Mitsui O.S.K Lines, owner of the world's largest merchant fleet, will reclaim seven long-range oil tankers being managed by Denmark's D/S Torm A/S as the demand for transport of petroleum grows.
Tokyo-based Mitsui O.S.K will operate the ships itself starting from June, according to a statement released yesterday in Tokyo.
The Japanese shipping line plans to double its fleet of long-range tankers to 16 by the end of 2011 to transport fuel from refineries being built in the Middle East, Akio Mitsuta, a general manager at Mitsui O.S.K. said yesterday. The ships taken from Torm will transport refined oil to the U.S., Japan, Korea, Europe and Singapore, he said.
Torm manages ships for other owners through a unit called LR1 Pool. Such pools help ship owners cut management expenses.
Tokyo-based Mitsui O.S.K will operate the ships itself starting from June, according to a statement released yesterday in Tokyo.
The Japanese shipping line plans to double its fleet of long-range tankers to 16 by the end of 2011 to transport fuel from refineries being built in the Middle East, Akio Mitsuta, a general manager at Mitsui O.S.K. said yesterday. The ships taken from Torm will transport refined oil to the U.S., Japan, Korea, Europe and Singapore, he said.
Torm manages ships for other owners through a unit called LR1 Pool. Such pools help ship owners cut management expenses.