MOL president outlines company highlights for 2008

MITSUI OSK Lines (MOL) president Akimitsu Ashida has outlined a range of ups and downs for the company, setting out its fifth consecutive year of high profits as being No 1 up in his News Highlights for 2008.

Consolidated ordinary income for FY2007, ended in March 2008, totalled JPN302.2 billion (US$3.2 billion), the fifth consecutive year of record high performance. The company raised dividend payments to JPY17 per share. Dividends for the year totalled JPY31 per share, including a JPY14 interim payment, he said in a statement.

Second quarter financial results for FY2008 (from April to September 2008), also marked an increase in both revenue and income over the same period of FY2007. The company issued an interim dividend payment of JPY15.5, he said.

But there was a downside. Fees for dry Cape-size bulker charters (four route average), which quoted a record high of $230,000 per day in early June, plunged to $40,000 per day in late October and further declined to $2,000 per day in December, he said.

Mr Ashida was pleased with MOL's three safety conferences in India, the Philippines and the Netherlands and with the 360-degree bridge simulator installed at training centre in India in February.

He also noted the anti-piracy drill by training ship Sprit of MOL in November and that the ship participated in the Philippine disaster relief effort, moving aid supplies in response to the disaster in Iloilo state, damaged by Typhoon No 6 in June. The vessel received a letter of thanks from the government in October.

Major US retailer Burlington Coat Factory also selected MOL as buyer's consolidator and service agent in September and received a new order from major US furniture retailer WS Badcock in December.

Source: Schednet