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Annual Report 2016 Year Ended March 31, 2016

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Annual Report 2016 Year Ended March 31, 2016 Mitsui O.S.K.Lines,Ltd.AnnualReport2016 For further information, please contact: Investor Relations Offi ce Mitsui O.S.K. Lines, Ltd. 1-1, Toranomon 2-Chome, Minato-ku, Tokyo 105-8688, Japan Telephone: +81-3-3587-6224 Facsimile: +81-3-3587-7734 E-mail: [email protected] URL: http://www.mol.co.jp/en/ Reinvent Annual Report 2016 Year ended March 31, 2016 This annual report is printed on Forest Stewardship Council™ (FSC)-certifi ed paper made of wood from responsibly managed forests. Printed in Japan It was also printed using vegetable oil inks. 116mol_表紙英文.indd6mol_表紙英文.indd 1-21-2 22016/07/27016/07/27 117:127:12 [Dry Bulker] Capesize Bulker: VEGA DREAM [Tanker] ReinventVLCC: OMEGA TRADER MOL [LNG Carrier] GRAND MEREYA [Car Carrier] VALIANT ACE ASSOCIATED BUSINESSES BULKSHIPS 6% 49% Dry Bulkers FERRY & DOMESTIC 21% TRANSPORT FY2015 Revenues [Containership] MOL MODERN Tankers 3% ¥1,712.2 Billion MOL GROUP 10 % CORPORATE PRINCIPLES CONTAINERSHIPS LNG Carriers/ Offshore Businesses % 42 4% Car Carriers As a multi-modal transport group, we will: [Terminal] Los Angeles Container Terminal 14% • actively contribute to global economic growth and development, anticipating the needs of our customers and the challenges of this new era Others Containerships • strive to maximize corporate value through creativity, operating effi ciency and 2% 10% promotion of ethical and transparent management Containerships Car Carriers 11% 3% • nurture and protect the natural environment by maintaining the highest [Ferry] standards of operational safety and navigation SUNFLOWER SAPPORO Car Carriers Dry Bulkers LNG Dry Bulkers Number of Carriers Dead weight 13% ships 46% tons 52% 9% LNG (883) (63 Million) Carriers Tankers 8% 26% Tankers 20% [Cruise ship] NIPPON MARU 116mol_英文_納品pdf用.indd6mol_英文_納品pdf用.indd a3-b1a3-b1 22016/07/27016/07/27 116:126:12 Business Activities Year in Review Performance (¥ billions) Bulkships Dry Bulkers 900 75 We worked to secure profi ts from long-term fi xed-rate freight contracts With one of the world’s largest fl eets, MOL reliably transports such dry bulk cargo for carriers of iron ore, woodchips, steaming coal and others. Efforts 600 50 as iron ore, coal, grains, wood, wood chips, cement, fertilizer and salt. Our fl eet continued to improve operation effi ciency and cut costs. Nevertheless, Dry Bulkers includes highly versatile bulk carriers and specialized vessels for specifi c cargo types. [Dry Bulker] performance in the dry bulker division signifi cantly deteriorated due to Capesize Bulker: VEGA DREAM the stagnant spot market and factors such as decreased Chinese 300 25 Offshore BusinessesandCarCarriers) Offshore LNGCarriers/ (Dry Bulkers,Tankers, imports of coal, resulting in an ordinary loss for the fi scal year. With one of the world’s largest fl eets, MOL is expanding activities globally. Our fl eet Tankers 0 14/3 15/3 16/3 0 includes crude oil tankers; product tankers that carry naphtha, gasoline and other Crude oil tanker and product tanker markets were strong overall, with Revenues (left scale) Tankers refi ned petroleum products; chemical tankers that carry liquid chemical products; demand remaining high. Ocean transport benefi tted from growth in Ordinary income (loss) (right scale) and LPG tankers that carry liquefi ed petroleum gas. actual demand and increases of China’s strategic reserves. Ordinary [Tanker] income rose considerably also underpinned by efforts to cut costs and VLCC: OMEGA TRADER improve operation effi ciency by setting up pools with other operators. With one of the world’s largest LNG carrier fl eets, MOL safely transports liquefi ed LNG Carriers/ natural gas (LNG), which is experiencing growing global demand. In addition, we LNG Carriers/Offshore Businesses Offshore are active in offshore businesses, including FSPOs and FSRUs, which are poised for The LNG carrier division continued to secure fi rm profi ts through long- Businesses continued growth. term transport contracts, leading to a year-on-year improvement in ordinary income. [LNG Carrier] MOL is stably expanding transport services to meet the changing needs of auto- GRAND MEREYA Car Carriers makers as they move production to optimal sites around the world. We operate Transport of completed cars to the U.S., where economic conditions Car Carriers globally with specialized car carriers that can effectively transport any type of remained strong, was fi rm. Meanwhile, transport weakened to emerg- vehicle from passenger cars to construction machinery. ing countries and resource-producing countries as falling crude oil prices slowed these economies. As a result, ordinary income in the car carrier division decreased despite efforts to improve operation effi ciency in response to changing trade patterns. [Car Carrier] VALIANT ACE Containerships Through MOL’s global network of sea routes, we transport containers loaded with electric products, auto- On Trans-Pacifi c routes, although cargo volumes from Asia were fi rm 800 120 overall, the supply-demand balance weakened because of the increase motive parts, clothes, furniture, food products and many other products to deliver them around the world. in vessels, and the freight market signifi cantly fell on routes to both the We are expanding our network with wider port coverage and increased service frequency, not only on 600 90 west and east coasts of North America. Cargo volumes from Asia to our self-operated routes but also in joint operations with partners, e.g. by forming the G6 Alliance with fi ve Europe weakened signifi cantly and despite efforts to reduce capacity 400 60 other major shipping companies. [Containership] with fewer sailings, the gap between supply and demand could not be MOL MODERN In addition, we are actively developing the terminal and logistics businesses—parts of the container ship- closed and the freight market maintained record-lows throughout the ping value chain—for use as a tool to differentiate ourselves from peers. fi scal year. The freight markets on Intra-Asia routes also slumped on 200 30 weak cargo volumes. Under this business environment, despite our efforts to implement various rationalization measures for each route and 0 0 cut operation costs, the division’s loss increased year on year. 14/3 15/3 16/3 -30 Revenues (left scale) [Terminal] Los Angeles Container Terminal Ordinary income (loss) (right scale) Volumes of passengers and cargo decreased on the Eastern Japan route 60 6 Transport Domestic Ferry & MOL develops the ferry business, which transports both passengers and vehicles (automobiles, trucks, etc.) after a vessel was removed from service for repairs following a vehicle and simultaneously raises our profi le as the leader of an eco-friendly modal shift in domestic logistics. We deck fi re in July 2015. However, volumes on other routes were fi rm for 40 4 also promote the coastal shipping business, connecting important domestic sites and transporting large both passengers and cargo. Cargo volume for steel materials remained amounts of raw materials and energy for industry. The coastal bulker business was transferred under the weak refl ecting inventory adjustments. As a result, although revenue 20 2 bulkship business in fi scal 2016, and the name of the segment was subsequently changed to Ferries & from the ferry and domestic transport businesses decreased overall, a fall in the bunker price and other factors made it possible to secure Coastal RoRo Ships. (RoRo: Roll-on/Roll-off) 0 14/3 15/3 16/3 0 [Ferry] profi ts at almost the same level as the previous fi scal year. Revenues (left scale) SUNFLOWER SAPPORO Ordinary income (loss) (right scale) 120 12 Businesses Associated Leveraging the knowhow accumulated over more than 130 years in the marine transport business, we are Daibiru Corporation, the core of the real estate business, maintained promoting various businesses in related activities including real estate, tugboats, cruise ship (the NIPPON stable sales, but ordinary income decreased year on year due mainly to 90 9 an increase in temporary costs associated with Shin-Daibiru which was MARU), and trading. 60 6 completed in March 2015. Sales from the trading businesses fell and profi tability deteriorated in some parts of the construction business. On 30 3 the other hand, the tugboat business showed fi rm performance, though ordinary income for the segment decreased year-on-year. 0 14/3 15/3 16/3 0 Revenues (left scale) [Cruise ship] NIPPON MARU Ordinary income (loss) (right scale) Underlined words are explained in the Glossary on page 18. 116mol_英文_納品pdf用.indd6mol_英文_納品pdf用.indd b2-b3b2-b3 22016/07/27016/07/27 116:126:12 Performance (¥ billions) Business Environment Bulkships Dry Bulker Market (BDI*1) Long-Term Vision FY2015 (Jan 4, 1985=1,000) To develop the MOL Group into an excellent and resilient 1,600 Revenues organization that leads the world shipping industry ¥838.8 billion 1,200 Offshore BusinessesandCarCarriers) Offshore LNGCarriers/ (Dry Bulkers,Tankers, 2% Increase YoY What is MOL CHART? MOL CHART represents the values that are to be shared by all Ordinary income C hallenge 800 members of the MOL Group worldwide. These values shall be Innovate through insight ¥54.8 billion common guidelines to pursue the best course of action for the highest quality of output for our stakeholders and to achieve 1% Increase YoY 400 MOL’s corporate goal and long term vision. Honesty Do the right thing 0 14/4 15/4 16/4 Source: MOL internal calculation based on TDS and others A ccountability *1 Baltic Dry Index Commit to acting with a sense of ownership VLCC*2 Market (World Scale*3) (AG - Japan) (WS) R eliability 150 Gain the trust of customers eamwork 100 T Build a strong team Containerships FY2015 Revenues 50 ¥719.1 billion FY2015 Performance 9% Decrease YoY 0 Ordinary loss 14/4 15/4 16/4 WS for 2014/2015 has been translated by the Flat Rate of 2016. Source: Researched by MOL ¥(29.8) billion Shipping and *2 Very large crude carrier (300,000-DWT class) other revenues¥ billion Equity ratio % — *3 The most-widely used freight index for tankers 1,712.2 24.4 Containership Market (CCFI*4) FY2015 Transport Domestic Ferry & (Jan 1, 1998=1,000) Europe Trade U.S.
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