MOL News Highlights for 2010
December 24, 2010
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President Koichi Muto) today announced the company's top news stories for 2010, as follows:
Ensuring profits in the financial results for FY2009 ended March, 2010
MOL responded quickly to decreasing trade by scaling back its fleet and shifting to decelerated navigation, while focusing on cost reduction. These measures ensured profitability (consolidated ordinary income of ¥24.2 billion) while many other shipping companies fell into the red.
Containership business recovered rapidly
Profits in the containership business segment improved sharply backed by the rapid recovery in container trade starting in the fall of 2009.
Start-up of midterm management plan GEAR UP! MOL (April)
The three-year midterm management plan GEAR UP! MOL (FY2010-) began with the main theme "Challenge to Create New Growth," setting a target of ¥150 billion in ordinary income for the final year FY2012.
Change of Chairman and President (June)
Akimitsu Ashida was inaugurated as chairman and Koichi Muto became president.
MOL and Vale signed a long-term transport contract for 2 VLOCs (November)
MOL signed a contract with ExxonMobil for long-term charters of 6 LNG carriers (March)
Nippon Maru Renewed (March)
The company marked completion of a major five-month remodeling project that included the addition of passenger staterooms and restaurants.
Announcement of merger of Utoc Corporation and International Container Terminal Co., Ltd. (November)
Announcement of the third in the series of new-generation vessels that greatly reduce CO2 emissions: ISHIN-III large-scale iron ore carrier (April)
New MOL Technology Research Center started operation (April)
VLCC M. STAR suffered hull damage in western Strait of Hormuz (July)