MOL Forecasts Return to Profit amid Group Overhaul

Image Courtesy: SHI

Japan’s shipping major Mitsui O.S.K. Line is on the path of returning to profitability at the ordinary income level, the company’s President & CEO, Junichiro Ikeda said on the occasion of MOL’s 133rd anniversary.

Ikeda added that MOL is ” well positioned to deliver profits this fiscal year and beyond, through execution of its newly-established management plan” despite shipping market’s expected volatility.

“The key will be to harness the cost competitiveness of our fleet, a foundation we have laid through our business structural reforms,” Ikeda added.

Speaking of the integration of the containership operations of Japan’s three largest shipping companies, Ikeda stressed that “ all hands on deck are needed to pursue this project”.

MOL Group is currently overhauling its business structure under “One MOL” strategy, which saw setting up of a dry bulk business unit and energy transport business unit, last year, in addition to its heavyweight transport unit.

On April 1, 2017 MOL launched the new product transport unit, merging liner, car carrier, port projects & logistics business divisions.

In addition, MOL said it  will push ahead with its LNG-fueled vessels and LNG fuel supply businesses, and devote more energy to group management centered on ferry and real estate business.

The message comes after MOL announced an extraordinary loss worth JPY 20.5 billion (USD 183 million) for the fourth quarter of FY2016 which was mainly ascribed to low spot freight rate market.

MOL also issued a revised forecast for extraordinary loss for fiscal year 2016 for its dry bulker business, saying that it expects to record a greater loss due to structural reforms and cancellation of charter-in contracts for its operated vessels and transfer of its remaining charter-in contracts to the company.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >