Word: idemitsu
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...pack an incredible 2.2 million barrels of crude oil on her route from the Persian Gulf to Ireland, via the Cape of Good Hope. By building her, at a cost of $20 million, IHI in fact broke the record it set itself in 1966 with the 209,000-ton Idemitsu Maru...
Sudden Comfort. Despite his professed disinterest in politics, Idemitsu owes his success largely to a canny ability to ride the political tides. He started with one small retail oil outlet in 1911 and steadily expanded across Japan. Then he followed the invading Japanese army into China in the 19305, pushing out U.S. and British oil companies. It was a wry joke among Japanese soldiers that whenever they captured a Chinese town, the first Japanese civilians to arrive were the "comfort girls"-and an Idemitsu...
Japan's World War II defeat cost Idemitsu his overseas properties, but he bounced back when the Korean war boomed demand for oil, and in 1953 became something of a national hero by buying oil from Iran's newly nationalized fields in open defiance of the big U.S. and British oil companies. Since then, Idemitsu has become strong enough to challenge anybody. When the Pentagon last Dec. 21 cut him off as a supplier to U.S. military jets in Japan because of his dealings with Russia, Idemitsu called the boycott "an odd Christmas gift," but "utterly negligible." True...
Hung Up to Dry. To Idemitsu, who champions the cause of keeping Japan's "racial capital" intact, all other major Japanese oil companies are somehow tainted because Western companies hold substantial interests in them. Idemitsu stock is owned 40% by the Idemitsu family and 60% by the company's employee welfare fund, which pays handsome benefits to workers upon retirement. But Idemitsu boasts that old workers are never pressured to retire and bad ones are never fired; even chronic drunkards are merely sent to dry out for a few months in a Buddhist monastery at company expense...
This week Idemitsu will preside over the launching of the world's biggest tanker, a 131,000-tonner, which he plans to use as a "floating pipeline" to import oil from the Middle East. His blushing daughter Junko will swing the champagne bottle, but since the huge ship is too bulky to slide down the ways, water will be let into its massive drydock until it is afloat. The new tanker's name is Nissho Maru, which means "Rising Sun," and at the launching there will be banzais all around...