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News / 2020/ MOL CEO highlights initial difficulties of IMO 2020 in New Year message

MOL CEO highlights initial difficulties of IMO 2020 in New Year message

07 Jan 2020
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Japanese shipping firm Mitsui O.S.K. Lines, Ltd. (MOL) President and CEO Junichiro Ikeda on Monday (6 January) addressed the company’s officers and employees in a New Year message

It discussed, amongst other topics, the initial difficulties of switching fuels on a massive scale to comply with International Maritime Organization (IMO)’s new 2020 regulation.

Ikeda said the company has a general understanding from customers that it will have to bear the increased cost of switching to Very Low Sulphur Fuel Oil (VLSFO).

“Nevertheless, switching of fuels on such a massive scale is bound to bring some difficulties at the initial stage, and we need to pay close attention and maintain our focus on compliance as we move toward a stable path,” he stated.

Ikeda was positive on the use of liquefied natural gas (LNG) as a marine fuel.

“LNG fuel is one of the realistic solutions we, MOL Group, can offer to tackle environmental issues, by reducing GHG emission. We will continue to promote LNG-related business in 2020,” he said.

“In the LNG carrier business, projects including the ice-breaking LNG carriers for the Yamal project went into a full-scale operation, contributing to a build-up of stable profits.”

“The progress of our LNG-related business was packed with events, such as the delivery of the LNG-fueled tugboat Ishin, the participation in a LNG-fuel bunkering vessel project in Singapore, development of the LNG-to-Powership project which is a FSRU operation project under the co-brand "KARMOL," and our decision to build Japan's first LNG-fueled ferry.”

Ikeda believed MOL ended 2019 on a good note and welcomed the year ahead.

“Looking over the shipping market, we can generally say the year ended on a strong note, although both dry bulk and tanker markets had their ups and downs,“ he stated.

“Changes in society and the environment also represent opportunities for growth. I hope that all of you will use your senses to fully grasp the changes in society and customer needs and meet new challenges you have never known.”

“Finally, I want to pledge my commitment to safe voyages by all MOL Group-operated vessels. I wish you and your family a very happy New Year, as well as good health, happiness, and success in 2020.”

Related: MOL orders two LNG-fuelled ferries from Mitsubishi Shipbuilding
Related: Kyushu Electric Power to deploy LNG-fuelled large coal carriers
Related: MOL secures BNPP and CEXIM ‘green loan’ to build LNG bunker tanker
Related: Mitsui O.S.K. Lines to order Japan’s first two domestic LNG-fuelled ferries
Related: First LNG bunkering operation conducted at Port of Nagoya in Japan
Related: MOL launches zero emission alternative ship fuels working group
Related: MOL officially receives delivery of LNG-fuelled tugboat at Kobe port
Related: MOL charters out Singapore LNG bunkering tanker to Pavilion Gas
Related: Sembcorp Marine secures pioneering LNG bunker vessel contract

Photo credit: Mitsui O.S.K. Lines
Published: 7 January, 2020
 

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