Leading global LNG tanker operator asks Japan for help amid EU sanctions
Photo: Mitsui OSK Lines

Japanese company Mitsui OSK Lines has appealed to the Japanese government for help after the European Union decided to impose sanctions on three of its tankers that were carrying liquefied natural gas from Russia's Yamal LNG project, Bloomberg reports.

"We are not at all satisfied with this decision, so we are now lobbying the EU through various channels, including the Japanese government," said the company's CEO Takeshi Hashimoto.

The vessels North Moon, North Ocean and North Light, operated by Mitsui OSK, have been included in the EU’s 17th package of sanctions. These measures are aimed at increasing pressure on Russia to achieve peace in Ukraine.

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According to Hashimoto, some of the vessels are already loaded and Mitsui OSK will unload them as soon as possible.

"I think these vessels will be unusable for some time. But, to be honest, they've been saying for a long time that the Yamal project is not subject to sanctions, and suddenly these vessels are subject to sanctions," Hashimoto said.

In addition to transporting gas, Mitsui OSK is engaged in the transportation of cars and other cargo to various countries around the world.

According to Hashimoto, the company experienced a sharp increase in demand in the first quarter of this year, in particular due to expected tariffs from the US, and in May demand increased again amid easing trade tensions.

At the same time, the company predicts that car exports from Japan to North America will gradually decrease, as more manufacturers move production directly to the United States.

"We need to change our mindset and move away from 'Japan-centric' commercial distribution," Hashimoto added.