MOL spends profits taking control of two group companies

Mitsui OSK Lines (MOL), Japan’s largest shipowner by fleet numbers, is investing some of its profits made during a bumper 2021, to diversify revenues, including upping its exposure to real estate.

MOL announced today it has moved to buy out all remaining shares in two group companies, project logistics specialist Utoc and property firm Daibiru, the latter of which MOL said it would look to add more overseas properties to its portfolio soon.

MOL has repeatedly upped its full year financial forecasts this year, largely thanks to the strong earnings from boxline Ocean Network Express (ONE) in which it has a one-third holding. A strong year for dry bulk and LNG have also propelled earnings, two sectors in which MOL boasts very large fleets.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button