Japanese shipping company Mitsui OSK Lines (MOL) reported a net profit of JPY179.3 billion ($1.12 billion) for the first half of its 2026 fiscal year on November 9, up 54.3 per cent year-on-year.
Revenue for the six months to September 30 rose 46.6 per cent to JPY1.275 trillion, while operating profit increased 1.2 per cent to JPY72.7 billion.
The comparison is affected by a change in accounting periods. A total of 384 subsidiaries that previously had December year-ends contributed nine months of results, covering January 1 to September 30.
Dry bulk ordinary profit rose to JPY19.7 billion from JPY144 million on stronger Capesize markets.
Containership profit tripled to JPY73.4 billion, with equity-method affiliate Ocean Network Express (ONE) contributing JPY64.1 billion after lifting its own earnings on high spot rates.
Energy profit rose to JPY33.6 billion as longer crude voyages from the US and South America increased ton-miles.
Vehicle transport, terminal and logistics profit fell to JPY13.1 billion from JPY42 billion. MOL attributed the decline in vehicle-transport profit to "the suspension of vessel deployments to the Persian Gulf following the closure of the Strait of Hormuz, higher fuel costs, and vessel deployment restrictions resulting from congestion at certain ports."
The group's average bunker price rose to $865 per tonne from $546.
MOL retained the full-year net profit forecast of JPY300 billion it issued on November 2, up from JPY240 billion previously. The company said the outlook assumes "that navigation in both the Persian Gulf and the Red Sea will remain unavailable throughout the fiscal year."
The board also authorised share repurchases of up to JPY50 billion through March 31, 2027.
In July, several MOL-managed vessels were among 10 Japan-linked ships that left the Persian Gulf through Hormuz after months stranded there.
