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December 26, 2012

MOL News Highlights for 2012

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President Koichi Muto) today announced the company's top news stories for 2012 as follows:

MOL anticipated a loss for FY2012, which will be the second consecutive year of red ink, at the announcement of the financial results for the first half of FY2012 (October)

  • Posted a ¥24.3 billion consolidated ordinary loss for FY2011 due to factors such as the appreciation of yen, a steep rise in bunker prices, and fleet oversupply.
  • Projected a loss in the FY2012 outlook. The company has been working to increase the use of slow steaming, scale down the tramp fleet (scrapping/cold lay-up of 10-20 Capesize dry bulkers, and scrapping of double-hull tankers), and promote other rationalization efforts.

Proactive business expansion in various fields

  • Signed VLCC pool agreement (January)
  • Launched Asia-Europe containership service with G6 Alliance members (March)
  • Participates in a floating production, storage, and offloading system (FPSO) business that is adopted for ultra-deep water operations off the coast of Brazil (March)
  • Signed a long-term contract for two new LNG carriers with Kansai Electric Power Inc. (June)
  • Transferred headquarters functions of the containership segment to Hong Kong (July)
  • Established Key Performance Indicators (KPI) for containership business. Launched "Count On MOL" (March)
  • Expanding business in growth markets:
    Established a subsidiary in Peru (April), launched weekly service to Myanmar (March)

Initiatives to become the world leader in safe operation

  • Introduced full-mission bridge simulator -equipped with Japan's first 360º horizontal/downward view screen (June)
  • Upgrading education for entry-level seafarers in the Philippines
    The first batch (84 trainees) of the Third Year Program graduated (March)
  • A new double-hull tanker loading/discharging simulator was installed in the Philippines seafarer training center (May)

Initiatives on environmental protection

  • Launched of the world's first newbuilding hybrid car carrier Emerald Ace (June)

Global social contribution activities

  • Honored by Japan's Minister of Land, Infrastructure, Transport and Tourism for its support activities after the Great East Japan Earthquake and Tsunami, including visits by the cruise ship Fuji Maru to disaster-stricken areas (July)
  • A daycare center in the Philippines, built with donations from MOL held its grand opening (November)
  • Earned a commendation from the Philippine House of Representatives for its support of relief efforts in the wake of the deadly typhoon on Mindanao (February)

Group company initiatives on business expansion

  • Tokyo Marine Co., Ltd. transferred its business and ship operation functions to Singapore (October)
  • Daibiru Corporation started construction of New Shin Daibiru Building (temporary name) in the center of Osaka's business district (August)
  • Ferry Sunflower Limited carries a centennial service, voyage of daytime, between Osaka and Beppu

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