MOL News Highlights for 2009
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.
- ¥50 billion (5-year bonds, 10-year bonds) (May)
- ¥20 billion (7-year bonds) (December)
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
- Held joint public-private anti-piracy drill with LNG carrier LNG Vesta (July)
- Developed vessel operation training program for massive new iron ore carriers. (September)
- Installed the FMS.Global system, which displays operational status of MOL-operated vessels and the latest global weather in real time at the Head Office reception area. (September)
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.
- First announcement: car carrier ISHIN-I (September)
- Second announcement: ferry ISHIN-II (December)
Expanding new contracts for iron ore transport
- Concluded an agreement on multiple dedicated long-, mid- and short-term contracts with mining company Rio Tinto (July)
- Signed a contract for mid- and long-term transport with Anshan Iron and Steel Group of China (September)
- Signed a contract for long-term transport with the Jiangsu Shagang Group of China (October)
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
- MOL won a contract to transport completed cars from a new Nissan Motor Chennai plant to the export port (Ennore) in Indian, and the yard operation at the export port. (June)
- MOL agreed to establish a joint venture to operate a completed car yard at Ennore Port in India. (August)
Expanding container terminal business
- New container terminal opened at the U.S. port of Jacksonville, Florida. (January)
- Established a joint venture to operate a container terminal at Cai Mep Port in Vietnam. (September)
Enhancing group-wide strength and competitiveness
- Made Nissan Motor Car Carrier Co., Ltd. a consolidated subsidiary. (September)
- Business operations of MOL Group companies The Diamond Ferry Co., Ltd. and Kansai Kisen Kaisha were integrated and Ferry Sunflower Co., Ltd. was established (November)
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.