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Our Vision Is Our Vessel MOL Report 2018 Year Ended March 31, 2018 Life And

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Our Vision Is Our Vessel MOL Report 2018 Year Ended March 31, 2018 Life And Our Vision is Our Vessel MOL Report 2018 Year ended March 31, 2018 Life and As a full-line marine transport company, the MOL Group contributes to providing better lives for people around the world by engaging in the transport of goods indispensable for everyday life, ranging from OurVessel daily necessities such as food, clothing, household furniture and electronic appliances to energy resources such as oil and natural gas. MOL Report 2018 1 MOL GROUP CORPORATE PRINCIPLES Long-Term Vision As a multi-modal transport group, we will: 1 actively contribute to global economic growth and development, anticipating the needs of our customers To develop the MOL Group and the challenges of this new era 2 strive to maximize corporate value through creativity, operating efficiency and promotion of ethical and transparent management into an excellent and resilient 3 nurture and protect the natural environment by maintaining the highest standards of operational safety and navigation organization that leads What is MOL CHART? the world shipping industry MOL CHART represents the values that are to be shared by all members of the MOL Group worldwide. These values shall be common guidelines to pursue the best course of action for the highest quality of output for our stakeholders and to achieve MOL’s corporate goal and long-term vision. Challenge Innovate through insight Honesty Do the right thing Accountability Commit to acting with a sense of ownership Reliability Gain the trust of customers Teamwork Build a strong team 2 VisionMitsui O.S.K. Lines MOL Report 2018 3 Glossary (In alphabetical order) Outline ■ Ballast Water ■ Pool Arrangement 5 Glossary Ocean water that is taken in by the vessel to maintain ideal Ship operators and owners pool certain ships to conduct 6 MOL’s History: “Spirit of Challenge and Innovation” buoyancy and control the vessel when not fully loaded with joint operations. cargo. Usually, ballast water is taken on when cargo is 8 Our Fleet unloaded, and is discharged when cargo is loaded. Ballast ■ RoRo (Roll-on/Roll-off) Ships water transports marine organisms across the ocean, which Featuring a ramp, these ships have a vehicle deck to hold 10 Market Position in the Industry may have a negative impact on the preservation of marine trucks, trailers and other vehicles. Cranes and other loading ecosystems and biodiversity. After the Ballast Water Manage- equipment are not used in loading; instead vehicles are ment Convention enters into force in September 2017, driven onto the ship. In general, while ferries transport pas- Our ballast water treatment systems must be installed in all sengers and personal-use automobiles in addition to freight Vision ocean-going vessels within a certain period of time. vehicles, RoRo ships mainly transport freight vehicles. 12 Business Portfolio and Roadmap to Profit Improvement ■ Chemical Tankers ■ Shuttle Tankers 18 Message from the CEO Tankers fitted with multiple tanks to transport many different Tankers that transport crude oil from offshore oil rigs, such as types of liquid chemical cargo at the same time. These tank- FPSOs, to onshore refineries as an alternative means of pipe- 23 Feature: Our Vessel & Value Creation ers have complex design specifications, as they are equipped lines. Shuttle tankers are fitted with a unique system that with independent pipelines, cargo pumps and temperature enables cargo to be loaded from the bow of the vessel, regulating functions for each tank, in addition to dedicated rather than from the side like ordinary tankers, while main- Operation facilities for cleaning and other features. taining a certain distance from the offshore platform. 34 At a Glance Vision ■ Ethane Carriers ■ Small- and Medium-sized Bulkers Ethane carriers are specialized for transporting liquefied In this report, small- and medium-sized bulkers consist of 38 Overview of Operations ethane, which has been cooled to −92°C, and equipped Panamax, Handymax and Small Handy dry bulkers that trans- 50 Financial and Non-Financial Highlights with a reliquefaction system. LNG carriers transport cargo at port general bulk cargo, such as coal, grain, salt, cement and −162°C, and LPG tankers transport cargo at −42°C, so ethane steel products. 52 Key Indicators carriers fall somewhere between the two. ■ SOx 54 Message from the CFO ■ FPSO (Floating Production, Storage and The term “SOx” collectively refers to sulfur oxide emissions, Offloading System) including sulfur dioxide (SO2), which are air pollutants emit- A floating facility for producing crude oil offshore. The crude ted during the combustion of fossil fuels containing sulfur, oil is stored in tanks in the facility and directly offloaded to such as oil and coal. In the marine transport industry, Management Foundation shuttle tankers for direct transport to the destination. regulations requiring a drastic reduction in the sulfur content 58 Board of Directors, Audit & Supervisory of fuel will come into effect in 2020, in order to curtail the ■ FSRU (Floating Storage and Regasification Unit) amount of SOx in vessel emissions. Board Members and Executive Officersis ■ FSU (Floating Storage Unit) 60 Dialogue between Outside Officers An FSU is a floating facility for storing LNG offshore. An FSRU ■ Subsea Support Vessels has the same structure as an FSU with an additional function Vessels designed for arrangement and technical support 62 Corporate Governance for regasification of LNG onboard, with which it can send out work during exploitation of offshore oil and gas fields. MOL’s Communication Tools vaporized natural gas to land through a pipeline. Now, FSRUs 66 Safe Operation and FSUs are being adopted for a growing number of proj- ■ “Visualization of Marine Operations” MOL produces the following publications as ects to establish LNG receiving terminals all over the world Measures to provide visualization of the conditions of vessels 69 Risk Management a means of promoting communication with because of their advantages, including a shorter lead time and cargo at sea using ICT, thereby achieving optimal vessel stakeholders. The latest versions of all reports 71 Environment can be found on our website. and lower costs compared to conventional onshore receiv- operations, in conjunction with providing value-added ser- ing terminals. vices to customers. For example, big data on weather and sea 73 Corporate Social Responsibility (CSR) conditions is analyzed and effectively utilized to achieve safer http://www.mol.co.jp/en/ir/ ■ Highly Stable Profits vessel operations and optimal routing. In addition, measures • MOL Report Profits that are stably generated by contracts of two years or will be taken to improve the safety of vessel operations and • Investor Guidebook more, and projected profits from highly stable businesses. ship management efficiency, including remotely monitoring Data SectionOur Highly stable profits are currently provided by the following the operational status of engines and other machinery and • Market Data 76 Consolidated Financial Statements segments: Dry bulkers, Tankers, and LNG carriers/Offshore making maintenance arrangements in advance. businesses under mid- and long-term contracts (two years or 110 The MOL Group more); Associated businesses and Others. ■ Yield Management Forward-Looking Statements In the containership business, this refers to a management 112 Worldwide Offices This report contains forward-looking statements con- ■ Market Exposure technique to maximize profitability for the round-trip voyage 113 Shareholder Information cerning MOL’s future plans, strategies and performance. If vessels procured for the mid and long term (owned or of each container. Freight rates are set and sales activities These statements represent assumptions and beliefs mid- and long-term chartered vessels) operate only under conducted to maximize net proceeds (gross profits calcu- based on information currently* available and are not short-term cargo transport contracts, these vessels are lated by deducting direct costs from freight revenues) rather historical facts. Furthermore, forward-looking statements are subject to a number of risks and uncertainties that exposed to market rate fluctuations as a result of the than freight rates themselves. Direct costs include loading include, but are not limited to, economic conditions, mismatch between the vessel procurement and operating and unloading costs, feeder costs, and the costs of returning Vesselworldwide competition in the shipping industry, periods. MOL defines the number of mid- and long-term empty containers (calculated to reflect the aspect of surplus customer demand, foreign currency exchange rates, procured vessels operating under cargo contracts of less and shortage of containers at each point). price of bunker, tax laws and other regulations. MOL therefore cautions readers that actual results may differ than two years as “market exposure,” and monitors the ratio materially from these predictions. of its market exposure with the aim of controlling the risk of * As of June 30, 2018 unless otherwise specified market fluctuation. 4 Mitsui O.S.K. Lines MOL Report 2018 5 MOL’s History: “Spirit of Challenge and Innovation” 1984 2018 March Launched the SENSHU MARU, an LNG Carrier World’s first ice-breaking LNG carrier project Demand, mainly from electric power companies, increased Delivery of MOL’s first ice-breaking carrier, for imports of liquefied natural gas (LNG), an energy source VLADIMIR RUSANOV with a low environmental burden. Requiring transport at –162oC, LNG is technically
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