Asia/Pacific News
MOL Increasing Use of Slow Steaming
Tokyo-based Mitsui O.S.K. Lines Ltd. [TYO:9104] (MOL) said it has been increasing the use of slow steaming, as well as using scrapping and other cost-saving measures this year, but it still expects a loss for FY2012.
The loss will be the second in a row for the company, which says it has struggled with appreciation of the yen, rising bunker prices, and fleet oversupply.
MOL said it has implemented scrapping or cold lay-up of 10-20 Capesize dry bulkers, as well as scrapping of double-hull tankers.
The company said other highlights for the year were the introduction of new training methods to improve safety and the launching of the world's first newbuilding hybrid car carrier, Emerald Ace, in June.
In October, MOL said high bunker prices and weakness in the dry bulker and containership businesses were hurting its bottom line.
