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Nippon Yusen to Begin Crude Oil Transport Operations in Asia: Report

Posted on: Friday, 8 July 2005, 15:00 CDT

Jul. 8--TOKYO -- Nippon Yusen K.K. plans to expand into the crude oil transport business in Asia via its subsidiary in Singapore, the Nihon Keizai Shimbun newspaper reported Friday.

Starting in November, Japan's largest shipping firm intends to gradually introduce midsize tankers and assemble a fleet of 10 ships by 2010 to transport oil from Indonesia, Australia and other oil-producing countries to the Philippines and China, the economic daily said.

The Asian market for the transport of crude oil is concentrated in Singapore. The local subsidiary will be responsible for sales and operations, and it will strive to flexibly fulfill orders for each voyage through spot contracts.

Kawasaki Kisen Kaisha Ltd. already has tanker operations in Singapore, while Mitsubishi Corp. intends to transfer its crude oil transport business from Tokyo to Singapore within the next two years, it said.

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Source: Kyodo News International, Tokyo

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