MOL sets midterm fleet, profit targets

MOL sets midterm fleet, profit targets Japanese shipping group Mitsui O.S.K. Lines is planning to add some 400 vessels to its fleet by March 2013, as part of a new midterm management plan called MOL ADVANCE.
   Under the plan, MOL has set a net income target of Yen 143 billion ($1.3 billion) for the end of its 2009 fiscal year, ending March 2010, and Yen 160 billion ($1.45 billion) for the end of the 2012 fiscal year. These figures compare to MOL’s estimate of Yen 118 billion ($1.07 billion) net income for the end of the current financial year.
   The revenue target for 2009 has been put at Yen2.06 trillion ($18.7 billion), up from the 2006 estimate of Yen1.57 trillion ($14.3 billion). MOL hopes to achieve Yen2.5 trillion ($22.7 billion) revenue in the 2012 fiscal year.
   These financial targets all assume an exchange rate of Yen110 to the U.S. dollar and a bunker price of $300 per ton.
   By the end of the 2012 fiscal year, MOL said it aims to have a fleet of 1,200 ships, including short-term charters and joint-venture-owned vessels, up from the estimated 805 it will operate at the end of this month.