Wednesday, April 28, 2010

MOL Announce Financial Position And Management Changes

Illustration of Market Patterns for Major Carrier
Shipping News Feature

JAPAN – Mitsui OSK Lines (MOL) have issued their ‘Financial Highlights’ for their fiscal year 2009 with figures to 31st March 2010, and it serves to illustrate how deeply affected the segments of trade the major freight carriers are involved in were damaged by the financial crisis. MOL's trade suffered in virtually every area of shipping and the document refers to container shipping, bulk and car carriers, tankers and LNG vessels, ferry and domestic trade, all of which were at reduced levels.

Opening phrases like ‘weak demand’, ‘pushed down’, ‘drop in trade’ and ‘a decrease in’ show how every sector was depressed for MOL as with virtually every other major shipping line. The company will hold its Annual Shareholders' Meeting on the 22nd June and the company have issued a press release to announce sweeping changes to their management structure to be voted on at that time. Several directors are to retire and replacements have been proposed.

Despite the expected depressing pattern within the accounts there are signs of recovery with the upswing in Chinese and Indian trade and some other areas showing definite improvements and more growth anticipated in the next few months.