Mitsui OSK Talking to Japan Over EU Sanctions on Its LNG Tankers-OxBig News Network

Mitsui OSK Lines Ltd. is looking for assist from the Japanese authorities after a shock choice by the European Union to sanction three of its liquefied pure gasoline tankers linked to a Russian venture.

“We are not at all happy about this, so we are now lobbying the EU through various channels, including the Japanese government,” Chief Executive Officer Takeshi Hashimoto mentioned in an interview on Tuesday.

The North Moon, North Ocean and North Light — managed by Mitsui OSK — had been included within the seventeenth bundle of sanctions adopted by the European Council final week. The measures had been a part of the EU’s mounting efforts to push Moscow right into a peace take care of Ukraine, addressing workarounds to beforehand imposed restrictions. 

The three vessels just lately helped transfer shipments from Yamal LNG, which isn’t below sanctions. They loaded cargoes transshipped close to the port of Murmansk, the place cargoes arrive on ice-class ships straight from the plant, in line with delivery knowledge compiled by Bloomberg.

Some of the vessels are already loaded and Mitsui OSK will unload them as quickly as attainable, Hashimoto mentioned.

“I think those vessels will be unusable for some time to come,” he mentioned. “But, to be honest, they have been saying for a long time that the Yamal project is not subject to sanctions, and suddenly these ships are subject to sanctions.”

The firm noticed a substantial rush for stockpiling LNG from January to March forward of tariffs by US President Donald Trump and, after dropping in April, demand has been very robust since May following an easing within the commerce struggle.

“We expect it to continue to be strong during May and June,” Hashimoto mentioned.

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