Mitsui considers diversification plans to avoid new build oversupply problems

In attempt to avoid shipbuilding oversupply problems come 2010 or so, Japan's biggest shipbuilder Mitsui Engineering and Shipuilding (MES) is seeking to diversify its core businesses.

"We will use the profits earned by the shipbuilding and machinery divisions to launch and foster new businesses that will be profitable in 2010 and beyond," said President Yasuhiko Kato. Possible new directions for the company include extracting and solidifying natural gas hydrates for shipping, and the construction of floating offshore platforms to produce, store and offload crude oil and natural gas.
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