MOL to restructure Organization from April 1, 2017

Posted by Daily Shipping Times on 07-03-2017        Tweet

TOKYO: Mr. Junichiro Ikeda, President & CEO, Mitsui O.S.K. Lines Ltd. (MOL) announced that it will restructure the organization effective April 1, 2017.

1. Establishment of the Product Transport Business Unit - The Dry Bulk Business Unit and the Energy Transport Business Unit were established effective April 1, 2016. (*1) The company will establish the Product Transport Business Unit to create the cross-sectional system “One MOL” to promote businesses in the product transport field and further meet customer needs.

2. Establishment of the One MOL Business Strategy Execution Office - The company will establish the One MOL Business Strategy Execution Office in the Corporate Planning Division as an organization that engages in division/area cross-sectional business promotion, based on global business strategies and strategic initiatives, that uses Business Intelligence (BI) in an integrated fashion. In addition, it will abolish the Research Office, and transfer its function to the One MOL Business Strategy Execution Office and other business divisions.

3. Establishment of the Bunker Business Office - The company will establish the Bunker Business Office as an independent office within the Energy Transport Business Unit.

It will be an organization that purchases and prepares bunker oil and lubricant, establishes mid- and long-term policies to procure fuels while adhering to SOx regulations, etc. It will also accelerate initiatives concerning vessels with engines that use alternative fuel such as LNG. And it will participate in LNG and other fuel supply businesses in an integrated fashion. At the same time, the Bunkering Group of the Tanker Division will be abolished.

4. Establishment of the New Business Creation Group and Renaming of the Group Business Division - The company will establish the New Business Creation Group in the Group Business Division, as an organization that gathers, researches, and selects information on new businesses, and studies, plans, promotes, and implements policies, in an integrated fashion.

It will also direct intensive efforts on new businesses that are not extensions of conventional businesses. Accordingly, the Group Business Division will be renamed as the New Business Creation and Group Business Division.

5. Renaming of the Offshore & LNG Project Division - The company will transfer the group that is responsible for LNG carrier projects in Russia and China, to the LNG Carrier Division, and restructure the Offshore & LNG Project Division to be an organization that engages in intensive efforts to expand offshore business. Accordingly, the Offshore & LNG Project Division will be renamed as the Offshore Project Division.