MOL seeks bulker period cover

摘要

As the Baltic Dry Index hovers at a historic low, Mitsui OSK Lines (MOL) continues to reduce market exposure by seeking period cover. Senior managing executive officer Kenichi Nagata, who heads MOL's dry bulk unit, told IHS Maritime that this year it expects USD300 million in stable profit from its medium-term and long-term shipping contracts. One-fifth of MOL's Capesize fleet is exposed to the spot market; the company operates 400 bulkers. Nagata explained, "For Handymaxes, 45% of our fleet is exposed to the spot market, and we want to reduce this to 35% by 2019, according to our medium-term plan. However, given that the spot market is so poor, we need not wait until 2019.1 would like to achieve this as soon as possible.