Mitsui O.S.K. Lines Withdraws Vessels From Middle East

Mitsui O.S.K. Lines has withdrawn nearly all of its vessels from the Middle East following the effective closure of the Strait of Hormuz. The company's CEO reported that while initial exit efforts from the Gulf were successful, the situation deteriorated after mid-July when a June agreement between the United States and Iran failed to take effect.

To maintain customer service, the company rerouted cargo to alternative ports, including those in Oman. This diversion, combined with typhoons in China and water shortages at the Panama Canal, has increased the number of ships required to transport the same volume of commodities. These factors have collectively pushed up global freight rates.

As a result of the market's acceptance of higher costs for longer routes, Mitsui O.S.K. Lines has revised its full-year forecast for 2027 upward.