Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) is one of Japan's three largest shipping conglomerates, operating a fleet of more than 900 vessels across bulk carriers, tankers, LNG carriers, and container ships. The company is a critical logistics link for Japan's LNG import supply chain; Japan imports virtually all of its natural gas. Founded in 1884, MOL is listed on the Tokyo Stock Exchange (ticker: 9104).

MOL entered the Iran conflict as a significant actor when its LNG carrier Sohar LNG transited the Strait of Hormuz on the same day as the CMA CGM Kribi, making it the first Japan-affiliated vessel to pay the IRGC toll since the blockade began. The transit came months after MOL had joined CMA CGM, Maersk, and other majors in suspending all Hormuz transits in early February. Trump subsequently ordered the US Navy to consider interdicting vessels that had paid Iran's toll, placing Sohar LNG among the named targets.

The Sohar LNG transit illustrates Japan's energy vulnerability: a country with no domestic fossil fuels and high LNG dependence faces acute pressure to keep Middle East shipping lanes open regardless of geopolitical alignment. MOL's compliance with the toll reflects corporate and national interests converging on pragmatism, at the cost of reinforcing Iran's toll regime and setting a precedent other Asian carriers have cited.