Monday, December 7, 2009

Mitsui Join The Exodus From Containers To Bulk

Continuing Saga of Diversification in the Freight Industry
Shipping News Feature

JAPAN – Mitsui OSK Lines (MOL), in line with Sunday’s piece in the Handy Shipping Guide about the way players in the shipping and transport world are covering their bets by diversifying their interests, announced on Friday that they are considering supplementing their base of shipping container transportation by further ventures into the world of bulk tankers.

The company, like its competitors, feel the need to spread risk over a wider industry sector and, having reduced container fleet levels already by around 15% to just short of a 100, is ready to increase interests in other sectors, particularly the carriage of crude oil and liquefied natural gas by specialised tankers.

The market for crude oil can vary considerably but LNG demand is strong and will always require shipment by sea where pipelines are not available. With container revenues still in the doldrums compared to previous years the statement gives a hint of what MOL might announce in their new fiscal plan, details of which are due to be revealed next March. MOL recently unveiled stage two of their eco friendly ISHIN project.