In April 2016, the firm restructured its ailing dry bulk business by creating a new business unit – the dry bulk business unit.
Now, MOL intends to establish a product transport business unit which will encompass the following divisions: car carrier, liner, port projects & logistics and ferry/domestic sea transportation businesses.
Furthermore, the company said it will establish the One MOL Business Strategy Execution Office in the corporate planning division as “an organization that engages in division/area cross-sectional business promotion, based on global business strategies and strategic initiatives.” In addition, MOL will close the Research Office and transfer its function to the One MOL Business Strategy Execution Office and other business divisions.
MOL further said it will form the Bunker Business Office to be in charge of buying and preparing bunker oil and lubricant, establishing policies to procure fuels while adhering to SOx regulation. The office will also accelerate initiatives concerning vessels with engines that use alternative fuel such as liquefied natural gas (LNG) and participate in LNG and other fuel supply businesses. At the same time, the Bunkering Group of the tanker division will be abolished.
Additionally, the company will establish the New Business Creation Group which will gather information on new businesses, as well as implement policies. It will also “direct intensive efforts on new businesses that are not extensions of conventional businesses.”
MOL intends to transfer the group responsible for LNG carrier projects in Russia and China to the LNG carrier division. The firm will also restructure the offshore & LNG project division to be an organization that focuses on expanding offshore business.