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Mol Report 2020

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Mol Report 2020 MOL REPORT 2020 Year ended March 31, 2020 Moving the World Food, apparel, medicines, automobiles, oil, gas, iron ore, wood… We deliver a variety of essential goods that society needs to keep breathing. Marine transport acts as the arteries that deliver the world’s lifeblood. As long as human activity carries on, we will continue to move the world. This is our resolution and the source of our pride. 2 1 Contents MOL’s Communication Tools The Mission We Aim to Fulfill MOL produces the following publications as a means of promoting communication with stakeholders. The latest versions of all reports Our Vision, Our Value can be found on our website. https://www.mol.co.jp/en/ir/ MOL Group Corporate Principles 04 A Message from the CEO • MOL Report 10 History of the MOL Group’s Value Creation • Investor Guidebook As a multi-modal transport group, we will: 12 Value-Creation Model • Market Data 14 The Outcomes of Value Creation Scope of the Report 1 The MOL Group, comprising Mitsui O.S.K. Lines, Ltd., 368 consolidated subsidiaries, 103 equity-method affiliates, and other affiliated compa- Actively contribute to global economic growth and development, For Our Sustainable Growth nies (If the subject of activities or data are limited, it is indicated by notes in the report.) 16 Our Path toward Sustainable * Throughout this report, “the Company” refers to Mitsui O.S.K. Lines, Ltd. anticipating the needs of our customers and the challenges of this new era Enhancement of Corporate Value 18 Overview of Rolling Plan 2020 Referenced Guidelines • “International Integrated Reporting Framework,” International 2 22 Overview of Operations by Segment Integrated Reporting Council (IIRC) • “Guidance for Collaborative Value Creation,” Ministry of Economy, 29 Market Position (Fleet Size) Strive to maximize corporate value through creativity, operating efficiency, Trade and Industry 30 Risk Management and promotion of ethical and transparent management 32 A Message from the CFO 34 Special Feature: MOL’s Environmental and 3 Emission-Free Businesses 38 A Message from the Chief Environment and Nurture and protect the natural environment by maintaining Sustainability Officer Index for Reverse Lookup of Topics in the Guidance for Collaborative Value Creation the highest standards of operational safety and navigation 40 Overview of MOL’s Sustainability Issues (Materiality) 1. Values 42 Value-Added Transport Services P2, P4–9, P38–39 46 Marine and Global Environmental Conservation Our Vision for the Future 2. Business Model 50 Innovation for Development in Marine Technology P4–9, P12–13, P16–29, P34–37, P72 Long-Term Vision 52 Human Resource Cultivation and 3. Sustainability and Growth Community Development To develop the MOL Group into an excellent and resilient organization that 56 A Tripartite Discussion on Corporate Governance P4–13, P16–28, P30–55, P68, P69 leads the world shipping industry 60 Board of Directors, Audit & Supervisory Board 4. Strategy Members, and Executive Officers P4–9, P16–28, P32–37, P40–55 63 Corporate Governance 5. Growth (Performance) and Key Performance Indicators (KPIs) 68 Compliance The Fundamental Values 69 Social Responsibility P14–15, P32–33, P70–71 for Guidance in Daily Business Execution and Decision-Making 6. Governance Data Section P56–67 70 Financial and Non-Financial Highlights Challenge Innovate through insight 72 The MOL Group’s Global Network 73 Information Disclosure and External Recognition onesty Do the right thing H 74 Glossary Forward-Looking Statements Accountability Commit to acting with a sense of ownership 75 Shareholder Information This report contains forward-looking statements concerning MOL’s future plans, strategies, and performance. These statements represent Gain the trust of customers assumptions and beliefs based on information currently available* and Reliability are not historical facts. Furthermore, forward-looking statements are subject to a number of risks and uncertainties that include, but are not Teamwork Build a strong team limited to, economic conditions, worldwide competition in the shipping industry, customer demand, foreign currency exchange rates, price of bunker, tax laws, and other regulations. MOL therefore cautions read- Underlined words in this report are explained in the Glossary on page 74. ers that actual results may differ materially from these predictions. * As of September 2020, unless otherwise specified 2 3 Our Vision, Our Value MITSUI O.S.K. LINES MOL REPORT 2020 A Message from the CEO We are steadily holding course on our management vision to “Become a Group of Business Units with No. 1 Competitiveness in Respective Areas.” While minimizing the impact of unfavorable market conditions, we are making preparations to turn around businesses and take aggressive measures during and after the COVID-19 pandemic. Junichiro Ikeda President & CEO An Oil Spill off Mauritius Caused by a Vessel Chartered by MOL Please allow me to begin by saying with respect to the shareholders, and all other stakeholders. Our immedi- oil spill that resulted after the WAKASHIO, a Capesize ate response to the accident has included dispatching bulker chartered by MOL, ran aground off Mauritius, personnel to the site and providing equipment to remove I am painfully aware of the magnitude of our social the spilled oil. Going forward, we intend to cooperate responsibility given the serious effect of this accident on and coordinate with the governments of Mauritius and the natural environment as well as on the lives of the Japan, related agencies, and the ship owner for an residents of the tourism-oriented country. I would like extended period of time to restore the natural environ- to offer my deepest apologies for the considerable ment and contribute to the local community. concern and inconvenience caused to our customers, Our Responses to the COVID-19 Pandemic and Other Changes in the Near-Term Business Environment In fiscal 2019 ended March 31, 2020, the Dry Bulk, Committee, we have mobilized all of our in-house Energy Transport, and Product Transport business units experts to appropriately assess the status of the global were all in the black, and MOL posted ordinary profit of economy—as far as is possible amid continuing uncer- ¥55.0 billion. Originally, this result was to be a stepping tainty. Based on the committee’s assessment, we are stone in fiscal 2020 on the way to moving very close to taking steps both to minimize losses and to expedite our our “projected medium-term profit levels,” namely, return to a growth trajectory during and after the pan- ordinary profit around ¥80.0 billion to ¥100.0 billion. demic. Our Rolling Plan 2020, announced in June, was Unfortunately, we have been forced to revise time frames created in this way—based on the deliberations and in light of the dramatic changes in the business environ- mega-trend forecasts made by the committee. Going ment stemming from the current COVID-19 pandemic. forward, we will continue to closely monitor ever-chang- Under the leadership of the Rolling Plan Special ing situations and revise strategies in a timely manner Committee, which is chaired by an executive vice presi- while giving clear explanations to our stakeholders with dent and primarily comprises members of the Executive total transparency. 4 5 Our Vision, Our Value MITSUI O.S.K. LINES MOL REPORT 2020 A Message from the CEO An Overview of Fiscal 2019 the pandemic. It is conceivable that production bases Lastly, I am focusing on environmental issues. As a over dependent on China could be reviewed and in turn consequence of having faced a major crisis in the form dispersed to other regions. However, China’s presence of the potentially fatal COVID-19, which has affected the Before explaining our measures and strategies during and competence—we have gained confidence by our moves as a market and as a production base will remain whole of society, people may become more concerned after the COVID-19 pandemic, I would like to review our toward becoming a one-stop solutions provider. In enormous. While a global economy without China is about environmental issues because, in a similar way to performance in fiscal 2019. The most noteworthy achieve- offshore businesses, our potential key growth areas, highly improbable, we will need to continuously assess a pandemic, they could easily have a severe worldwide ment was realizing a profit in the Product Transport we concluded a long-term FSRU contract for Hong Kong how commodity flows could change going forward. impact. Some say that the world’s preoccupation with Business Unit’s containership business, in its second year and agreed to take part in a new service operation vessel The second theme is acceleration of digital infectious disease countermeasures will result in after integration. While there is still a gap to be filled in project for offshore wind power farms off Taiwan. transformation, including factory automation. If social environmental issues taking a back seat, but I do not reaching the expected profit level, we were able to prove In environmental and emission-free businesses, which distancing takes a firm hold due to the COVID-19 believe it will be a matter of one set of issues taking that integration was the right decision. Even within MOL’s are also positioned as key growth areas, the long-running pandemic, further automation is likely. Technology priority over the other. long, 130-year history, I believe that this accomplishment Wind Challenger Project* has moved to a more concrete is also closely linked to the potential supply chain In fiscal 2020, the divergence between the near-term marked an extremely important turning point. phase of exploring the installation on an actual coal carrier. restructuring mentioned earlier. The repatriation of issues that we face and the medium- to long-term The Dry Bulk Business Unit, despite generally lack- Furthermore, our initiatives for the utilization of LNG to production bases to developed nations comes with issues that we must also consider is much greater than luster market conditions, was able to firmly post stable reduce environmental impact made considerable progress, challenges such as increased labor costs and shortage in a normal fiscal year.
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