MOL Achieves 2013 Profitability Goal

Posted by George Backwell
Wednesday, April 30, 2014
Koichi Muto: Photo MOL

The president of Mitsui O.S.K. Lines, Koichi Muto, comments on the company's performance during financial year 2013 in a letter to shareholders, excerpted as follows:

Combined with the continuing weaker yen and falling bunker prices, we saw a significant year-on-year improvement in profitability, and successfully achieved the main theme set forth in the Single-year Management Plan RISE2013 – Achieve profitability in FY2013 to make it the first year of MOL’s new growth stage.

Looking at maritime shipping market conditions, despite signs of a year-on-year recovery, the environment remained difficult overall.

In the dry bulker market, on the vessel supply front the number of new vessel deliveries showed a substantial year-on-year decline. On the cargo demand front, cargo volumes were brisk overall and shipment volumes of iron ore from Western Australia hit a record high.

With respect to tanker market conditions, the very large crude oil carrier (VLCC) market weakened in the summer season, during which demand drops off. Although there was a temporary surge from November on the back of crude oil inventory building by various Asian countries, the market slumped following the lunar New Year.

In the market for containerships, the supply and demand environment worsened reflecting a substantial number of deliveries of large containerships, and freight rate levels declined as a result.

We responded to this environment by continuing to push ahead with the actions set out in the Single-year Management Plan RISE 2013 in addition to the Business Structural Reforms we launched in FY2012.

As a result, we recorded revenue of ¥1,729.4 billion, operating income of ¥41.0 billion, ordinary income of ¥54.9 billion, and net income of ¥57.3 billion.

We plan to pay an annual dividend of ¥5 per share for FY2013, including an interim dividend of ¥2 per share we have already paid. We will keep aiming to increase the dividend payout as we improve our financial standing, and remain grateful for your understanding.

 

 

 

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

AVEVA E3D Takes Center Stage

Customer case studies combine with advances in asset visualization and cloud technologies to showcase a new era in the creation and management of complex Digital Assets.

Tanker Trends

Iran Gas Exports to Europe Would Take at Least 5 Years

Iran would take at least five years to start exporting natural gas to the European Union if sanctions were removed, industry experts said on Wednesday. Last month,

CSC Launches Gas Storage Integrity Management Team

UK-based Chesterfield Special Cylinders (CSC) has launched a new integrity management team to work with owners and operators of high pressure gas storage vessels as installed in rigs and ships,

China Aviation Oil Seeks Jet Fuel for Nov-Dec

China Aviation Oil (Singapore) is seeking up to 2.056 million barrels of jet fuel for loading over November to December, a tender document showed on Wednesday.

Bulk Carrier Trends

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency.

ClassNK Certifies Ship with Air Lubrication System

ClassNK has completed the EEDI appraisal of Harvest Frost, the world’s first post-panamax bulk carrier fitted with the Mitsubishi Air Lubrication System (MALS).

Finance

Confidence High in UK Logistics Sector

The latest U.K. Logistics Confidence Index commissioned by Barclays and Moore Stephens reveals that confidence in the U.K. logistics sector remains high but more

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

Container Ships

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

Danaos Corp. 3Q & 9M Results

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. Highlights for

'Environmental' Hull Cleaning Ops OK'd in Oman

Oman’s Ministry of Environment and Climate Affairs has granted GAC EnvironHull permission to conduct underwater hull cleaning operations using the brush-and-diver-free

People in the News

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Kirby Corp. Announces Record 3Q Results

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2535 sec (4 req/sec)