tokyo listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) ordered two (2) 89K DWT coal carriers at Oshima Shipbuilding, Japan. MOL (Mitsui O.S.K. Lines) calls new coal carrier EeneX series design as next-generation coal carriers. Two (2) coal carriers have been ordered on the back of long-term contracts with Japanese power plants Hokuriku Electric Power Co and Electric Power Development Co. EeneX series coal carriers were designed in pursuit of the optimal coal carrier for electric power plants in Japan. EeneX series coal carriers will play a leading role in the coal carrier business. EeneX series coal carriers price tags and delivery dates were not disclosed. EeneX series coal carriers will be constructed with a double-hull structure which allows the cargo holds to have completely flat sides, semi-box shape hold, which will increase discharge efficiency and speed up cargo handling. Furthermore, EeneX series coal carriers’ design has also eliminated the ballast hold, which on conventional coal carrier designs are sometimes filled with ballast water to maintain the ship’s stability during ballast voyages. According to MOL (Mitsui O.S.K. Lines), EeneX series coal carriers’ design will save the effort of preparation time for ballasting into cargo holds and reduces the risk of salt and rust contamination due to rust. 12-December-2019

 

In January 2019, Japanese shipowner MOL (Mitsui O.S.K. Lines) ordered another bulk carrier newbuilding at Yangzijiang Shipbuilding to its growing bulk carrier fleet. Previously, MOL (Mitsui O.S.K. Lines) ordered 8 kamsarmax 82K DWT newbuilding bulk carriers at Yangzijiang Shipbuilding. Including the latest deal which brings the total number of such ships, it has on order to nine (9) bulk carriers. MOL (Mitsui O.S.K. Lines) latest newbuilding is said to be a sister-ship to the earlier eight (8) kamsarmax 82K DWT newbuilding bulk carriers. International Maritime Organization (IMO) Tier II new-buildings kamsarmax bulk carriers are said to be costing around $27 million each. Yangzijiang Shipbuilding will start delivering all kamsarmax new-buildings in 2020. Mitsui & Co will continue to place more newbuilding orders at Yangzijiang Shipbuilding because Mitsui and Yangzijiang Shipbuilding have entered into a joint venture with Japanese shipyard Mitsui Engineering & Shipbuilding (Mitsui E&S) to create an Asian shipbuilding powerhouse. New joint venture will rent Yangzijiang’s Taicang Shipyard. Mitsui and Yangzijiang joint venture is aiming ­annual sales of $713 million at the Taicang Shipyard within five years. Furthermore, a new joint venture is planning to eventually break into the tanker and LNG markets. Taicang Shipyard does not have a dry dock but a new joint venture is planning to build one. 15-July-2019

 

Japanese dry bulk shipowner and operator MOL (Mitsui O.S.K. Lines) ordered 3 supramax dry bulk carriers 52K DWT at Japanese shipyard Oshima Shipbuilding. MOL (Mitsui O.S.K. Lines) ordered 3 supramax dry bulk carriers that will be delivered in 2021. It has been 2 years since Tokyo based MOL (Mitsui O.S.K. Lines) ordered a ship last time. Three (3) supramax dry bulk carriers will be built to Nox Tier III specifications. Furthermore, three (3) supramax dry bulk carriers will meet the upcoming 2020 IMO (International Maritime Organization) limits on sulfur emissions. 52K DWT bulk carrier new-buildings built to NOx Tier III specifications are priced around $24 million each in Japanese Shipyards. Japanese dry bulk shipowner and operator MOL (Mitsui O.S.K. Lines) has a fleet of 60 chartered and owned dry bulk carriers in the handysize sector. MOL (Mitsui O.S.K. Lines) has been attempting to scale down its dry bulk operation and reduce its risk. In Q3 2017, MOL (Mitsui O.S.K. Lines) reported a profit of JPY 11.2 billion. 20-February-2018

 

Japanese-controlled cape-size bulkers entered the sale-and -purchase (S&P) market this week. 2005 built capesize bulk carrier M/V Bulk Singapore 177K DWT from Ce­leste Holding has been inspected by a number of potential buyers. Another Japanese owner, Shunzan Kaiun is understood to have put the 2010 built capesize bulk carrier M/V Spring Zephyr 180K DWT on the sales block. Japanese owners MOL (Mitsui O.S.K. Lines) is seeking a buy­er for 2009 built capesize bulk carrier M/V Golden Hope 176K DWT in today’s poor market. 16-February-2016