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Japan's Mitsui O.S.K. to invest $710m in new cruise ships

Awash in record profits, marine transport company aims to diversify

Mitsui O.S.K. Lines plans to order two cruise ships to replace the aging Nippon Maru, seen here. (Photo courtesy of Mitsui O.S.K.)

TOKYO -- Japanese marine transporter Mitsui O.S.K. Lines (MOL) will invest at least 100 billion yen ($710 million) on an order for two cruise ships, part of a long-term plan to diversify operations as a hedge against an unpredictable shipping market.

MOL President and CEO Takeshi Hashimoto disclosed the plan during an interview with Nikkei recently.

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