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MOL boss says container shipping 'absolutely must' return to profit in FY2015

MOL boss says container shipping 'absolutely must' return to profit in FY2015
Mitsui OSK Lines (MOL) president Kochi Muto says its container shipping business must return to profitability in the coming year.

“The containership business absolutely must return to profitability in FY2015, as it underpins the mid-term management plan’s company-wide targets,” Muto stated in his MOL Foundation Day address.

“We see this will not only eliminate transient factors that deteriorate profits, but also ensure progress in the automation of our cargo loading/unloading operations at the TraPac Container Terminal, which will increase the value that our terminal business adds to our shipping services.”

In the first nine months of the financial year ended 31 March 2015, MOL’s container shipping reported an ordinary loss of JPY20.9bn ($174m).

Muto said he believed the profit target for the financial year ended 31 March 2016 was achievable with the depreciating Japanese yen and lower bunker prices.

“I want to ask all liner division executives and employees to work as one to make sure this is the year of our successful counteroffensive and return to profitability.”