MOL in Restructuring Excercise
Japanese shipping major Mitsui O.S.K. Lines (MOL) has unveiled a number of new restructuring measures effective April 1, 2020.
According to a press release, the marine transportation provider intends to establish three new divisions and integrate its two tanker divisions to achieve synergy.
MOL will establish the Offshore Gas Project Division as an organization focused on businesses related to the LNG field in energy value chains (FSRU projects, LNG bunker vessel project, etc.) to accelerate the enhancement of the offshore business, in which the company is concentrating the investment of management resources, as set out in Rolling Plan 2019.
The Offshore Project Division shall have specific responsibilities in crude oil fields such as FPSO projects, shuttle tanker projects, and the subsea support vessel business.
MOL will rename the Steaming Coal & Energy Project Division as the Steaming Coal & Renewable Energy Project Division by integrating functions of the offshore wind power project into the Steaming Coal & Energy Project Division to strengthen commitment for Environmental and Emission Free Businesses.
It will establish Ferry and Associated Business Division as an organization for reinforcing group business management with abolishing the New & Clean Energy Business Division.
MOL will integrate the Tanker Division (A) and Tanker Division (B) as the Tanker Division to increase the synergy of both divisions’ functions, expertise and achieve new growth.