Japan’s Mitsui O.S.K. Lines wants to start moving its vessels stranded near the Strait \u200cof Hormuz as soon as possible but must first ensure safe passage and receive guidance from the Japanese government, its chief executive said on the 9th.<\/p>\n
Although U.S. President Donald Trump agreed to a two-week ceasefire with Iran, there is \u200bstill no sign that Tehran has lifted its blockade of the strategic waterway, which has disrupted \u200bglobal energy supplies and snarled supply chains.<\/p>\n
“It’s not yet clear how this ceasefire \u2060will be implemented in the relevant waters,” MOL President and CEO Jotaro Tamura told Reuters in an \u200binterview. “It must be confirmed that the safety risks are sufficiently low.”<\/p>\n
He added the company was also awaiting guidance \u200bfrom the Japanese government.<\/p>\n
Three of MOL’s tankers – one LNG carrier and two LPG vessels – crossed the strait earlier this month, the first Japan-linked ships to do so since the conflict began. Tamura declined to comment on those crossings but said multiple \u200bvessels remain in the Gulf.<\/p>\n
Tamura, who was promoted to his current roles from April 1, said the \u200bcompany has secured enough fuel oil for operations through the end of May.<\/p>\n
If the conflict drags on, raw material \u200cshortages could \u2060affect manufacturing activity and reduce cargo volumes, he said. Over the longer term, however, the crisis could benefit shipping if companies move to strengthen their supply chain resilience.<\/p>\n
“If reassessments occur in the resources and energy sectors, decisions that were previously based on economic rationality during normal times may be deemed rational even \u200bwhen uneconomical,” he said, pointing \u200bto procurement from more \u2060distant locations or at higher costs, or to holding additional inventory that would previously have been seen as an unnecessary expense.<\/p>\n
Elliott Investment Management has \u200btaken a\u00a0“significant” stake\u00a0in MOL, pushing the shipping company to improve shareholder \u200breturns and capital \u2060efficiency.<\/p>\n
Tamura declined to comment on discussions with individual shareholders but said that the mid-term management plan announced in March had not been influenced by Elliott’s requests.<\/p>\n
Under that plan, MOL forecast pre-tax profit of 200 billion yen ($1.26 billion) \u2060for the \u200bfinancial year started this month.<\/p>\n
However, Tamura said that the company \u200bplans to revise its outlook when it announces its annual results later this month. He did not specify whether any revision would \u200bbe upward or downward.<\/p>\n