Mitsui O.S.K. Lines (MOL), the largest and oldest of Japan's international ocean carrier companies, has celebrated its 133rd anniversary with a message from its President and CEO, Junichiro Ikeda, who has forecasted a “return to profitability”.
A new vision has now been set out by Ikeda after the company’s existing businesses faced major upheaval.
He announced that MOL would reshape its business portfolio and change its approach to investment as previous operations were found to be “no longer viable” after being based, at times, on a tendency to focus on balancing investments among its existing businesses.
Ikeda said: “Over the past fiscal year, we have worked as one to execute the Business Structural Reforms laid out in the single-year management plan and improve our profitability.
“I'm pleased to report that we are forecasting a return to profitability at the ordinary income level. So first of all, let me thank you for your efforts over the past year.”
Ikeda added that MOL will now put into action its plans to work on selecting business domains and projects where it has competitive advantages to make each business “boast the highest competitiveness in the respective industries”.
He said: “Our customers' needs are becoming more and more diversified and sophisticated.
“To be selected as their best partner will require more than just price competitiveness.
“It will require deep insight into customer concerns and the ability to provide solutions other companies cannot match.
“Differentiation will be absolutely essential.
“We will be unable to rise above the competition unless we become a truly strong and resilient enterprise.
“Conversely, if we succeed in differentiating the MOL Group from rivals and establishing strong competitiveness, we will find that the current business environment will present unique opportunities to expand our business.”
MOL recently acquired shares in PKT Logistics Group Sdn. Bhd. (PKT), a Malaysian logistics company specialising in end-to-end logistics solutions comprising freight forwarding, customs brokerage, contract logistics, haulage and distribution.