MOL reshuffles top management, integrates dry bulk businesses

Japanese shipping heavyweight Mitsui O.S.K. Lines (MOL) has appointed Takeshi Hashimoto as the company’s new Chairman and President.

Hashimoto, currently working as Representative Director, Executive Vice President Executive Officer, will take office on April 1, 2021, taking over from Junichiro Ikeda, who will continue his role at MOL as Representative Director Chairman Executive Officer.

“The business environment surrounding the shipping industry has changed significantly, such as review of the global supply chain and changes in the industrial structure toward decarbonization,” MOL said in a statement.

“In this circumstance and environment, MOL has decided that it is appropriate to renew the top management and accelerate the speed of change in business structure and awareness of officers and employees in order to achieve further growth of the company.”

Separately, MOL is reorganizing its dry bulk business to adapt to the changing business environment in the sector amid structural changes in energy demand, political and economic trends and the COVID-19 pandemic.

The company’s wholly-owned subsidiary and MOL’s small- and medium- sized bulker business, wood chip carrier business and Panamax business, excluding services for steel manufacturers and domestic electric power companies, will be integrated.

A new company will be established with MOL Kinkai as the surviving company.

As informed, in April 2021, the name of MOL Kinkai will be changed, and in April 2022, the businesses will be transferred to the new company involving the integration of the organization and personnel.

The new company will have a fleet of a diverse range of vessel types and sizes, ranging from 10,000 DWT to 100,000 DWT, including bulk carriers, wood chip carriers and multipurpose vessels.

MOL said that the company will enhance environmental initiatives such as GHG reduction, provide one-stop service to its customers, and would strive to become a “strong and resilient” dry bulk carrier.

The Japanese shipowner has been a front-runner with regard to trialing alternative technologies aimed at cutting ship’s emissions in line with the IMO’s environmental goals.

Yesterday, the company announced a major milestone in its wind-propulsion project also known as the Wind Challenger.