Tokyo Electric Power (TKECY.PK), Mitsubishi (MBFJF.PK) and shipping company Nippon Yusen (NPNYY.PK) are in talks to pay $4.4B for a stake in Chevron's (CVX +1.2%) Wheatstone natural gas project in Australia. It's one of several Australian LNG projects aiming to meet rising Asian demand, as Japan ramps up thermal power generation after the Fukushima disaster shut all its nuclear stations.
Japanese stocks open lower, tracking losses in U.S. markets overnight. The Nikkei Averagei is currently down -0.3% to 9,233. Car markers and Shipbuilders lead declines: Toyota (TM -1.2%), Mitsubishi Motors (MMTOY.PK -1%), Mitsui O.S.K. Lines (MSLOY.PK -1.9%) and Nippon Yusen (NPNYY.PK -2.4%).
Japanese stocks open lower tracking overnight losses on the Nasdaq. The Nikkei Average is down 0.9% at 8,403 with technology exporters and shipping stocks leading the decline: Sony (SNE -2.5%), Elpida Memory (ELPDF.PK -3.3%), Advantest (ATE -3.02%), Mitsui O.S.K. (MSLOY.PK -2.4%), and Nippon Yusen (NPNYY.PK -2.3%).
A surplus of vessels, not a contracting economy, is expected to push leasing rates for capesizes to the lowest since 2002. The ships, which carry iron ore and coal, are leaving yards by the dozens, the result of building started in 2007/08 when rates were 5 to 10 times higher. (SEA) -0.48%.