MOL announces integration of dry bulk business and the establishment of "MOL Drybulk Ltd."
Mitsui O.S.K. Lines, Ltd. today announced that the name of its wholly owned subsidiary Mitsui O.S.K. Kinkai, Ltd. will be changed to "MOL Drybulk Ltd." effective April 1, 2021.
As announced on December 11, 2020, "MOL announces the integration of the Dry Bulk business, Wood Chip Carrier business, and Mitsui O.S.K. Kinkai, Ltd., and the establishment of a new Company," MOK and MOL's small- and medium- sized bulk carrier, wood chip carrier, and Panamax business, excluding services for steel manufacturers and domestic electric power companies, will be integrated. Prior to reorganization, scheduled for April 2022, it has been decided that the name of MOK will be changed to "MOL Drybulk Ltd." on April 1, 2021, and that commercial activities in the targeted areas will be integrated by collaboration between the two companies.
In the past, through strategic reform and reorganization, the MOL Group has optimized its cost structure and significantly reduced its market exposure in the dry bulk business. As the next step this integration will further improve its competitiveness in the dry bulk business by bringing the strengths together.
Dry bulk shall continue to be a core activity of MOL, and the new name represents MOL's commitment to the creation of a strong and resilient organization specialized in this sector. By uniting all of the resources within the group, the New Company will be capable of adapting to the changes in the business environments and act proactively.
The New Company will be a unique entity operating a wide variety of vessel types ranging from 10,000-100,000 DWT bulk carriers, wood chip carriers, and multi-purpose vessels. Prior to the structural integration in 2022, the "one-stop service" covering all of these vessel types will be available for the customers from April 2021.
The New Company will leverage MOL Group's technologies, work collaboratively with customers in order to understand and meet their needs, and provide environmental solutions that reduce the greenhouse gas (GHG) emissions throughout the supply chain.
