Japan’s major shipping companies have finally made their move in the VLCC newbuilding market with Nippon Yusen Kaisha (NYK), Mitsui OSK Lines (MOL) and K Line backing a total of nine orders concluded over the summer.
Yet, many have been left wondering why the owners have been deliberating over the orders for so long or, in some cases, taking the less risky option of chartering in rather than directly owing the newbuildings.
