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

07 Jan 2020

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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