Tokyo-listed Japanese shipping conglomerate Mitsui O.S.K. Lines (MOL), one of the world’s largest and most diversified maritime transport groups, has achieved a milestone 98% reduction in methane slip during sea trials — a technological leap that could redefine the environmental perception of LNG-fuelled ships. The achievement comes just days before the upcoming Marine Environment Protection Committee (MEPC) meeting at the International Maritime Organization (IMO), where the future of LNG as a transition fuel is expected to be one of the most divisive topics among member states and industry representatives. Mitsui O.S.K. Lines (MOL), in collaboration with Kanadevia and Yanmar Power Solutions under Japan’s Green Innovation Fund scheme, conducted the pioneering trials on the LNG-fuelled coal carrier MV Reimei, a panamax-class ship engaged in the Japan–Australia trade. The ship served as the testbed for a newly engineered methane oxidation catalyst and a modified dual-fuel engine system designed to drastically curb unburned methane emissions. The outcome far exceeded initial targets: a 98% reduction, compared to the 70% reduction target and even surpassing the 93.8% cut recorded in ClassNK-certified land-based experiments. Methane slip — the escape of uncombusted methane during engine operation — has long undermined the environmental credibility of LNG propulsion, despite LNG’s significant CO₂ emission advantages over conventional marine fuels. Methane is known to have around 80 times the short-term global warming potential of CO₂ over a 20-year horizon, making its reduction a high-priority goal for regulators, financiers, and environmental stakeholders alike. For Mitsui O.S.K. Lines (MOL), which operates one of the world’s largest LNG carrier fleets alongside significant dry bulk, car carrier, tanker, and offshore energy shipping divisions, this success represents more than just a technical milestone — it underpins the group’s broader strategic ambition to lead the decarbonisation of global shipping. Headquartered in Tokyo, Mitsui O.S.K. Lines (MOL) manages a diversified fleet exceeding 700 ships, encompassing LNG and LPG carriers, bulk carriers, container ships, tankers, and specialized offshore units. The group’s ongoing research and development initiatives extend across carbon capture at sea, ammonia-fuelled ship design, and digital optimisation for fuel efficiency, all aligned with Japan’s national “Green Innovation” policy agenda and the International Maritime Organization’s (IMO’s) decarbonisation framework. The methane slip mitigation project demonstrates Mitsui O.S.K. Lines (MOL)’s approach of combining practical innovation with scalable environmental technology. By achieving near-total elimination of methane emissions in real sea conditions, Mitsui O.S.K. Lines (MOL) and its partners have strengthened LNG’s position as a credible transitional fuel, especially as the International Maritime Organization (IMO) tightens well-to-wake greenhouse gas measurement standards. The trials will continue through fiscal 2026 to evaluate system durability, long-term catalyst performance, and integration compatibility before full commercial deployment begins in 2027. Mitsui O.S.K. Lines (MOL) has confirmed its intention to implement this technology across its LNG-fuelled ships and to share the research findings with other Japanese shipowners and maritime technology developers to accelerate domestic adoption. Mitsui O.S.K. Lines (MOL)’s leadership in sustainable innovation has been increasingly evident over recent years. The group has been developing next-generation LNG carriers equipped with cutting-edge low-pressure dual-fuel engines, hybrid power systems, and onboard CO₂ capture modules. It has also partnered with Japanese shipbuilders and energy companies to explore ammonia and hydrogen-based propulsion systems while maintaining LNG as a bridge technology within its long-term decarbonisation roadmap. The shipowner and operator’s strategy envisions a progressive transition from LNG to bio-LNG and e-methane solutions, ensuring compliance with evolving environmental regulations and maintaining commercial competitiveness across global trade routes. The upcoming International Maritime Organization’s (IMO’s) extraordinary MEPC session will review the proposed Net-Zero Framework, which seeks to introduce carbon pricing mechanisms from 2027 onward as part of the International Maritime Organization’s (IMO’s) global strategy to reach net-zero emissions by 2050.In a recent and unexpected stance, Christopher Wiernicki, the outgoing chairman and CEO of ABS — the world’s third-largest shipping classification society — publicly criticized the International Maritime Organization’s (IMO’s) proposed net-zero framework. “Shipping and the International Maritime Organization (IMO) are currently on separate courses. There is still no realistic roadmap for scalable green fuel production or supporting infrastructure. LNG and biofuels remain essential transitional solutions and should not be marginalised or penalised in regulatory frameworks,” Christopher Wiernicki stated, emphasising that the sector must protect LNG as a vital bridge to a sustainable energy future. “As we move into the 2030s, preserving that bridge — LNG, supported by methane-slip mitigation technologies and credible bio-/e-LNG options — will be critical,” he added. Peter Keller, chairman of SEA-LNG, a global coalition promoting LNG as a marine energy solution, reinforced the argument, saying: “The data clearly shows LNG is already delivering significant emissions cuts and offers a practical, scalable path toward net-zero through biomethane and e-methane. Future policy frameworks must recognise and support the proven role of this decarbonisation pathway. ”For Mitsui O.S.K. Lines (MOL), this achievement is a validation of its decade-long investment in LNG technology, its commitment to the Japanese government’s carbon neutrality goals, and its role as one of the key innovators in global shipping’s transition era. By integrating advanced emission-reduction systems into its diverse fleet, Mitsui O.S.K. Lines (MOL) continues to position itself not only as a commercial leader but also as a technological pioneer guiding the maritime industry toward a low-carbon future. 8-October-2025
The catastrophic grounding of the 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio laid bare an alarming collapse in safety culture, exposing failures not only among the crew but also within the broader framework of oversight and operational management. The MV Wakashio, chartered by Tokyo-listed Japanese shipping powerhouse Mitsui O.S.K. Lines (MOL), had been taken on charter from the Japanese family-owned shipowner Nagashiki Shipping, a discreet operator that manages a significant fleet of modern bulk carriers leased out to leading charterers worldwide. The grounding occurred off Mauritius on July 25, 2020, unleashing an ecological disaster that continues to reverberate across the maritime world. The Mauritian government has now finally published the long-delayed Court of Investigation report, and its conclusions are damning. Investigators denounced what they termed a “total lack of safety culture on board the MV Wakashio,” attributing the incident to distraction, negligence, and systemic managerial breakdowns. According to the inquiry, the newcastlemax bulk carrier 203K DWT MV Wakashio drifted perilously close to the Mauritian shoreline — just five nautical miles away — as officers on the bridge became preoccupied with obtaining a mobile phone signal. The report revealed that the chief officer was absorbed in his phone and failed to notice the vessel’s course deviation, while even upon the master’s return to the bridge, “no corrective action was taken despite the ship closing dangerously with the shoreline. ”The inquiry also severely criticized the safety management systems of both the owner and manager, calling them “ignored by senior officers and not implemented in practice.” Discipline on the bridge had disintegrated to the extent that investigators concluded: “The bridge team failed in their fundamental duty to keep a proper lookout.” Local Mauritian authorities, particularly the Coast Guard, also came under fire for “failing to detect or act upon the abnormal trajectory of the MV Wakashio,” while their subsequent environmental response was branded as “late and inadequate.” The result was catastrophic: nearly 1,000 tonnes of fuel spilled into lagoons, mangroves, and coral reefs, marking the worst ecological crisis Mauritius has ever experienced. To compound matters, the investigative report was withheld for years, fueling suspicions of deliberate suppression and cover-up. The Japan Transport Safety Board had previously published its report two years ago, reiterating that the crew’s reckless decision to divert the ship towards shore in search of a mobile signal was the central cause. The captain of the MV Wakashio reportedly diverted the ship from its planned course without consulting appropriate marine charts. Investigators also highlighted troubling lapses in professionalism: the master of the MV Wakashio had consumed two glasses of whisky mixed with water at a birthday party of a crewmember before the grounding. Panama, as the flag state, released its final accident report in July 2023, echoing similar conclusions, stating that the pursuit of a wifi signal near land was the root cause of the grounding. The removal of the wreckage took 18 months, with the ship breaking apart on reefs adjacent to a UNESCO World Heritage site. While crew negligence has dominated much of the public discourse, less attention has been given to the role of oversight by the charterer, Mitsui O.S.K. Lines (MOL), and its specialized subsidiary MOL Drybulk Ltd., which manages much of MOL’s bulk carrier activity. MOL Drybulk, formed through a restructuring of MOL’s dry bulk divisions, has emerged as a pivotal subsidiary within the MOL group, consolidating its capabilities across capesize, panamax, supramax, ultramax, and specialized bulk carrier segments. Headquartered in Tokyo, MOL Drybulk is tasked with managing MOL’s extensive portfolio of bulk carrier operations, coordinating everything from chartering strategies and technical oversight to sustainability initiatives and customer relations. MOL Drybulk has played an increasingly central role in Mitsui O.S.K. Lines’ strategy of modernizing its dry bulk operations in line with evolving market conditions and environmental regulations. The subsidiary has taken a proactive approach to decarbonization, investing in LNG-fueled newbuildings, ammonia-ready designs, and energy-saving retrofits across its fleet. It also integrates digital platforms for real-time performance monitoring, fuel consumption analytics, and voyage optimization. By doing so, MOL Drybulk ensures that MOL remains a leader among global dry bulk operators in addressing both operational efficiency and compliance with international frameworks such as the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII).The grounding of the MV Wakashio underscores the importance of subsidiaries like MOL Drybulk in shaping safety management culture across MOL’s vast fleet. MOL Drybulk has since placed stronger emphasis on safety protocols, crew resource management training, and enhanced communication between charterers and ship managers to prevent similar incidents. The subsidiary has also partnered with research institutions, classification societies, and technology developers to pioneer green solutions such as wind-assisted propulsion systems, hybrid power integrations, and next-generation fuel trials. These steps are designed not only to improve safety and efficiency but also to reaffirm MOL’s reputation as a responsible global carrier. Financially, MOL Drybulk contributes a significant share of Mitsui O.S.K. Lines’ revenue, benefiting from long-term contracts with industrial majors and diversified exposure to commodities such as iron ore, coal, grain, and minor bulks. Its fleet portfolio gives MOL the ability to balance long-haul capesize trades with more flexible smaller bulk carrier segments, stabilizing earnings during volatile cycles. The creation of MOL Drybulk as a consolidated entity was also a move to streamline decision-making, reduce duplication of roles across divisions, and provide clearer strategic direction for MOL’s dry bulk segment.In the context of the MV Wakashio disaster, MOL Drybulk’s role highlights the broader responsibility of charterers and technical managers in ensuring operational standards are upheld. While the immediate failures lay with the ship’s officers and the owner’s safety management systems, the event has amplified industry-wide discussions about the accountability of major charterers like Mitsui O.S.K. Lines and subsidiaries such as MOL Drybulk in preventing future catastrophes. With its growing focus on sustainability, technological integration, and safety culture, MOL Drybulk now serves as one of the most important drivers of change within Mitsui O.S.K. Lines, tasked with ensuring that the lessons of MV Wakashio translate into lasting reforms across its global dry bulk operations. 3-October-2025
Tokyo-headquartered shipping giant Mitsui OSK Lines (MOL) and Itochu Corp. are preparing to launch the first capesize ammonia bunkering operations in 2027, as Japanese shipowners and operators Mitsui OSK Lines (MOL) and Itochu Corp. collaborate on demonstration projects in Singapore under the leadership of Itochu CEO Masahiro Okafuji, with both Mitsui OSK Lines (MOL) and Itochu Corp. signing a development agreement to position themselves as pioneers in the ammonia bunkering sector, and the plan involves deploying Itochu Corp.’s newly built ammonia bunkering ship together with Mitsui OSK Lines’ (MOL’s) chartered-in dual-fuel capesize bulk carriers for operations scheduled to begin in Q3 2027, while Mitsui OSK Lines (MOL), one of the world’s largest shipping groups with a diversified fleet of more than 800 ships including bulk carriers, container ships, tankers, LNG carriers, car carriers, and offshore units, has been at the forefront of decarbonization initiatives in the maritime sector by investing heavily in LNG, methanol, hydrogen, and ammonia-fueled projects, supported by its global network of offices and operations across Asia, Europe, and the Americas, reinforcing its role as a leader in innovation and sustainable shipping solutions. 19-August-2025
The Tokyo-headquartered shipping giant Mitsui OSK Lines (MOL) is consolidating its ship management operations under a single brand and location as part of a comprehensive strategy to streamline operations, enhance service quality, and increase efficiency across all ship types. Japanese shipowner and operator Mitsui OSK Lines (MOL) has officially renamed its Singapore-based LNG management division, MOL LNG Ship Management, to MOL Global Ship Management (MOLGSM), initiating an internal integration process that will unify Mitsui OSK Lines (MOL)’s previously segmented in-house ship management structures—traditionally divided by ship type—into one centralised framework. MOL Global Ship Management (MOLGSM) is expected to take over the management of more than 200 ships, including LNG carriers, bulk carriers, and tankers. By merging in-house ship management entities that were historically separated by vessel category, MOL Global Ship Management (MOLGSM) aims to foster the cross-sharing of operational expertise and best practices across different ship types while accelerating the adoption of advanced technologies, particularly in the area of environmentally responsible ship management. Japanese shipowner and operator Mitsui OSK Lines (MOL) stated that this restructuring will create efficiency gains through standardised operations, integrated digital systems, and cross-functional personnel development. Mitsui OSK Lines (MOL) also emphasized that this unified organisational setup will improve IT infrastructure, support workforce mobility, and open broader career development pathways for its employees, especially in disciplines related to decarbonisation, digitalisation, and next-generation ship operations. Founded in 1884, Mitsui OSK Lines (MOL) is one of Japan’s largest and most diversified shipping groups, operating a global fleet of more than 700 ships across various sectors, including dry bulk, LNG, tankers, car carriers, and containerships. Mitsui OSK Lines (MOL) is known for its strong commitment to safety, innovation, and sustainability, and has been at the forefront of adopting green technologies such as wind-assisted propulsion, LNG-fueled ships, and digital fleet management tools. The integration of ship management functions into MOL Global Ship Management (MOLGSM) represents a continuation of Mitsui OSK Lines (MOL)’s long-term corporate vision, “Blue Action 2035,” which aims to achieve sustainable growth, zero-emission shipping, and value creation through technological advancement and global collaboration. 25-July-2025
The Japanese shipowner Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk and the Belgium-based shipowner and operator CMB.TECH, the shipowning arm overseen by the Saverys family, have entered into a partnership to jointly own and charter a total of nine groundbreaking newbuildings capable of operating on ammonia fuel. The Tokyo-based shipping heavyweight MOL Drybulk announced that the agreement with Antwerp-headquartered CMB.TECH includes three ammonia dual-fuel newcastlemax bulk carriers, along with six chemical tankers—two of which will be fitted with ammonia dual-fuel capabilities, while the remaining four will be ammonia-ready. These vessels will be the first ammonia dual-fuel newcastlemax bulk carriers and chemical tankers in the world, according to a press release issued on Monday by Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk. The three newcastlemax bulk carriers are set to be constructed at CSSC Qingdao Beihai Shipbuilding, with deliveries expected to take place between 2026 and 2027. These ammonia dual-fuel newcastlemax bulk carriers will be jointly owned by CMB.TECH and MOL and will be chartered to Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk under long-term charter agreements lasting 12 years each. The six chemical tankers are scheduled to be built at China Merchants Jinling Shipyard (Yangzhou) Dingheng, with delivery slated between 2028 and 2029. These chemical tanker newbuilds will be chartered by MOL Chemical Tankers for durations ranging from seven to ten years. Speaking about the agreement, Alexander Saverys, Chief Executive Officer of CMB.TECH, stated: “MOL Drybulk and CMB.TECH share the same vision of decarbonising the maritime industry, and the partnership for these nine vessels is a major milestone towards achieving shipping industry’s goals of net zero emissions by 2050.” He further noted that this agreement increases CMB.TECH’s contract backlog by $921 million, bringing the total to nearly $3 billion. CMB.TECH, headquartered in Antwerp, is a leading maritime technology and shipowning company that focuses on developing and operating large-scale zero-carbon ships. It is a division of the broader Compagnie Maritime Belge (CMB), one of the oldest and most influential shipping groups in Europe, with a history dating back to 1895. CMB.TECH specializes in hydrogen and ammonia-based propulsion technologies and has become a pioneer in developing alternative fuel solutions for the shipping sector. The company operates a growing fleet of hydrogen-powered crew transfer vessels, service vessels, and dual-fuel engines and is actively investing in onshore infrastructure to support the broader adoption of clean fuels. Under the guidance of Alexander Saverys, CMB.TECH is committed to accelerating the decarbonization of the global maritime industry by integrating technological innovation with long-term commercial viability. MOL Drybulk, a core subsidiary of Mitsui OSK Lines (MOL), was established to operate and manage a wide range of dry bulk carriers, including handymax, supramax, panamax, kamsarmax, and newcastlemax ships. Headquartered in Tokyo, MOL Drybulk plays a critical role in MOL’s strategy to provide integrated, efficient, and environmentally responsible maritime transport solutions. The company serves a global client base across industries such as energy, agriculture, steel, and minerals, offering both spot and long-term chartering services. MOL Drybulk is recognized for its operational reliability, cargo handling efficiency, and focus on safety and environmental compliance. In recent years, MOL Drybulk has increasingly turned its attention to decarbonization and sustainable fleet development, aligning with Mitsui OSK Lines’ broader environmental vision to achieve net zero greenhouse gas emissions by 2050. This includes investments in next-generation fuel technologies such as LNG, hydrogen, and ammonia, as well as digital tools for voyage optimization and emission tracking. Through partnerships like the one with CMB.TECH, MOL Drybulk continues to position itself at the forefront of innovation in the dry bulk shipping sector. 26-March-2025
Japanese shipowner Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk is joining forces with Cyprus-based dry shipowner and operatorSMT Shipping to jointly explore options for shipping direct reduced iron (DRI). Interest in DRI produced by reducing iron ore with natural gas or hydrogen is developing as the steel sector ramps up attempts to reduce CO2 emissions. MOL’s subsidiary MOL Drybulk, which has been delivering iron ore to steel industries for many years, said that shipping of DRI requires specialised skills and care to prevent overheating and that SMT Shipping, with a fleet of over 65 vessels involved in shipping and transshipment of dry bulk cargo, is a world leader in this field. SMT Shipping has delivered transshipment solutions at an export operation of iron ore in Sierra Leone since 2021 and an import of iron ore in Trinidad since 2018. The two companies have signed a memorandum of understanding under which Japanese shipowner Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk committed to bolster the transport capacity of DRI to address increasing demand with necessary safety measures in collaboration with SMT Shipping. To produce steel via DRI requires high-grade iron ore, not just in terms of Fe content, but also low impurity, something that is spurring the development of the huge Simandou iron ore mine in West Africa. There are going to be new trades emerging. There are going to be new centres of steel production, both the Middle East and Australia would become more prominent as steel manufacturers. 4-March-2024
Athens-based, Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), under the leadership of Semiramis Paliou, has entered into a significant time charter agreement with MOL Drybulk, the dry bulk shipping division of Japan’s renowned Mitsui O.S.K. Lines (MOL). MOL, Japan’s largest shipowner, is listed on the Tokyo Stock Exchange and operates a vast and diverse fleet that spans various shipping sectors, including dry bulk, LNG, tankers, and container ships. MOL Drybulk, as a specialized arm of this shipping giant, focuses exclusively on dry bulk shipping, catering to the transportation needs of industries that require the movement of raw materials such as coal, iron ore, grains, and other bulk commodities. The contract involves the 2015-built capesize bulk carrier, the 179K DWT MV Santa Barbara, which will be chartered at a gross rate of $22,000 per day. The agreement spans a period ranging from a minimum of October 20, 2025, to a maximum of December 20, 2025. The charter arrangement with MOL Drybulk is set to commence on December 28, 2024, following the expiration of its current charter with Hong Kong-based operator Smart Gain Shipping Co. Ltd. MOL Drybulk will pay Diana Shipping approximately $6.4 million for the minimum charter period of the MV Santa Barbara. MOL Drybulk is a dedicated division of Mitsui O.S.K. Lines, leveraging the parent company’s extensive experience in maritime logistics to serve clients in industries reliant on the transportation of bulk commodities. Headquartered in Tokyo, Japan, MOL Drybulk operates a sophisticated fleet that includes capesize, panamax, and handysize vessels, ensuring the capability to meet the diverse demands of its clients worldwide. The company places a strong emphasis on operational efficiency, safety, and environmental sustainability, aligning with MOL’s overarching commitment to adopting green practices and reducing carbon emissions. In recent years, MOL Drybulk has focused on optimizing its fleet composition and operational strategies to stay competitive in the volatile dry bulk market. The division not only manages the transportation of conventional bulk cargo but also caters to specialized shipments, offering tailored solutions that address unique logistical challenges. As part of its parent company’s “MOL Group Environmental Vision 2.1,” MOL Drybulk actively integrates eco-friendly technologies, including energy-efficient vessel designs and the adoption of alternative fuels, such as LNG and methanol, to minimize its environmental footprint. MOL Drybulk is known for its extensive global reach and strong relationships with leading commodity producers, traders, and end-users. Its presence in key markets such as Asia, Europe, and the Americas enables the company to provide seamless services and meet the dynamic needs of international trade. With the backing of MOL’s robust financial stability and a legacy that dates back to the company’s founding in 1884, MOL Drybulk is well-positioned to navigate the challenges of the dry bulk sector while maintaining a strong focus on customer satisfaction and long-term partnerships. The division has also played a pivotal role in advancing digitalization within the shipping industry. Through collaborations with technology firms and in-house innovation, MOL Drybulk enhances fleet performance monitoring, route optimization, and predictive maintenance. These advancements not only improve operational efficiency but also contribute to significant cost savings and reductions in greenhouse gas emissions. The partnership between MOL Drybulk and Diana Shipping Inc. underscores the strategic alignment of two industry leaders. While MOL Drybulk benefits from Diana’s modern and well-maintained fleet, Diana Shipping gains the advantage of working with a globally recognized name in the dry bulk sector. This collaboration reflects the broader trend in the shipping industry, where synergies between operators create mutually beneficial outcomes and reinforce the resilience of the global supply chain. Diana Shipping Inc., with a diversified fleet comprising 38 dry bulk carriers, including four newcastlemaxes, eight capesizes, five post-panamaxes, six kamsarmaxes, six panamaxes, and nine ultramaxes, continues to expand its operational footprint. On Monday, the company announced another significant charter agreement with China Resource Chartering Limited for its 75K DWT panamax bulk carrier, MV China Resource. This charter is expected to generate approximately $2.3 million and will last until at least September 20, 2025. In addition to its current fleet, Diana Shipping Inc. has ambitious plans to grow and modernize its operations. The company is set to take delivery of two methanol dual-fuel newbuilding kamsarmax dry bulk carriers, with expected arrivals in the second half of 2027 and the first half of 2028. This move aligns with the shipping industry’s transition toward greener and more sustainable energy sources. The collaboration between Diana Shipping Inc. and MOL Drybulk represents a convergence of expertise and strategic vision within the maritime industry. MOL Drybulk’s reputation for operational excellence, environmental stewardship, and innovative solutions, combined with Diana Shipping’s modern fleet and commitment to high standards, creates a strong foundation for success. As both companies continue to adapt to the evolving landscape of global shipping, their partnership will likely set a benchmark for efficiency, sustainability, and value creation in the dry bulk sector. 17-December-2024
Japan’s largest shipowner, Mitsui O.S.K. Lines (MOL), listed on the Tokyo Stock Exchange, has significantly expanded its orderbook with a new contract for Newcastlemax bulk carriers at CSSC Qingdao Beihai Shipbuilding. MOL’s subsidiary, MOL Drybulk, has commissioned four (4) LNG dual-fuel 210K DWT Newcastlemax bulk carriers from this renowned builder, with deliveries scheduled for Q4 2027 and Q1 2028. This move underscores MOL Drybulk’s strategic shift towards more environmentally sustainable shipping technologies. Previously, in 2023, MOL Drybulk had placed orders for three (3) Newcastlemax bulk carriers at Qingdao Beihai Shipbuilding for approximately $83m each, with deliveries set for 2026 and 2027. Unlike these earlier vessels, which are powered by LNG dual-fuel engines, the latest series will be equipped with ammonia dual-fuel capabilities and cost about $93m each. This transition to ammonia-fueled engines represents MOL Drybulk’s commitment to pioneering in the adoption of alternative fuels within the maritime industry. MOL Drybulk, a fully-owned subsidiary of Mitsui O.S.K. Lines, specializes in dry bulk shipping, providing comprehensive transport solutions that involve the carriage of bulk commodities such as ores, coal, grains, and wood products. The company operates a diverse fleet that includes Capesize, Panamax, and Handysize vessels, strategically positioning itself to cater to a broad range of cargo demands globally. The Chartering Department of MOL Drybulk plays a pivotal role in the company’s operations, managing the commercial operation of the fleet. This department is instrumental in negotiating contracts of affreightment, spot market charters, and long-term charter agreements, adapting swiftly to the volatile shipping market to optimize fleet utilization and profitability. The team’s expertise in market analysis, risk management, and logistic planning enables MOL Drybulk to offer competitive and reliable services to its customers. In early 2023, the proactive approach of MOL Drybulk’s R&D and chartering strategies led to the approval in principle from the Japan Classification Society ClassNK for a Newcastlemax bulk carrier design. This design was developed in partnership with trading house Mitsui & Co and Mitsubishi Shipbuilding, showcasing MOL Drybulk’s capability to lead projects that push forward the boundaries of ship technology and environmental compliance. The strategic vision of MOL Drybulk’s Chartering Department not only involves maintaining a robust presence in traditional bulk shipping markets but also extending its reach into innovative projects that demonstrate environmental stewardship. This aligns with the broader corporate goals of MOL, focusing on sustainability and the reduction of greenhouse gas emissions across its operations. With this latest order, MOL Drybulk has 14 dual-fuel Newcastlemax newbuilding projects spread across CSSC Qingdao Beihai Shipbuilding and domestic shipyards in Japan. This extensive portfolio of newbuilds ensures that MOL Drybulk remains at the forefront of adopting cutting-edge technologies that mitigate environmental impact. Other prominent shipowners, including Kawasaki Kisen Kaisha (K Line), Singapore-based Eastern Pacific Shipping (EPS), and Berge Bulk, along with Compagnie Maritime Belge (CMB), are following similar paths by investing in Newcastlemax bulk carrier newbuilds with either dual-fuel or ammonia-ready capabilities, indicating a significant industry trend towards greener shipping solutions. MOL Drybulk, through its innovative projects and strategic chartering operations, continues to set industry benchmarks in both operational excellence and environmental responsibility. 13-December-2024
Japan’s largest shipowner, Mitsui O.S.K. Lines (MOL), listed on the Tokyo Stock Exchange, has its substantial maritime operations managed through various subsidiaries, among which MOL Drybulk stands out as a pivotal entity. MOL Drybulk, a dedicated arm of MOL, specializes in dry bulk shipping, handling the transport of major bulks such as iron ore, coal, and grain, as well as minor bulks including steel products, forestry products, and fertilizers. This specialization allows them to focus on optimizing efficiency and service quality in these specific trade lanes. MOL Drybulk has made strategic decisions to expand and modernize its fleet to meet the evolving demands of the global shipping market. The subsidiary’s recent decision to switch bunker choices aligns with global environmental targets. By signing contracts for four newcastlemax bulk carriers that will utilize cleaner fuel options like ammonia, MOL Drybulk is positioning itself as a leader in sustainable maritime logistics. This move not only reflects their commitment to reducing environmental impact but also anticipates regulatory changes that could affect fuel use in the future. The deal that MOL Drybulk has struck will raise its total number of dual-fuel newcastlemax bulk carriers to 14 ships, marking a significant step in its fleet expansion and modernization plan. These vessels, ordered from Qingdao Beihai Shipbuilding Heavy Industry in China, are part of a broader strategy to enhance the company’s competitive edge in the dry bulk market. Scheduled for delivery between the fourth quarter of 2027 and the first quarter of 2028, these ships represent the latest in maritime technology, with a cargo capacity of 210K DWT each. In addition to its fleet operations, MOL Drybulk’s Chartering Department plays a crucial role in the company’s success. This department is responsible for the strategic positioning of the fleet globally and managing the day-to-day chartering activities. It works closely with clients across various industries to provide customized shipping solutions that meet their specific logistical needs. The Chartering Department utilizes a combination of market analysis, risk management strategies, and customer service excellence to optimize fleet utilization and ensure profitable operations. The department’s expertise in navigating complex market conditions and its ability to adapt to changing customer requirements are fundamental to MOL Drybulk’s reputation as a reliable and forward-thinking provider in the dry bulk shipping sector. With a focus on long-term relationships and a deep understanding of market dynamics, the Chartering Department ensures that MOL Drybulk can capitalize on opportunities and mitigate risks associated with the cyclical nature of the shipping industry. Moreover, the Chartering Department’s efforts are supported by advanced technology and data analytics, which enable more accurate forecasting and decision-making. This technological edge, combined with the department’s industry expertise, allows MOL Drybulk to effectively manage its assets and align its operational strategies with broader corporate goals, such as sustainability and customer satisfaction. In conclusion, MOL Drybulk and its Chartering Department are integral components of Mitsui O.S.K. Lines’ global operations, driving both growth and innovation. Their recent strategic moves, including the shift to ammonia-fueled newcastlemax bulk carriers, not only underscore their commitment to environmental stewardship but also reflect their adaptability to the future demands of global trade and shipping logistics. As MOL Drybulk continues to expand its fleet and enhance its service offerings, it solidifies its position as a leader in the dry bulk industry, poised to meet the challenges of a rapidly evolving maritime sector. 5-December-2024
Japan’s largest shipowner, the Tokyo Stock Exchange-listed MOL (Mitsui O.S.K. Lines), is capitalizing on robust container and energy markets, although it faces challenges in the capesize bulk carrier segment. MOL anticipates a temporary downturn in this segment during Q1 2025, attributed to Brazil’s rainy season. The company has reported a substantial increase in net profit for the first half, over 50%, buoyed by strong performance in the container ship and energy sectors, with net profits reaching nearly $1.6 billion in Q3 2024. MOL’s dry bulk subsidiary, MOL Drybulk, is actively exploring growth opportunities in project cargo trade, following the advantageous consolidation of its various dry bulk businesses into a single entity. Launched in April 2021 by MOL, this consolidation merged the small and medium-sized bulker operations with the woodchip carrier and near-sea bulker operations, formerly known as MOL Kinkai. This strategic integration aims to enhance MOL Drybulk’s efficiency and growth prospects within the dry bulk shipping market, particularly focusing on expanding its project cargo trade capabilities. Mitsui O.S.K. Lines (MOL) has a diversified business portfolio that includes not only dry bulk and container shipping but also car carriers, tankers, and LNG carriers, alongside terminal and logistics services. As a pioneering force in global shipping, MOL is committed to environmental sustainability, participating in various green initiatives aimed at reducing greenhouse gas emissions across its fleet. The company is also involved in the development of next-generation shipping technologies, including autonomous ships and blockchain-based maritime logistics. MOL Drybulk, now positioned as a crucial player within the broader MOL group, leverages the group’s extensive network and resources to improve operational efficiencies and enhance service offerings. The entity is strategically focusing on sectors with high growth potential such as the project cargo sector, aiming to solidify its market position by capitalizing on the increasing demand for specialized cargo handling. This is part of MOL’s broader strategy to optimize its fleet according to market needs and maximize profitability while adhering to its commitment to sustainable practices. 31-October-2024
The Bergen-based shipowner and operator Gearbulk, known for specializing in open-hatch bulk carriers, is now fully under Japanese control. As of June 2024, Mitsui OSK Lines (MOL) had acquired a 72% stake in Gearbulk Holding. Mitsui OSK Lines (MOL), a prominent Tokyo-based shipping company, is renowned for its extensive global operations and diverse fleet, which includes everything from dry bulkers to tankers and container ships. This acquisition is part of MOL’s strategy to expand its footprint in specialized cargo sectors. Recently, another major Japanese corporation, Marubeni Corporation, acquired the remaining 28% stake from Kristian Jebsen and his family. The leadership of Gearbulk, under Kristian Gerhard Jebsen, expressed satisfaction with Marubeni’s decision to invest in and support Gearbulk’s growth. This acquisition, in conjunction with the ownership by Japan’s largest shipowner, the Tokyo Stock Exchange-listed maritime conglomerate MOL (Mitsui O.S.K. Lines), ensures continued stability for Gearbulk and all associated stakeholders. Having maintained a close business relationship with Gearbulk for over three decades, Marubeni’s investment represents a logical progression. Kristian Gerhard Jebsen will maintain his roles as chairman of Gearbulk and as chairman of G2 Ocean, a joint venture between Gearbulk and Grieg Maritime Group. The purchase price for Marubeni’s stake in the Norwegian shipowner and operator Gearbulk has not been disclosed. This strong alliance signifies a robust future for Gearbulk, leveraging the vast network and resources of both Mitsui OSK Lines and Marubeni. 10-October-2024
Japan’s largest shipowner, the Tokyo Stock Exchange-listed maritime conglomerate MOL (Mitsui O.S.K. Lines), is finalizing its acquisition of the Bergen-based shipowner and operator Gearbulk from Kristian Jebsen, with the transaction expected to close in the first quarter of 2025. MOL (Mitsui O.S.K. Lines), which first acquired a 40% stake in Gearbulk in 1991, increased its ownership to 49% over the years while Kristian Jebsen maintained a 51% majority. Founded in 1968, Gearbulk is recognized as the world’s largest open-hatch operator. MOL (Mitsui O.S.K. Lines) has now announced plans to increase its stake to 72% by early 2025. Gearbulk, headquartered in Bergen, manages a fleet of 60 bulk carriers, with additional ships currently on order in China. The financial details of the acquisition have not been disclosed. MOL (Mitsui O.S.K. Lines), a part of the Mitsui Group, has a strong track record of investing in Norwegian maritime assets, including companies like Odfjell Oceanwind, Larvik Shipping, and AKOFS Offshore. 25-June-2024
The Indian conglomerate Adani Group has realized a significant capital gain from the sale of the capesize bulk carrier 181K DWT MV Urja to London-based financial firm Hayfin Capital Management. This transaction marks Hayfin Capital Management’s second Sale and Purchase (S&P) deal of 2024. Adani Group secured a substantial profit by selling the MV Urja, a capesize bulker built in 2013, for approximately $38 million. The vessel was previously purchased from the Tokyo Stock Exchange-listed Japanese shipping giant Mitsui O.S.K. Lines (MOL), at a time when the MV Urja was valued at around $25 million. 7-May-2024
The esteemed Japanese shipping firm Mitsui OSK Lines (MOL) has initiated a significant step into the offshore wind sector with a new vessel order. This move comes as part of a contract from JFE Engineering, leading to the commissioning of Japan’s first coastal module carrier, specifically designed to support the growing offshore wind market in Japan. This pioneering vessel is scheduled for delivery by Taizhou Sanfu Ship Engineering in early 2026, although the financial details of the transaction have not been made public. Operating under Mitsui OSK Lines’ (MOL) subsidiary, MOL Drybulk, the new ship has been ordered specifically to fulfill the requirements of JFE Engineering. This engagement involves the transportation of foundational components for wind turbines, highlighting Mitsui OSK Lines’ (MOL) strategic pivot towards supporting renewable energy infrastructure development. This initiative marks Mitsui OSK Lines’ (MOL) proactive approach in aligning with global and domestic shifts towards sustainable energy solutions. 15-April-2024
The prominent Japanese shipping company Mitsui OSK Lines (MOL) is venturing into the realm of electric shipping with a notable investment in the United States. This investment comes from Mitsui OSK Lines (MOL) Plus, the venture capital branch of the company, which is allocating an undisclosed amount of funds to FleetZero. FleetZero is a shipowning and technology enterprise working on introducing the world’s first zero-emission, electric-powered container ship capable of long-range voyages. The operation of Mitsui OSK Lines (MOL) in the U.S., headed by Chief Executive Officer Steven Henderson, specializes in battery systems technology, focusing on developing batteries that are high in energy density while remaining affordable. Mitsui OSK Lines (MOL) acknowledges that profitability and safety concerns have historically limited the development of electric vessels, especially in terms of their size and operational range. Nonetheless, the battery system developed by FleetZero has the potential to change this by enabling the construction of electric ships that are medium to large in size and capable of medium to long-distance travel. Mitsui OSK Lines (MOL) Plus is optimistic about its investment in FleetZero, hoping that the company’s efforts will significantly contribute to the maritime industry’s decarbonization by facilitating a quicker transition to electric vessels. Mitsui OSK Lines (MOL) is planning to equip its fleet with these innovative battery systems and is looking to collaborate with other key players, particularly in Asia, to encourage the widespread adoption of this technology. Last year, FleetZero successfully retrofitted the MV Pacific Joule, a vessel built in 2007 and acquired from Laborde Marine in 2022 for $6 million, with its state-of-the-art Leviathan battery technology. This accomplishment marks a significant step towards making the vision of large, electrically powered vessels for medium to long-range transport a reality. Chief Executive Officer Steven Henderson, who has spent numerous years at sea as an engineer and officer, and also managed an oil and gas business in the Gulf of Mexico before co-founding FleetZero, brings a depth of experience to this innovative venture. FleetZero has garnered support from several investors, including Flexport and McKinley Capital, showcasing its potential to make a significant impact on the future of sustainable maritime transportation. 28-March-2024
The esteemed Tokyo Stock Exchange-listed maritime conglomerate, MOL (Mitsui O.S.K. Lines), has made a significant announcement regarding its innovative approach towards reducing carbon emissions through a carbon capture and e-fuel re-export strategy in collaboration with partners in Japan and Australia. This initiative marks a pivotal step in MOL’s commitment to pioneering sustainable practices within the shipping industry. By allying with key industry leaders, MOL (Mitsui O.S.K. Lines) aims to revolutionize green shipping practices through a circular economy model. Under the visionary leadership of Takeshi Hashimoto, MOL (Mitsui O.S.K. Lines) is diligently working to forge a sustainable supply chain for the future, focusing on the utilization of new, eco-friendly fuels. The collaboration involves a strategic partnership with Itochu, a major trading house; HIF, a Texas-based e-fuel innovator; and JFE Steel, a leading steel manufacturer, to collectively develop and implement this ambitious project. The project’s scope includes a wide-ranging feasibility study aimed at establishing a circular shipping system that leverages synthetic fuel production and CO2 transportation, utilizing green hydrogen as a key component of this eco-conscious initiative, as announced by MOL (Mitsui O.S.K. Lines). MOL (Mitsui O.S.K. Lines) is a global titan in the shipping industry, renowned for its extensive fleet and innovative approach to maritime transport and logistics solutions. With a history spanning over a century, MOL (Mitsui O.S.K. Lines) has continually adapted and evolved to meet the changing demands of the global market, emphasizing sustainability and environmental responsibility. The company’s diverse operations include container ships, dry bulkers, tankers, LNG carriers, and car carriers, among others, serving as a testament to its versatility and commitment to excellence in all aspects of shipping and logistics. MOL’s (Mitsui O.S.K. Lines) pioneering efforts in sustainability are reflected in its proactive measures to reduce greenhouse gas emissions and its investment in cutting-edge technologies for cleaner, more efficient shipping operations. The company’s latest initiative with carbon capture and e-fuel re-exportation underscores its leadership in driving the maritime industry towards a greener future. Through strategic collaborations and innovative projects, MOL (Mitsui O.S.K. Lines) continues to set industry benchmarks for sustainability and operational efficiency, reinforcing its position as a forward-thinking leader in the global shipping sector. 28-February-2024
Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines), under the leadership of Chief Executive Takeshi Hashimoto, has successfully secured financing for six new vessels through the adoption of a sustainable finance framework. This framework is particularly notable for its emphasis on transition loans that are directly tied to achieving specific greenhouse gas reduction targets, reflecting MOL’s (Mitsui O.S.K. Lines) commitment to sustainability in its operations. In December, the Japanese shipping giant MOL (Mitsui O.S.K. Lines) finalized agreements for three transition loans and one transition-linked loan. An additional transition-linked loan is anticipated to be finalized either in January or February. These financial arrangements are earmarked for the construction of a diverse array of vessels designed with environmental sustainability in mind. The fleet expansion includes two LNG (Liquefied Natural Gas) dual-fuel ferries and a bulk carrier outfitted with MOL’s (Mitsui O.S.K. Lines) innovative Wind Challenger sail, which is intended to significantly reduce fuel consumption and emissions. Additionally, the financing will support the construction of an LNG dual-fuel pure car/truck carrier (PCTC), an LNG dual-fuel Very Large Crude Carrier (VLCC), and a Very Large Gas Carrier (VLGC). This strategic move not only underscores MOL’s (Mitsui O.S.K. Lines) dedication to integrating sustainable practices into its business model but also aligns with global efforts to reduce the maritime industry’s carbon footprint and transition towards greener energy sources. 28-January-2024
Tokyo Stock Exchange-listed Japanese shipping giant MOL’s (Mitsui O.S.K. Lines) dry bulk subsidiary MOL Drybulk is currently focusing on growth opportunities in the project cargo trade after experiencing the benefits of consolidating various independent dry bulk businesses into a single entity. This consolidation effort was initiated by the Japanese shipping giant Mitsui OSK Lines (MOL), which formed MOL Drybulk in April 2021. The new entity combines Japanese shipping giant MOL’s (Mitsui O.S.K. Lines) small and medium-sized bulker business with its woodchip carrier division and its near-sea bulker operation, previously known as MOL Kinkai. As a result, MOL Drybulk is now seeking expansion in specific areas, with a particular emphasis on the project cargo trade. This strategic move reflects MOL Drybulk’s pursuit of growth opportunities and increased efficiency within the dry bulk shipping sector. 17-January-2024
Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) has commissioned the construction of five LNG-powered newcastlemax bulk carriers. The order is divided between Nihon Shipyard in Japan and CSSC Qingdao Beihai Shipbuilding in China. These carriers are scheduled for delivery between 2026 and 2027. With this addition, Japanese shipping giant MOL’s (Mitsui O.S.K. Lines) fleet will expand to include a total of 13 LNG-fueled capesize bulk carriers. 19-December-2023
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) is the anonymous benefactor behind the order for a new-building 174,000 cum LNG carrier, which was placed at Hanwha Ocean Shipyard. A transaction edging towards a staggering $260m represents Hanwha Ocean’s inaugural order for an LNG carrier since its rechristening from the former Daewoo Shipbuilding and Marine Engineering (DSME) and marks the fifth engagement in the LNG sector this annum. In previous years, Japanese shipping giant MOL (Mitsui O.S.K. Lines has commissioned LNG carriers from Daewoo Shipbuilding and Marine Engineering (DSME), and the latest inclusion to their growing order book is believed to be a latent option that MOL (Mitsui O.S.K. Lines) previously secured at the shipyard. 4-August-2023
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio grounded off Mauritius. 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). The incident occurred on July 25, 2020. Although an incident report had been lodged with the International Maritime Organization (IMO) by the ship’s registry, Panama, a couple of years ago, it has only recently been made public. According to the report, the crew was commemorating a crewmember’s birthday on the day of the incident. They decided to approach the shore to find a Wi-Fi signal so that he could contact his family. The officer on duty, however, was likely distracted by his mobile phone when the ship veered towards a reef off Mauritius, failing to maintain the required five-mile distance from the shore, as stipulated by the captain. The report also indicates that it took the crew approximately 30 minutes after the grounding to notify local authorities in Mauritius. The human factors identified as contributing to the subsequent environmental disaster include a lack of vigilance, inadequate support in the bridge, overconfidence, lack of personal competence, and insufficient ISM procedures. It took 18 months to remove the remains of the colossal Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio, which split in two on reefs near a protected UNESCO World Heritage site. The Nagashiki Shipping newcastlemax leaked over 1,000 tonnes of bunker fuel. MV Wakashio was operated by Mitsui OSK Lines (MOL) and managed by Anglo-Eastern. In their announcement of measures to prevent a recurrence of a MV Wakashio-like catastrophe, Mitsui OSK Lines (MOL) attributed the change in the MV Wakashio’s passage plan from maintaining a 22 nautical mile distance from the island of Mauritius to just two nautical miles. Furthermore, Mitsui OSK Lines (MOL) revealed that the crew was using a nautical chart with an insufficient scale to accurately determine the distance from the coast and water depth. Additionally, Mitsui OSK Lines (MOL) stated that a crewmember neglected proper visual and radar watch-keeping. Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio incident is the second-most prominent commercial ship accident of the 2020s to date. 20-July-2023
Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) secured approval in principle for the design of an ammonia-powered newcastlemax bulk carrier from classification society ClassNK. Japanese shipowner and operator MOL (Mitsui O.S.K. Lines) prefers an ammonia-fuelled newcastlemax bulk carrier. Japanese classification society ClassNK has issued approval in principle for the design of an ammonia-powered newcastlemax bulk carrier. MOL (Mitsui O.S.K. Lines) anticipates investing in 90 LNG-fuelled and 110 next-generation fuel-powered ships by 2030. Like many other shipowners, Japanese shipping giant MOL (Mitsui O.S.K. Lines) prefers ammonia as a next-generation clean energy source. The shipping industry is accelerating its steps to strategically use ammonia as a bunker. 28-January-2023
Japanese shipowner and operator NYK Line (Nippon Yusen Kabushiki Kaisha) and MOL (Mitsui O.S.K. Lines) cooperate to decrease carbon emissions. Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) ordered one more hard sail ultramax bulk carrier. On the other hand, Tokyo Stock Exchange-listed Japanese shipping giant NYK Line (Nippon Yusen Kabushiki Kaisha) draws up plans to upgrade the company’s dry bulk fleet. Japanese shipowner and operator MOL (Mitsui O.S.K. Lines) ordered one more ultramax bulk carrier newbuilding using hard sail energy efficiency technology. The newbuilding will become the second hard sail fitted ultramax bulk carrier that MOL (Mitsui O.S.K. Lines) ordered to carry wood pellet for US sustainable energy company Enviva. 62K DWT hard sail fitted ultramax bulk carrier will be owned and operated through subsidiary MOL (Mitsui O.S.K. Lines) Dry Bulk which has placed the order at Oshima Shipbuilding. MOL (Mitsui O.S.K. Lines) Dry Bulk will take the delivery of a 62K DWT hard sail fitted ultramax bulk carrier in 2024. In October 2021, MOL (Mitsui O.S.K. Lines) Dry Bulk take the delivery of the first hard sail fitted ultramax bulk carrier. 12-August-2022
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) and Tata Steel will use hard sails to decrease carbon emission on bulk carriers. MOL (Mitsui O.S.K. Lines) and Tata Steel aim to lower emissions in the shipping of raw materials used in steel production. MOL (Mitsui O.S.K. Lines) and Tata Steel will use Wind Challenger, a hard sail that will harness wind energy. Japanese shipping giant MOL (Mitsui O.S.K. Lines) has been simultaneously examining the Wind Challenger technology with partners and the first bulk carrier to be outfitted with the Wind Challenger will commence operation in 2022. MOL (Mitsui O.S.K. Lines) aims to achieve net-zero emissions by 2050. MOL (Mitsui O.S.K. Lines) will proceed with the adoption of clean alternative fuels and the improvement of energy-saving technologies. Japanese shipping giant MOL (Mitsui O.S.K. Lines) has announced the Wind Challenger hard sail technology has the potential to achieve a 5% to 8% decrease in greenhouse gas emissions by decreasing bunker use. MOL (Mitsui O.S.K. Lines) anticipates investing in 90 LNG-fuelled and 110 next-generation fuel-powered ships by 2030. 23-August-2021
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) reported a $1 billion profit for the fiscal year 2020. MOL (Mitsui O.S.K. Lines) reported a $9 billion revenue for the fiscal year 2020. MOL (Mitsui O.S.K. Lines) reported a $1.2 billion of equity in net earnings of affiliated companies, 90% of which was supplied by Ocean Network Express (ONE), in which MOL (Mitsui O.S.K. Lines) is a partner. MOL (Mitsui O.S.K. Lines) stripped 17 PCC (Pure Car Carriers) in 2020 after the coronavirus recession hammered the demand for car transport. MOL’s (Mitsui O.S.K. Lines) dry-bulk division was also hit hard by the coronavirus recession in 2020 and reported a $38 million loss for the year. Furthermore, MOL’s (Mitsui O.S.K. Lines) subsidiary MOL Bridge Finance has recorded adjustments for uncertain accounts for loans provided to subsidiary company Gearbulk Holding. Recently, MOL (Mitsui O.S.K. Lines) commenced the operation of its new dry venture MOL Drybulk (Mitsui O.S.K. Lines Drybulk). MOL Drybulk (Mitsui O.S.K. Lines Drybulk) reported an increase in paper raw materials and pulp shipping, however, said overall bulk carrier demand was weak in 2020. In 2021, MOL Drybulk (Mitsui O.S.K. Lines Drybulk) is projected to post a profit of $118 million. Japanese shipping giant MOL (Mitsui O.S.K. Lines) aims to spend around $1.8 billion by 2023 in lowering the company’s carbon emissions. MOL (Mitsui O.S.K. Lines) plans to expand its LNG carriers, floating storage, and regasification units (FSRUs) to catch the increasing global demand for LNG. 29-April-2021
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) installing hard sail on bulk carriers, tankers, and LNG ships as MOL (Mitsui O.S.K. Lines) advances towards its first newbuilding 100K DWT bulk carrier under its Wind Challenger propulsion system. Japanese shipowner MOL (Mitsui O.S.K. Lines) has signed a coal transportation contract with Tohoku Electric Power to use the Wind Challenger propulsion system. Japanese dry bulk shipowner and operator MOL (Mitsui O.S.K. Lines) is going to install a 11-meter-long telescopic hard sail on a capesize bulk carrier. This single bow-mounted hard sail can stretch to a height of about 50 meters from the upper deck. Besides, hard sail can be retracted but will not sit flat with the deck. In 2017, Japanese shipowner MOL (Mitsui O.S.K. Lines) and Oshima Shipbuilding take over the hard sail project. In 2019, ClassNK approved the design work. In 2020, Japanese shipowner MOL (Mitsui O.S.K. Lines) signed a coal transportation deal with Tohoku Electric Power for Wind Challenger bulk carrier. Japan’s Pilot Association has agreed the Wind Challenger bulk carrier can be safely managed without any special sailing procedures. Wind Challenger bulk carrier will be delivered in October 2022 by Oshima Shipbuilding. Tokyo listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) designed hard sail will have no significant impact on ship visibility or hydrodynamics. MOL (Mitsui O.S.K. Lines) is planning to install four (4) hard sails on VLCCs (Very Large Crude Carriers) that comply with visibility regulations in the International Convention for the Safety of Life at Sea (SOLAS). According to MOL (Mitsui O.S.K. Lines), a wing-shaped hard sail allows more comprehensive thrust and efficiency than a rotor alternative. MOL (Mitsui O.S.K. Lines) conceives the hard sails as a feature for new-building ships rather than for existing ships. 10-March-2021
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax 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 newcastlemax 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 newcastlemax 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
Despite a soft dry market, Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) declares profitable annual returns, unaffected substantially by the virus outbreak in the 2019 fiscal year. Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) has triumphantly concluded its fiscal year of 2019, displaying a robust 21% surge in net profits. MOL (Mitsui O.S.K. Lines) reported a net gain of $305 million. MOL’s (Mitsui O.S.K. Lines) performance was largely stimulated by its subsidiary liner’s operating profit of $28 million. While MOL (Mitsui O.S.K. Lines) acknowledges the inevitable influence of the pandemic’s global economic disruption on future group profitability, MOL (Mitsui O.S.K. Lines) maintains that the fiscal year under review saw minimal impact. In the domain of containerships, Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) implemented various strategies to counter dwindling shipments, such as flexibly reducing services. As March commenced, the situation in China ameliorated, and for a time, liftings reportedly regained momentum. The performance of MOL’s (Mitsui O.S.K. Lines) dry bulk division was more varied, burdened by considerably weaker charter rates from the outset of 2020 due to declining transport demand and the overall market deceleration. However, MOL (Mitsui O.S.K. Lines) reported a slight impact on profitability as the majority of spot contracts concluded over the year had been secured before the market downturn. In the liquid cargo market, MOL (Mitsui O.S.K. Lines) noted the plunge in oil prices led to a surge in demand for tankers as floating repositories, contributing to improved market conditions. Nonetheless, Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) anticipates that the positive ripple effects from this tanker sector recovery will primarily be reflected in profits for the forthcoming fiscal year. On another front, MOL’s (Mitsui O.S.K. Lines) vehicle transport division did not escape the pandemic’s clutches as completed car shipments were delayed during the final segment of the fourth quarter. Nevertheless, the period of impact was brief, and Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) asserted that the repercussion on the fiscal year’s performance under review was insubstantial. 29-April-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
Under a scheme unveiled on Tuesday, a Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) controlled bulk coal carrier might pioneer the inaugural implementation of a hard sail, known as the Wind Challenger, by 2022. This bold move, a joint venture between the Japanese shipowner MOL (Mitsui O.S.K. Lines) and Tohoku Electric Power, follows the success of preliminary investigations regarding the device’s feasibility. An affirmation has been issued stating that a ship equipped with a Wind Challenger is compatible with port facilities owned by Tohoku, according to the partnering firms. MOL (Mitsui O.S.K. Lines) and Tohoku Electric Power intend to assess the system’s influence on offloading procedures and its effect on greenhouse gas emissions during the ship’s transit. The goal is to commission the world’s first ship equipped with this device post-2022. The Wind Challenger, a retractable hard sail designed to transmute wind energy into propulsive force, has been in development for nearly a decade. A conglomerate of Japanese firms, inclusive of MOL (Mitsui O.S.K. Lines) and Oshima Shipbuilding, has been diligently crafting the technology. Commenced in 2009, the Wind Challenger Project began as a collaborative initiative between industry and academia, helmed by The University of Tokyo. It was selected in 2013 to receive a grant for research in next-generation marine environment-related technology from Japan’s Ministry of Land, Infrastructure, Transport, and Tourism (MILT). MOL (Mitsui O.S.K. Lines) and Oshima Shipbuilding took the reins of the project in January 2018, subsequently assuming a pivotal role. Earlier this month, the concept received approval in principle (AIP) from the ClassNK Japanese classification society. Projections suggest that the hard sail could potentially curtail a ship’s greenhouse gas emissions by approximately 5% on a Japan-Australia journey, and around 8% on a voyage between Japan and the western coast of North America. 14-October-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