[010111.EN.SEA] MOL Takes A Look Back Over A Year Of Achievements

JAPAN's Mitsui OSK Lines says it was able to achieve a consolidated ordinary profit for its 2009 financial year ending in March of JPY24.2 billion (US$294.02 million) by quickly scaling back its fleet and slow steaming and cost cutting in the downturn year of 2009 "while other shipping companies fell into the red." 

Looking over 2010, the company said it made a "rapid" recovery in its containership business with profits improving "sharply" driven by "the rapid recovery in container trade starting in the fall of 2009," said a company statement.

It also described as a highlight the launch of its mid-term management plan, "Gear Up! MOL" in April, which began with the main theme "Challenge to Create New Growth," and set a target of achieving JPY150 billion in ordinary income for the third and final year of the management plan, FY2012.

Also in April, MOL's Technology Research Centre started operations. June was defined by the change of chairman and president, with Akimitsu Ashida appointed chairman and Koichi Muto becoming president. However, July was blighted by the news that its super tanker M Star suffered hull damage in a terrorist attack in the Strait of Hormuz.

In November, MOL and Vale signed a long-term transport contract for two very large ore carriers and also announced the merger of Utoc Corporation and International Container Terminal Co Ltd. 

Source : HKSG, 01.01.11.