Mitsui O.S.K. Lines, Ltd. (MOL) will be restructuring its organisation and setting up new business divisions to reflect its focus on sustainability, environmental protection and decarbonisation.
In a statement issued today (29 January) the company announced that it was setting a new Environment & Sustainability Strategy Division that will take a view on green issues on a ‘company-wide, cross-sectional basis’. Interestingly, this new entity will also take on the ‘environmental and social contribution activities in Mauritius’ (a circumlocutory way of saying dealing with the Wakashio oil spill) from the Corporate Planning Division.
The existing Steaming Coal and Renewable Energy Project Division will be renamed as the Power Solution & Carbon Project Division. The newly-named division will ‘serve as an organisation that offers solutions for decarbonisation, in addition to current fuel transport services, to meet the diversifying needs of society and customers including domestic electric power companies.
As a further reflection of its focus on the energy transition, MOL will be setting up a new Energy and Offshore Business Unit and a Wind Power Energy Business Division, which has been tasked to ‘expand and accelerate these activities’.
Meanwhile, MOL will also be integrating its dry bulk, wood chip carrier and Panamax businesses with its wholly owned subsidiary Mitsui O.S.K. Kinkai, Ltd. to form a newly established company called MOL Drybulk Ltd.
The restructure will take effect from 1 April.
The Japanese shipping giant also reported its Q3 results today, which showed that revenue had fallen to around 731 billion yen from last year’s 867 billion yen. MOL also posted a loss of one billion yen, compared to a profit of 24 billion yen in Q3 2019.