December 24, 2009
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President Akimitsu Ashida) today reviewed the company's top news stories for 2009, as follows:
Ordinary income topped ¥200 billion for FY2008, ended March 31, 2009
MOL achieved ¥204.5 billion in consolidated ordinary income for FY2008, the second-highest in history, by taking measures to address a fleet surplus including laid up of vessels and slow steaming to swiftly respond to a drop in seaborne trade after the Lehman Shock, and by continued strong performance.
The outlook for FY2009 ending March 31, 2010 forecasts a large decrease in ordinary income
Consolidated ordinary income for FY2009 ending March 31, 2010, is estimated at ¥10 billion, a large decrease due to factors such as the yen's appreciation and high prices for bunker oil in addition to a large downturn in car carrier seaborne trade and a drop in the tanker markets.
Issue of corporate bonds
MOL issued corporate bonds in May and December while emphasizing financial soundness, and raised funds to support business activities.
Combined with ¥15 billion (5-year bonds) in December, 2008, the company issued a total of ¥85 billion in the past year.
Implementing stricter measures to ensure safe operation
Announcement of next-generation, environment-friendly vessel series that greatly reduce CO2 emissions
MOL announced concepts for a series of next-generation vessel that advance currently available technologies the most and are technically practical in the near future.
Expanding new contracts for iron ore transport
Expanding LNG transport service
A shuttle and regasification vessel (SRV), which re-vaporizes LNG onboard, was launched. (November)
Winning new completed car-related business in India
Expanding container terminal business
Enhancing group-wide strength and competitiveness
Occurrence of piracy suffering
The car carrier Jasmine Ace was fired on by pirates aboard two high-speed boats while under way about 900km east of Somalia on Mach 22 (Japan time). The vessel increased speed and escaped from the pirates.
Japanese Maritime Self-Defense Force warships started a convoy of dispatched vessels for anti-piracy patrols in the Gulf of Aden off Somalia. (March)
MOL was authorized by the Ministry of Land, Infrastructure, Transport and tourism under the tonnage tax system effective April 1.