Wednesday, March 31, 2010

Mitsui OSK Revise Shipping Figures Upward

Financial Year 2009 Not As Bad As Predicted
Shipping News Feature

WORLDWIDE – Mitsui OSK Lines (MOL) have announced a revision of their projected financial statement on the same day as they have set new company goals for the future. The group have predicted a 100% uplift to their previously predicted income figure producing an net income of 8.36 Yen per share against the 4.18 Yen quoted formerly.

A company spokesman said that: “The dry bulker market in general has remained steadier than the Company's assumption while the Cape-size market fluctuated widely. The tanker market moved gradually towards recovery as demand for crude oil improved and withdrawal of single-hull VLCC’s began.

“Automobile seaborne trade is on the rise in step with global economic recovery. And the containership cargo trade is increasing and freight rates are progressing toward recovery. As a result of these factors, the Company made the upward revision of its earlier announced consolidated business outlook for the 2009 financial year.”

MOL also vowed to follow a new strategy they are calling the "Challenge to Create New Growth" which encompasses undertakings to follow an environmentally positive course, enhanced safety operations and accelerate business development in growing markets to recover from the current economic crisis. MOL say they have high aspirations to become the world leader in safe transportation by ensuring they out compete competitors in all their fields of operation.