Japans shipping targets offshore market

The Japanese are targeting offshore as a major future source of revenue. Nippon Yusen Kaisha has just announced the establishment of an Offshore Business Group under its Bulk Energy Transport division, starting 1 October. FPSOs, FSOs and FSRUs will all be targeted under this new group in addition to anchor handling tug/supply vessels (AHTS) and platform support vessels (PSV).

Kawasaki Kisen Kaisha (“K” Line) is one step ahead of NYK. In June it signed a strategic partnership agreement to acquire a 15% equity stake in Britain’s FLEX LNG. Last year “K” Line ordered four PSVs and two AHTS vessels at a total cost of about Y70 billion with a Norwegian joint venture partner. “K” Line is also planning to enter into the FPSO, drill ship and semi-submersible rig business.

Beating everyone to the punch though has been Sanko Steamship which resumed the offshore business in October 2005 after a six year hiatus. It has taken delivery of 10 vessels, with 28 more in the order book. Meanwhile, Mitsui OSK Lines (MOL) has teamed up with Hoegh LNG to bid for FSRUs in a tender by Petrobras of Brazil.