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MOL chief says shipping market recovery 'still in the making'

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Mitsui OSK Lines (MOL) ceo Junichiro Ikeda says a full-scale recovery of shipping markets is still in the making.

In his New Year message Ikeda noted that 2017 had been a year of resurgent trade growth with a firmer world economy and improving business sentiment in Japan. However, a more uncertain operating environment due to factors such as North Korea was also noted.

In terms of shipping markets Ikeda said: “Looking at the shipping market, conditions were mixed across businesses, with firm conditions in dry bulkers but weaker trends in tankers, for example. A full-scale recovery is still in the making.”

Amid what Ikeda described as “sub-optimal” market conditions MOL expected to finish FY 2017 ended 31 March 2018 largely inline with its initial forecasts.

MOL is aiming to transform itself into a company capable of generating steady profits.

“The MOL Group made bold investment decisions with a focus on businesses that offer prospects for long-term growth and steady earnings. Notably, in the LNG carriers and offshore businesses, we entered the self-elevating platform vessel business, providing offshore wind power generation installation services, along with taking part in a floating LNG receiving terminal project in India and expanding the Yamal LNG project,” he said.