BY the end of fiscal 2012, Japan's biggest container carrier, MOL, plans to generate 65 per cent - from today's 50 per cent - of revenue from foreign trade by expanding into emerging markets."Our opportunity for growth lies solidly in the global market, particularly in the emerging economies," said the MOL president during his speech to mark the Japanese shipping company's 127th anniversary.
Looking ahead to fiscal 2011 he warned there are areas of concern for its container shipping division, including the "huge" number of new vessel deliveries due to take place, piracy off the coast of Somalia, and unrest in the Middle East which is expected to push up oil prices.
He said the large number of new vessels to be delivered globally is likely to create a "shortfall in the availability of seafarers possessing exceptional experience and quality." To pre-empt this situation, he said the company is taking "positive steps" to secure and train seafarers to operate its vessels from mainly the Philippines, India and Europe.
He added the MOL group will continue to assist in whatever way it can in bringing aid and relief to the survivors of last month's devastating earthquake and tsunami in the north-east of Japan to help the affected region recover.
The shipping company's president noted that over the past decade the carrier's fleet has grown from 640 vessels with a total deadweight tonnage of 36 million tons, to 920 vessels with a deadweight tonnage of 62 million tons. The group's ordinary income has grown from JPY53.0 billion (US$629.8 million) to a forecast JPY120.0 billion in fiscal 2010.
Source : HKSG.
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