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