MOL Founding Anniversary: 2013 Growth Strategy Outlined
Mitsui O.S.K. Lines (MOL) President Koichi Muto outlines business initiatives on his company's 129th anniversary. In fiscal 2013, we will launch business initiatives based on a One-Year Management Plan designed to return the MOL Group to a growth trajectory. Since the beginning of 2013, the business environment has started to show positive signs in some quarters, including a rebound in the U.S. economy and a weakening of the yen. In the marine transport industry, while vessel deliveries are projected to plummet from 2014 onward, we do not foresee any end to a vessel supply glut in fiscal 2013 because a large number of vessels continues to be scheduled for delivery during the fiscal year.
Message from President on MOL Founding Anniversary
On the occasion of Mitsui O.S.K. “Today, I am pleased to join all of my MOL Group colleagues in celebrating the 129th founding anniversary of the MOL Group. Today also marks the start of a new fiscal year. In fiscal 2013, we will launch business initiatives based on a One-Year Management Plan designed to return the MOL Group to a growth trajectory. Since the beginning of 2013, the business environment has started to show positive signs in some quarters, including a rebound in the U.S. economy and a weakening of the yen.
MOL Set to Expand Indian Business Activities
Indian Government delegation visits MOL Tokyo HQ - confirms MOL's intentions to strengthen operations in India. Mitsui O.S.K. Lines, Ltd. (MOL) were recently visited by a nine-member delegation from the government of India, headed by Milind Murli Deora, who serves as Minister of State for Communications, Information Technology and Shipping. In a meeting with the delegation, MOL outlined its operations in India, beginning with the liquefied natural gas (LNG) carrier business, and how MOL shipping services can continue to contribute to the economic growth of India…
Graduation Ceremony of MOL Filipino Seafarers
Mitsui O.S.K. Lines, Ltd. today announced the graduation of 105 students in the fourth class of the "3rd Year Program," which MOL introduced with the goal of developing crewmembers who will uphold strict safety standards in vessel operation. The 3rd Year Program targets new seafarers from among third-year students at partner maritime schools in the Philippines. MOL provides education and training at the Magsaysay Institute of Shipping(MIS)(*1), its training center in the Philippines. On hand for the graduation ceremony were Administrator of the Maritime Industry Authority (MARINA)Dr. Maximo Q.
MOL to Name New Chairman, President
Mitsui O.S.K. Lines, Ltd. today announced the appointment of a new chairman and president. Current President and Representative Director Koichi Muto will assume the position of Representative Director and Chairman, and current Director and Senior Managing Executive Officer Junichiro Ikeda will become president. The appointments are subject to approval by the Board of Directors meeting following the Annual General Meeting of Shareholders, which will be held on June 23, 2015.
MOL President Reports Slack Performance
MOL President, President, Koichi Muto reported that the performance of the company was slack. Muto reported, "I am sad to report that our business performance fell short, and we could not achieve our initial target of ¥70 billion in consolidated ordinary income. Looking back at FY2014, the containership business could not achieve our targets despite the favorable winds of a depreciating yen and lower bunker prices. This was due to factors including inaccurate projections regarding the trade environment…
MOL Breaks Ground for New Philippines Academy
Mitsui O.S.K. Lines, Ltd. today announced that on March 8, it held a groundbreaking ceremony for a new merchant marine academy in Salitran, Dasmariñas City, the Philippines. It will be jointly established with Magsaysay Maritime Corporation (MMC) (*1), MOL’s partner in the Philippines, and is scheduled to open in June 2018. A large audience was on hand for the groundbreaking ceremony, including special guests from the city of Dasmariñas and from the Commission on Higher Education (CHED); from MOL, Chairman Koichi Muto and Senior Managing Executive Officer Masaaki Nemoto.
MOL Containership's Hull Cracks, Founders, in Indian Ocean
The Mitsui O.S.K. Lines' 2008-built Bahama-flagged 8,000 teu containership 'MOL Comfort' foundered Monday & all 26 crew were picked up from a lifeboat by 'MV Yantian Express'. According to GAC there is a considerable amount of oil in the water with containers scattered in the area 430 m southeast of Salahah, Oman. The weather at the time of the rescue was: Wind force 7, Swell 6 m. " The MOL-operated containership MOL Comfort, while under way from Singapore to Jeddah on the Indian Ocean (12'30"N 60'E) at about noon JST (07:00 local time) on June 17, 2013 during inclement weather, suffered a crack amidships and ingressing water in the hold. This made it impossible for the vessel to continue on under its own power.
Containership MOL Comfort Adrift
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) reports that the containership MOL Comfort could not continue sailing under its own power because the hull fractured in two parts while under way on the Indian Ocean. At about 10:00 JST (05:00 local time) on June 19, 2013, two parts, fore and aft, laden with containers are drifting at about 2 knots near 12’57”N 61’10”E (the aft) (the central part of the Indian Ocean) in an east-northeast direction. We have arranged a patrol boat which has already departed from Port of Jebel Ali, U.A.E. to monitor the state of the vessel and the cargo and for the preparation of tow operations. The boat is expected to arrive at the ocean site on 23rd if it goes smoothly. In parallel, we are arranging tugboats to tow the MOL Comfort.
MOL Commended with Quality Ship Awards
MOL Commended for ‘FY2013 Best Quality Ship Award’; MOL president Koichi Muto meets with captain and chief engineer, exchanging views and working to establish a more solid safe operation system. Mitsui O.S.K. Lines, Ltd. (MOL) announced that four MOL-operated and managed ships were selected for the FY2013 Best Quality Ship Awards by Japan Federation of Pilots’ Associations. MOL Senior Managing Executive Officer Masaaki Nemoto was on hand for the awards ceremony on June 24. On July 17…
MOL YoY Q1 2014 Profit Slips, but Dividend Planned
"I would like to report our business results for the first quarter of fiscal year (FY) 2014 (April 1, 2014 to June 30, 2014). During the first three months of FY2014, while geopolitical risks such as political strife in Ukraine and Iraq raised concerns of a spike in crude oil prices, moderate recoveries in the United States and Europe drove global economic growth. Looking at maritime shipping markets, a continuing surplus of dry bulk vessels kept that sector weak overall. The…
MOL Issues Environmental and Social Report 2014
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced the publication of the English version of its Environmental and Social Report 2014, which introduces the MOL Group's perspectives and latest initiatives regarding corporate social responsibility (CSR) and the environment. The report provides a broad range of information based on the viewpoints of the environment, society, and governance (ESG), which support MOL's sustainability, and focuses especially on issues the MOL Group should emphasize to ensure continued growth while meeting the needs of its various stakeholders.
MOL Pledges Support for Typhoon Relief
Mitsui O.S.K. Lines, Ltd. (MOL)’s president, Koichi Muto, announced plans to make a donation of $30,000 to aid afflicted people of Typhoon Haiyen, which devastated the central Philippines. The main portion of MOL’s donation will go to afflicted people on the island of Leyte, through its group company Magsaysay MOL Marine, Inc. The company is planning other relief efforts as the situation unfolds. MOL has built a deep relationship with the nation as many Filipino seafarers serve aboard MOL Group vessels, and established a maritime training center there. To assist afflicted people of Typhoon Fengshen in June 2008, which caused severe damage to the nation…
MOL Hosts Party in Singapore
Attended by Some 350 Guests, Announces Commitment to Further Business Expansion. Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) hosted a party in Singapore on November 7 for customers, business partners, government officials and others. MOL emphasized the strategic importance of Singapore, and introduced group companies that operate businesses in the island nation. The event, held at the Intercontinental Hotel Singapore, was attended by more than 350 guests including Singapore Transport Minister Lui Tuck Yew and Japanese Ambassador to Singapore Haruhisa Takeuchi…
Osaka Gas Vessel Named "LNG Venus'
Mitsui O.S.K. Lines, Ltd. President: Koichi Muto) today announced the naming ceremony of 'LNG Venus', a newbuilding liquefied natural gas (LNG) carrier held at the Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. (MHI; President: Shunichi Miyanaga; Headquarters: Minato-ku, Tokyo). The vessel is under construction at MHI and will serve Osaka Gas Co., Ltd. As a large group of guests looked on, Osaka Gas President Ozaki named the vessel, and his wife cut the rope. The LNG Venus is co-owned by MOL and Osaka Gas’ wholly owned subsidiary, Osaka Gas International Transport Inc.
Drifting Fishermen Rescued by MOL LNG Carrier
Three Castaways Rescued Safely off Indonesia. Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) has announced that on October 6, 2014, the MOL-operated/managed LNG carrier Senshu Maru founded drifting castaways in the Celebes Sea off Indonesia, and was able to safely rescue three Indonesian fishermen. At 14:15 (all times were in Japan time) on October 6, 2014, the Senshu Maru, sailing from the port of Bontang, Indonesia, to the port of Sakai-Senboku in Osaka, Japan, found drifting fishermen – their fishing boat was hit by the wave and sunk, and immediately began the rescue operations.
G6 Alliance Plans Expansion
Mitsui O.S.K. Lines, Ltd. (MOL, President: Koichi Muto) , a Member of the G6 Alliance has announced plans to expand their cooperation to the Asia-North America West Coast and Trans-Atlantic trade lanes. The G6 Alliance said the expanded cooperation will provide customers with more service choices and increased sailing frequency. For example, on the Asia-North America West Coast trade, each G6 Alliance member will be able to offer almost twice as many sailings, compared to what is currently offered separately by The New World Alliance and the Grand Alliance. “The proposed expansion will complement our existing services in the Asia-North America East Coast and Asia-Europe trades…
MOL President Calls for Focused Growth in 2014
MOL Group president Koichi Muto issued a New Year message that reflects on 2013 while rallying for company-wide growth in 2014 as MOL prepares for 130th anniversary. “Looking back at 2013, Japan’s economy finally started to offer a glimpse of hope for pulling out of the deflation from which it has suffered for many years,” Muto said. “This can be attributed to the economic policies of Prime Minister Abe’s government, or the so-called “three arrows” of Abenomics. Last year, MOL…
104,000DWT Coal Carrier Delivered
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) has announced the delivery of the Akatsuki, the first 104,000 DWT class Post-Panamax coal carrier, which was jointly developed with Sanoyas Shipbuilding Corporation (President: Takashi Ueda; Headquarters: Kita-ku, Osaka) and built at the Sanoyas Shipbuilding Mizushima Shipyard. This new ship type was designed to optimize the transport of coal for power companies in Japan. MOL plans to add these advanced, efficient vessels to its fleet in succession.
MOL President Muto Visits Myanmar
Mitsui O.S.K. Lines, Ltd. (MOL) president Koichi Muto hosted an appreciation cocktail party for government leaders, customers, partners and MOL employees on March 5 at Park Royal Hotel, Yangon. It was well attended by 110 guests including Ichiro Maruyama, Minister-Counsellor/Deputy Chief of Mission, Embassy of Japan, reaffirming MOL’s expansion plan in the containership business in Myanmar and its commitment in furthering the country’s economic development. "It is my honor to visit Myanmar and I am deeply grateful to the Myanmar government…
MOL Seals Shipping Deal with Reliance
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) and Reliance entered into a strategic association for transportation of Liquefied Ethane from United States to India. This will make MOL to be the first shipping company who is dedicated for a continuous Liquefied Ethane transportation by Very Large Ethane Carriers (VLEC). The transportation of Ethane will be carried out by six VLEC's from North America to India. The VLEC's are being specifically built by Samsung Heavy Industries Co., Ltd and expected to be delivered in the last quarter of 2016 and will enter into service thereafter.
MOL Hosts Safety Conference Program
Four conferences aimed at becoming the world leader in safe operation. Mitsui O.S.K. Lines, Ltd. (MOL) announced that MOL Safety Conference 2014 programs have been held in four places worldwide. Date City (country) No. Each conference opened with powerful messages from MOL Chairman Akimitsu Ashida and President Koichi Muto. “This year marks the 130th anniversary of MOL. For our growth strategy, establishing and maintaining safe operation is one of the most important issues for gaining customer’s trust.
MOL Achieves 2013 Profitability Goal
The president of Mitsui O.S.K. 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…