Mitsui O.S.K. Lines, Ltd. passed a resolution to have MOL Drybulk Ltd. succeed its small- and medium- sized bulk carrier business, wood chip carrier business and Panamax business (excluding services for steel manufacturers and domestic electric power companies) (“Businesses”) through a company split (simplified absorption-type company split) effective as of April 1, 2022.
As explained in December 11, 2020 press release “MOL Announces the Integration of the Dry Bulk Business, Wood Chip Carrier Business, and Mitsui O.S.K. Kinkai, Ltd., and the Establishment of a New Company.” and January 29, 2021 press release “MOL Announces Integration of Dry Bulk Business and the Establishment of ‘MOL Drybulk Ltd.’”, MOL has integrated the business activities of the Businesses since April 2021 by using methods such as outsourcing. Starting from April 2022, however, the overall capacity of dry bulk business, which is a core business of the MOL Group, will be concentrated into MOL Drybulk by integrating the organizations and personnel into MOL Drybulk through succession of businesses by company split. By doing so, the MOL Group will enhance its shipping quality and customer value proposition and will aim to further enhance its competitiveness in the dry bulk shipping market.
