Latest news with #MitsuiO.S.K
Business Recorder
8 hours ago
- Politics
- Business Recorder
Three tankers divert away from Strait of Hormuz amid rising tensions: shipping data
LONDON: Three empty oil and chemical tankers have diverted away from the Strait of Hormuz and changed course, Marine Traffic ship tracking data showed on Monday, amid growing uncertainty over whether Iran will take reprisal action in the vital waterway after U.S. airstrikes on Tehran's nuclear facilities. The Marie C and Red Ruby, which were in ballast rather than carrying cargo and previously sailing towards the Strait, dropped anchor near Fujairah off the United Arab Emirates coast. Tankers U-turn, zig-zag, pause around Strait of Hormuz The Kohzan Maru was sailing in the Gulf of Oman close to Omani waters, according to data on the MarineTraffic platform. Japan's Nippon Yusen and Mitsui O.S.K. Lines said on Monday they had instructed their vessels to minimise the time spent in the Gulf as they continue to transit the Strait of Hormuz.
Business Times
15 hours ago
- Business
- Business Times
Japanese ships transiting Strait of Hormuz to minimise time in Gulf
[TOKYO] Japan's Nippon Yusen and Mitsui O.S.K. Lines said on Monday they have instructed their vessels to minimise the time spent in the Gulf as they continue to transit the Strait of Hormuz following the US strikes on Iranian nuclear facilities. The shipping companies said they are closely monitoring the situation and sharing updates with ships operating in the region. 'We are instructing our vessels to shorten their time in the Persian Gulf whenever possible, depending on their schedules,' a Nippon Yusen spokesperson said. 'We will make decisions on each vessel's passage through the Strait of Hormuz on a flexible basis,' he added. MOL's safety operation supporting centre in Tokyo has stepped up 24-hour surveillance, a company spokesperson said. 'We are advising vessels operating in the area to exercise maximum caution and providing them with latest information,' he said, adding that their vessels have also been instructed to minimise the time in the Gulf. President Donald Trump said the US had 'obliterated' Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of the conflict in the Middle East as Tehran vowed to defend itself. Iran's Supreme National Security Council must make the final decision on whether to close the Strait of Hormuz, Iran's Press TV said on Sunday, after parliament was reported to have backed the measure. Iran has long used the threat of closing the Strait, through which around 20 per cent of global oil and gas demand flows, as a way to ward off Western pressure which is now at its peak following the US strikes. REUTERS
Borneo Post
13-05-2025
- Business
- Borneo Post
Sarawak poised to become regional hydrogen hub
(From left) Lee, Chieng, Endoh, and Protasova during the forum discussion at H2EF. – Photo by Aileen Yap KUCHING (May 13): Sarawak has all the right ingredients to become a regional hydrogen hub, with Bintulu Port poised to play a key role in exporting green hydrogen to international markets. Deloitte Partner Ryan Chieng said Sarawak's strategic location, abundant renewable energy, and proactive government support place it in a strong position to develop a full-fledged hydrogen ecosystem, comparable to the Hydrogen Valley in Amsterdam. 'Sarawak is very blessed with cheap hydropower, and we are also very blessed that we have a far-sighted government where all the ecosystems are already or going to be in place bit by bit,' he said during forum discussion at the Hydrogen Economy Forum (H2EF) 2025 here today. The H2EF 2025 logo. The forum discussion, titled 'Hydrogen in Transit: Challenges & Breakthroughs,' featured Chieng, Mitsui O.S.K. Lines, Ltd. Chief Country Representative Junto, Hexagon Purus Export Sales Director Yulia Protasova, and moderator as well as Curtin University Malaysia Interim Pro Vice-Chancellor, Professor Vincent Lee, Chieng also noted that Bintulu Port, currently a major gateway for liquefied natural gas (LNG) exports, could be leveraged and enhanced to support large-scale hydrogen logistics, positioning Sarawak as a critical node in the global green energy supply chain. Highlighting the importance of parallel development, Chieng noted that infrastructure, policy, and demand must grow in tandem for hydrogen adoption to succeed. 'We need to build the demand and the infrastructure side by side. Without one, the other can't take off,' he said, adding that Sarawak is already ahead of many jurisdictions in this regard. Lee pointed out that Sarawak's existing logistics and energy assets, including its hydropower plants, road networks, and port access, offer a clear pathway to becoming a full-fledged hydrogen economy. 'We have the key components, now it's about integration,' he remarked. As for Endoh, he acknowledged Japan's pioneering efforts in methanization but emphasised that Sarawak has a significant advantage in terms of cost competitiveness and cleaner energy. 'Maybe this answer should be replied to by Japanese trading houses, but from the shipping industry's perspective, we are eager to engage as both buyers and transporters of hydrogen. 'Japan has been exploring hydrogen production, but the reality is that Japan's energy costs are much higher due to reliance on imports and longer delivery distances. 'Sarawak, with its abundant hydropower and cleaner energy sources, has a real advantage,' he said. Endoh added that while Japan is a key player in hydrogen technology, Sarawak's energy resources could make it a more cost-effective and sustainable source of fuel in the long term. 'As a fuel buyer, we are keeping a close eye on Sarawak's developments,' he said. green hydrogen Hydrogen Economy Forum hydrogen hub Ryan Chieng
Time of India
08-05-2025
- Business
- Time of India
Japan's Mitsui O.S.K. Lines expands Indian flag fleet with a Very Large Gas Carrier
MUMBAI: Japan's Mitsui O.S.K. Lines , Ltd (MOL), the world's second largest ship owner by fleet size, has added a Very Large Gas Carrier (VLGC) to the fleet run by its Indian unit, reinforcing a rising trend among foreign fleet owners to register some of their ships in the world's fastest growing major economy. The 2010-built liquefied petroleum gas tanker named 'Green Sachi' and earlier flagged in Liberia was converted to the Indian flag recently and inducted into the fleet of MOL (India) Pvt Ltd, the ship owner said. MOL (India) runs 11 Indian flagged gas, product and crude tankers, making it the fourth largest Indian ship owner by fleet size. MOL (India), formed in the Domestic Tariff Area (DTA), is also engaged in car carrier transportation and ship management, further expanding its footprint in India. Separately, MOL has opened a unit – MOL Shipping IFSC Pvt Ltd - in the Gujarat International Finance Tec-City ( GIFT City ), India's first and currently the only International Financial Services Centre (IFSC) operating under the Special Economic Zone Act, for leasing and operating ships. On April 28, Marseille, France-based CMA CGM S A, the world's third largest container shipping line, converted one of its foreign flag container ships to the Indian flag, making it the first big global container carrier to register a container ship in India. The carrier is in the process of converting three more of its foreign flag container ships to the Indian flag. The four container ships will be owned by CMA CGM's Indian unit - CMA CGM Shipping Assets India IFSC Pvt Ltd – set up in the GIFT City. On March 31, Oslo and New York-listed BW LPG Ltd, the world's top owner and operator of LPG vessels, including VLGC, said it will sell two modern VLGCs to its Indian unit – BW LPG India – in a deal worth $150 million. The ship purchase will help BW LPG India - the largest owner and operator of Indian-flagged VLGCs – expand its fleet to nine LPG carriers. Both MOL and BW LPG India have benefitted from a so-called right of first refusal (RoFR) available to Indian flag ships for moving state-owned cargo along with the subsidy given by the government to Indian shipping companies in global tenders floated by ministries, departments and Central Public Sector Enterprises (CPSEs) for importing some specified cargo. Under the Cabinet approved subsidy scheme, Indian fleet owners get a 5-15 per cent extra on charter rates, depending on age slabs, on ships registered in India after February 1, 2021. The government has budgeted a corpus of Rs 1,624 crore to be disbursed as subsidy for moving crude oil, LPG, coal, and fertiliser cargo for state-run firms, over five years till 2026, to boost Indian tonnage .
Yahoo
26-03-2025
- Business
- Yahoo
Captura Announces Sale of Carbon Removal Credits and Strategic Partnership With Mitsui O.S.K. Lines
Captura is now selling carbon credits from its first commercial Direct Ocean Capture facilities, with Mitsui O.S.K. Lines signing the first large-volume offtake agreement for 30,000 tons Mitsui O.S.K. Lines has also invested in Captura through its venture capital arm, MOL Switch LLC, and entered a strategic partnership to explore deploying commercial Captura plants TOKYO & PASADENA, Calif., March 26, 2025--(BUSINESS WIRE)--Mitsui O.S.K. Lines (MOL), a global shipping leader, has become the first company to sign a large-volume offtake agreement for the permanent removal of carbon dioxide (CO2) from the atmosphere using Captura's Direct Ocean Capture (DOC) technology. Under the agreement, MOL has purchased 30,000 carbon removal credits, to be delivered by one of Captura's first commercial DOC facilities before the end of 2030. The commercial agreement will support MOL's 2050 net zero target. Captura's DOC technology offers a highly scalable and efficient form of carbon removal by combining innovations in electrochemistry with the natural carbon removal capability of the world's oceans. It works by extracting a measurable stream of CO2 from seawater, creating capacity for the ocean to absorb more CO2 from the atmosphere. The technology has already been demonstrated in three operational pilot plants, and early design work is now underway for Captura's first commercial facility, expected to capture 30,000-50,000 tons of CO2 per year. In addition to the carbon credit purchase, MOL and Captura have signed a Memorandum of Understanding to enter a strategic partnership aimed at deploying commercial DOC plants. Captura's business model is to license its technology to deployment partners who will build, own and operate large-scale DOC facilities around the world. Furthermore, MOL Switch, MOL's corporate venture capital firm, has invested in Captura as part of its work to support the development of new technologies and business models to decarbonize the energy sector. Tomoaki Ichida, CEO of MOL Switch, stated, "At MOL, we are dedicated to advancing innovative decarbonization solutions that align with our sustainability goals. DOC technology offers a cost-effective and durable approach to carbon removal, and we are excited to collaborate with Captura—both by purchasing high-quality carbon credits to support our net-zero efforts and by strategically investing and partnering to help scale and deploy this high-potential technology. We see this as a crucial step in our sustainability journey and a significant business opportunity in the rapidly growing carbon removal market." This announcement follows the start of successful operations at Captura's third DOC pilot plant in Hawaii, unveiled two months ago. This pilot is now operating at the rate of 1000 tons of CO2 captured annually and marks the final step in Captura's technology development program, building on its earlier 1-ton and 100-ton systems in California. This third pilot demonstrates Captura's modular technology at a scale and performance level that can be repeated to build large commercial facilities. Steve Oldham, CEO of Captura, said, "Our go-to-market strategy has always focused on proving that our technology can scale sustainably and affordably before bringing it to market. We've achieved this through a diligent pilot and scale-up program, successfully increasing capacity by a factor of 1,000 while meeting all key performance indicators. With the successful operations of our 1000-ton pilot, we have validated the readiness of our technology for large-scale deployment and are now actively securing offtake agreements for commercial facilities. "This partnership and first offtake agreement with MOL marks a major milestone in bringing our technology to market. We are excited to collaborate with MOL as we rapidly advance towards commercial deployment and expand access to high-quality carbon removal solutions." Captura's DOC technology also previously secured a carbon removal pre-purchase from Frontier Climate, acting on behalf of Stripe and Shopify. Signed in 2022 with a standard value of $500,000, the pre-purchase agreement supported Captura's early technology development, with the carbon removal to be delivered from a forthcoming Captura facility. To learn more about Captura, visit About Mitsui O.S.K. Lines, Ltd.: Founded in 1884, MOL is a leading company in the shipping industry that operates various social infrastructure businesses, centering on the oceangoing shipping business with a fleet of over 900 vessels. It is one of the first in the shipping industry to set a target of achieving net zero GHG emissions by 2050, and is committed to reduce GHG emissions including involvement in Carbon Dioxide Removal industry through concerted efforts as the group. About Captura: Captura is a Direct Ocean Capture company headquartered in Pasadena, California. Captura combines innovative technology with the natural carbon removal powers of the ocean to remove CO2 from the atmosphere at large scale and low-cost, providing a critical capability in the fight against climate change. Captura was founded at Caltech and its solution has been supported by the Carbon Removal XPRIZE, the Department of Energy's ARPA-E, and Frontier Climate. View source version on Contacts Media Contact: Taylor Sign in to access your portfolio
