Japanese shipping giant Mitsui OSK Lines (MOL) has announced the formation of a dedicated wind energy division and an offshore business unit
The new business units have emerged in a restructuring and reorganisation of the company that will become effective 1 April 2021.
As part of the restructuring, MOL will establish a wind power division specialising in providing services in the offshore wind market. The company said it wants to ‘expand and accelerate these activities.’
In April 2020, Ta San Shang Marine Co Ltd, a joint venture between Taiwan’s Ta Tong Marine Group and MOL signed a 15-year contract with Ørsted for the first Taiwan-flagged service operation vessel for the offshore wind industry in Taiwan.
In January 2021, MOL also entered into an agreement with floating wind specialist Bombora to identify wave, and hybrid wave and wind power energy potential in Japan and the Asia Pacific region.
Establishing an energy and offshore business unit reflects MOL’s goal to establish business domains not limited to transportation and strengthen its investments in the offshore sector, as highlighted in the company’s ‘Rolling Plan 2020’ management plan.
MOL will integrate its dry bulk business, wood chip carrier business, Panamax business (excluding services for steel manufacturers and domestic electric power companies) and Mitsui OSK Kinkai Ltd into a newly-established company, MOL Drybulk Ltd.
The restructuring also includes forming an environment and sustainability strategy division that will oversee environmental strategies and initiatives at the company and carry forward these strategies and initiatives on a company-wide basis.