MOL unveils restructuring plans

The Japanese shipping company will restructure April 1, which happens to be the same day its container shipping joint venture with “K” Line and NYK, referred to as the Ocean Network Express, is scheduled to commence operations.    Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL) revealed Wednesday it will be restructuring operations effective April 1.
   The Ocean Network Express (ONE) – MOL’s container shipping joint venture with fellow Japanese carriers Kawasaki Kisen Kaisha (“K” Line) and Nippon Yusen Kabushiki Kaisha (NYK) – is also set to commence operations April 1.
   MOL’s restructuring includes the establishment of a liner business management division, headed by Ryusuke Kimura. MOL said the division will fulfill the company’s management role as one of the major investors in ONE.
   Other changes MOL will implement include: 
     • Selecting chief executive representatives in North America, Central America, the Caribbean and South America, in place of the chief country representative, North America;
     • Launching a technology innovation unit and position of chief technical officer to supervise operations;
     • Establishing a chief financial officer to supervise planning of strategies and measures to promote optimal funding and financial strategies for the MOL Group, and provide necessary advice to executive officers responsible for business divisions;
     • Renaming the executive officer responsible for corporate communication as chief communication officer, and establishing a corporate communication division that will integrate public relations and international relations;
     • Unifying the MOL head office organization to allow divisions to more effectively allocate their resources;
     • Developing a corporate marketing division “with the aim of more effectively promoting group-wide business activities across regions and organizations, and build a system to move ahead assertively;”
     • Implementing two tanker divisions, one for crude oil tankers, and another for petroleum product and methanol tankers;
     • Establishing a ferry business division;
     • Restructuring and renaming its new business creation and group business as the “new & clean energy business division;”
     • And developing a corporate audit division.