In a detailed address to the nation and the company’s investors on Friday, the top manager Koichi Muto from the Japanese company Mitsui OSK Lines (MOL) presented a gloomy outlook for one of the world’s largest shipping companies, which for the second year in a row must face a billion-dollar deficit of about $1 billion in 2012.
Yet Koichi Muto also delivers a solution, a reform of the entire group, which includes a massive divestment, scrapping, returns of chartered ships and cancellations of contracts, particularly in dry bulk and tank with a view to reducing the free tonnage. And the container company, wherein Mitsui is a part of is the so-called G6 alliance, also contributes to the deficit.
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