Japan's MOL to accelerate investment in LNG-fuelled ships
Japanese shipping company Mitsui OSK Line (MOL) will accelerate investment in LNG-fuelled vessels and offshore wind power this year, it said on January 5.
“Last year, we announced to invest in LNG-fuelled car carriers and Capesize bulkers. This year, we will not only accelerate investment in LNG-fuelled vessels, but also invest in low-/de-carbonisation businesses such as offshore wind power,” MOL CEO Takeshi Hashimoto said. “We will also step up initiatives to reduce our environmental impact, by adopting the digital transformation and improving the vessel operational efficiency.”
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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 shows a significant improvement,” he said. Japanese fiscal year runs from April-March.