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Mitsui OSK Lines reduces fleet significantly

Mitsui OSK Lines, Japan's largest shipping company, reduces its fleet by up to 40 vessels, equivalent to five percent, due to the coronavirus crisis. The shipping line does not see a recovery for the container sector until 2022. Read the whole plan here.

Photo: PR / MOL Chemical Tankers

Japan's largest shipping group Mitsui OSK Lines agreed on several drastic changes during its annual general meeting on June 23. The comapny hopes to bolster itself against the economic downturn in the wake of the coronavirus pandemic.

In a press statement, it is evident that the company intends to cut its fleet by 40 vessels. The cuts will affect drybulk, car carriers and tanker vessels.

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