Muto admits MOL ‘went off course’ in failing to hit financial targets

Muto admits MOL ‘went off course’ in failing to hit financial targets

Tokyo: The outgoing president of Japan’s Mitsui OSK Lines (MOL) has admitted the company has veered off track in the past year and failed to meet its financial goals. Speaking on the occasion of MOL’s 131st anniversary, Koichi Muto, who will shortly become chairman of the giant line, admitted: “We went off the course we charted for growth last year. But this year, we must return to that course and proceed, full steam ahead, to make up for lost time.”

He noted poor market knowledge in handling the dry bulk spot market as one of the reasons for the poor financial performance. Tankers were deemed a highlight while Muto stressed the vital need to get the containership division back into profit this year, something that should be possible, he said, aided by a depreciating yen and lower bunker prices.

 

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.

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