One of the world’s largest shipping companies, Mitsui OSK Lines (MOL) from Japan, is restructuring its organisation again.
Last April MOL created dedicated dry bulk and energy business units. It will now add a product transport business unit which will lump together its liner, car carrier, port, logistics and ferry businesses.
Moreover, the company said in a release today that it will establish an One MOL Business Strategy Execution Office in the Corporate Planning Division as an organisation that engages in “division/area cross-sectional business promotion, based on global business strategies and strategic initiatives, that uses Business Intelligence (BI) in an integrated fashion”. In addition, MOL will abolish its Research Office, one of the most famous research divisions at any shipping line in the world, and transfer its function to the One MOL Business Strategy Execution Office and other business divisions.
MOL will also establish a Bunker Business Office as an independent office within its Energy Transport Business Unit. It will be an organisation that purchases and prepares bunker oil and lubricant, establishes mid- and long-term policies to procure fuels while adhering to SOx regulations. It will also accelerate initiatives concerning vessels with engines that use alternative fuel such as LNG. And it will participate in LNG and other fuel supply businesses. At the same time, the Bunkering Group of the Tanker Division will be abolished.
In diversification mode, MOL is creating a New Business Creation Group in the Group Business Division which will look at businesses that are, MOL said, “not extensions of conventional businesses”.
Accordingly, the Group Business Division will be renamed as the New Business Creation and Group Business Division.
Finally the Offshore & LNG Project Division will be renamed. The company will transfer the group that is responsible for LNG carrier projects in Russia and China to the LNG Carrier Division, and restructure the Offshore & LNG Project Division to be an organisation that engages, MOL said, “in intensive efforts to expand offshore business”. The Offshore & LNG Project Division will be renamed as the Offshore Project Division.
As part of that expansion, separately MOL also announced the acquisition of a 5% stake in Seajacks International.