Phoenix International Financial News Digest | Japanese Tankers Collectively Evacuate the Strait of Hormuz—Only to Discover a New Blue Ocean

According to a Bloomberg report dated September 3, Mr. Yutaro Tamura, President of Japanese shipping giant MOL (Mitsui O.S.K. Lines), delivered a statement that has effectively shattered market expectations of a swift resumption of shipping through the Strait of Hormuz. The head of this major Japanese shipping company explicitly stated that, given the current intensity of U.S.-Iran tensions, restoring navigation through the strait within this year is 'unimaginable'—rendering highly unlikely the company’s original timetable of conducting a tentative resumption in October and achieving full restoration by January. This reversal reflects the rapidly deteriorating situation in the Strait. Recent attacks targeting tankers have clearly escalated, pushing risk levels 'well beyond what the company can bear.' Since the outbreak of the conflict, Japanese shipowners—traditionally known for their caution—have collectively withdrawn from this once-busiest energy shipping corridor, choosing instead to idle their tankers or reroute them rather than risk an attack. This forced 'mass exodus' is now compelling a painful restructuring of Japan’s energy supply chain. Prior to the conflict, over 90% of Japan’s crude oil imports relied on the Middle East; today, Japanese refiners are urgently shifting procurement to the United States, West Africa, and other regions, while simultaneously drawing heavily on national strategic reserves to stabilize prices. MOL’s previously announced 'phased resumption' strategy has thus become effectively obsolete.

Chinese Buyer Acquires 2005-Built Very Large Crude Carrier (VLCC) for $52 Million!

Mitsui O.S.K. Lines (MOL) of Japan has set a new high for second-hand transaction prices of aging tankers. Brokerage reports indicate that MOL has sold its 18-year-old, 311,000-deadweight-ton Very Large Crude Carrier (VLCC) 'YUSUFSAN' to a Chinese buyer for $52 million. If confirmed, this sale will leave MOL with a VLCC fleet of 20 vessels, averaging 13 years in age. Over the past year since the outbreak of the Russia-Ukraine war, prices for all older tankers have surged dramatically. Currently, more than 400 vessels operating under Russia are considered part of the so-called 'dark fleet,' transporting sanctioned cargo. (Translated by Dianchuan.com)

Mitsui OSK to Sell Older Oil Tankers as Vessel Prices Surge

5 days ago

Mitsui OSK Lines plans to sell one to two older oil tankers annually as vessel prices surge due to Middle East war disruptions. Chair Takeshi Hashimoto cited attractive pricing to improve capital efficiency.

bloomberg

2026-09-16

Mitsui OSK to Sell Older Oil Tankers as Vessel Prices Surge

Mitsui OSK to Sell Older Oil Tankers as Vessel Prices Surge

FAQ