Mitsui O.S.K. Lines Sees Hormuz Operations as Unlikely Before End-2026

Key Facts

Mitsui O.S.K. Lines sees a resumption of its Strait of Hormuz operations before the end of 2026 as unlikely. Chief executive Jotaro Tamura said the risk exceeds the level the company can accept and that it currently has no plan to resume carrying oil through the passage.

In its first-quarter results, the company had assumed a phased resumption of transit from October 2026 and a return to normal operations in January 2027. Tamura said that timetable was likely to be delayed, but he could not determine the length of the delay.

Before regular operations can resume, Mitsui O.S.K. Lines requires evidence that safe passage can be sustained across multiple voyages, rather than assessing risk separately for each vessel or each day. Tamura also said switching off transponders to avoid detection should not become standard practice.

Japanese shipowners have largely avoided the region after moving their vessels out of the Gulf, while other ships have continued to cross the strait. Traders estimated that 6 million to 8 million barrels of crude passed through each day in the week before the latest strikes; disruption to Mitsui O.S.K. Lines therefore does not mean all shipping traffic has stopped.

The crisis illustrates Japan's supply sensitivity, as the Middle East accounted for 95.9% of its crude-oil imports in fiscal 2024. Japanese refiners are seeking alternative sources, while Tamura said Mitsui O.S.K. Lines had observed demand for routes from the United States and West Africa.

Mitsui O.S.K. Lines shares, listed as 9104.T, closed at 7,190 yen on September 3, 2026, after trading within a range of 7,062 to 7,275 yen. The figures provide market context but do not, on their own, establish that the Hormuz warning caused the price movement.