Mitsui OSK Line is looking to speed up investment in offshore wind power
The company said this year, it will not only accelerate investment in LNG-fueled vessels but also invest in low-/de-carbonization businesses such as offshore wind power.
Japanese shipping company Mitsui OSK Line (MOL) said it will accelerate investment in LNG-fuelled vessels and offshore wind power this year.
While delivering the New Year message to all MOL Group officers and employees on land and at sea, MOL President & CEO Takeshi Hashimoto said,” Last year, we announced to invest in LNG-fueled car carriers and Capesize bulkers.”
“This year, we will not only accelerate investment in LNG-fueled vessels but also invest in low-/de-carbonization businesses such as offshore wind power. We will also step up initiatives to reduce our environmental impact, by adopting the digital transformation (DX) and improving the vessel operational efficiency.”
He said that MOL is moving toward the introduction of LNG-fuelled vessels and plans to expand the fleet to 90 by 2030.
Hashimoto said that in 2021 the LNG carrier business “brought in steadily increasing profits”. On the other hand, 2021 was a tough year for the tanker business, which weathered a downturn in the VLCC market, and ferry and cruise ship businesses which faced a sharp decrease in passengers due to the COVID-19 pandemic.
“On a group-wide basis, however, we expect to post all-time record high results for this fiscal year. Key financial indices such as our debt-equity ratio also show a significant improvement,” he said. Japanese fiscal year runs from April-March.
Reprinted from Refining & Petrochemical, deleted immediately if infringing