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Japanese shipping line MOL to deepen presence in India
Japanese shipping line MOL to deepen presence in India

The Hindu

time2 days ago

  • Business
  • The Hindu

Japanese shipping line MOL to deepen presence in India

Japanese shipping major Mitsui O.S.K. Lines (MOL), the world's second largest shipping company in terms of fleet size, has decided to deepen it's presence in India, where it finds vast potential for growth in maritime trade. The 141-year-old company has, as part of a three pronged strategy, decided to empower its regional leadership under Captain Anand Jayaraman to drive growth and achieve business objectives. It is also investing heavily in decarbonisation measures and start-ups to meet its net zero goals by 2050. As per its strategy of diversification to earn stable revenue to insulate the company from the volatility in shipping business, the MOL has invested about ₹1,900 crore in commercial real estate and is open for more investments. 'We have invested in two commercial real estate under-construction projects in Gurugram and Chennai. We will first stabilise these investments and go for more projects,' said Captain Jayaraman, regional head of marketing, executive officer, South Asia Middle East Region, MOL. He said that to serve Indian energy companies, MOL (India) Pvt. Ltd. has 13 ships re-registered in India out of it's total fleet of 930 vessels. More ships for India He said that more ships would be deployed in India depending on the requirement of public and private sector energy companies. Stating that the company's focus would remain on energy transportation and to deploy car carriers, he said that maximum emphasis was being given on decarbonisation. As a mid-term strategy the company is focusing on LNG run carriers which will reduce emissions by 25%. Meanwhile, it is inducting duel-fuel vessels which can run on green ammonia and hydrogen. As part of its BLUE ACTION 2035 road map, the company is diversifying into offshore assets, real estate and logistics. Under MOL Plus, they are investing in start-ups which will complement shipping and logistics business. Under MOL Switch, it is scouting for start-ups that are into clean tech. 'India is a very important market for us as we believe that the country is a big maritime nation,' Captain Jayaraman said. He said the regional strategy was to facilitate faster decision making for tapping growth opportunities sans delay.

Japanese Gas Tanker Giant Sees Difficulty Buying Chinese Vessels
Japanese Gas Tanker Giant Sees Difficulty Buying Chinese Vessels

Mint

time23-05-2025

  • Business
  • Mint

Japanese Gas Tanker Giant Sees Difficulty Buying Chinese Vessels

Mitsui O.S.K. Lines, owner of the world's largest fleet of liquefied natural gas carriers, said it is hard to buy Chinese vessels for the time being as the US ramps up scrutiny of the Asian country's shipbuilding industry. 'It is difficult to purchase Chinese vessels under the current circumstances, because of the port entry fees' that the US is proposing for China-built ships calling at its ports, a spokesperson for the Japanese firm said. Earlier on Friday, the Nikkei reported Mitsui O.S.K. was planning to shift new orders from China to South Korea. But the plans have not yet been finalized, the spokesperson told Bloomberg News. The Japanese firm is aiming to reduce risks, according to remarks made by President and Chief Executive Officer Takeshi Hashimoto during an interview. 'We will wait and see about new business with the Chinese,' Hashimoto said in the report, which added that Mitsui O.S.K. will not cancel any existing contracts with Chinese yards. Washington has issued a flurry of measures under President Donald Trump's administration aimed at curbing China's maritime dominance and reviving its own flagging shipbuilding industry. The moves have shaken up the global shipping market, prompting shipowners to rethink where they want their vessels to be built in the future. South Korean shipbuilders have sensed an opportunity. Last week, major shipbuilders HD Hyundai Co. and Hanwha Ocean Co. offered to help the US improve its shipbuilding capacity and restore its maritime dominance. South Korean builders have an 18% share of ships under construction worldwide in deadweight tons terms, while the Japanese have 11%, according to data from Clarksons Research. Mitsui O.S.K. owns a fleet of 97 LNG vessels, according to a 2024 corporate presentation. It also maintains the world's second-largest merchant fleet at 873 vessels. Chinese shipyards make up two-thirds of the global orderbook. In January, state-run China State Shipbuilding Corp. was added to a US Department of Defense blacklist, which carries no specific penalties but discourages American firms from doing business with it. Other Chinese shipbuilders include privately-owned New Times Shipbuilding and Yangzijiang Shipbuilding. This article was generated from an automated news agency feed without modifications to text.

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