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Loss-making MOL looks to beef up Singapore presence

Singapore: Mitsui OSK Lines (MOL), the world’s largest shipping line by fleet size, might just have reported struggling financial results, but buried in the announcement was something that will bring smiles to the Maritime & Port Authority of Singapore. Describing the Lion Republic as “Asia's shipping center”, MOL said today it would accelerate expansion of its dry bulk business in Singapore, describing the city state as “the trade center for emerging markets”.

MOL is not alone in decentralizing. The other two big Japanese lines, Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line) have moved many operations out of their Tokyo headquarters, often to Singapore.

MOL warned today it is likely to report a record net loss of 177bn yen for the year ending March, significantly worse than its earlier forecast for a 24bn yen loss.  [31/01/13]

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