Tokyo: Mitsui O.S.K. Lines (MOL) is looking to up its tanker and LNG exposure as it anticipates a long downturn in the container market.
"We need to reduce our exposure to containers," Senior Managing Executive Officer Koichi Muto told Bloomberg in an interview at the company's Tokyo headquarters on December 4.
MOL, the only one of Japan's big three shipping lines to predict a profit this year, has already cut its container fleet 15 percent. LNG and oil may be more stable markets, Muto said.
"There aren't as many competitors operating LNG and crude oil tankers," he said.
The company is predicting a profit of 2 billion yen ($22 million) this fiscal year because of demand for hauling coal and iron ore to China. [07/12/09]
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