$1bn profit for MOL after 2020 boxship boom
Boxship giant, Mitsui OSK Lines, more than doubles annual profits
Containership giant, MOL, has more than doubled its annual profits, topping $1bn in 2020, on the back of a boxship boom. Profit for the 12-month period totalled ¥133.6bn ($1.2bn) for MOL’s fiscal year 2020 to 31 March, an increase on its previous annual result of ¥78.5bn.
The company said “stay-at-home-demand” had driven high volumes on its ONE containerships, especially on Asia-North America routes and spot rates were driven up by supply constraints arising from port congestion due to labour shortages and an insufficient number of containers.
However, the company’s dry bulk division was hit hard by the pandemic in 2020 and posted a ¥4.2bn loss for the year, down by 135% compared to the 2019 fiscal year.
