Mitsui OSK Lines (MOL) is shutting down its Singapore dry bulk shipping unit. Restructuring of its dry bulk and container shipping businesses on which MOL is taking a JPY179.3bn loss in the fourth quarter ended 31 March 2016. It would closing down Singapore-based bulker operation MOLBC. The company deemed it necessary to conduct an urgent review of its business models due to the prolonged sluggish dry bulker market, and decided to implement a major scale-down of the fleet to minimize its market exposure by free vessels, dissolve MOLBC, and transfer its business operations from Singapore to Tokyo.
