Mitsui OSK Lines (MOL) reported a decrease in its nine-month profit for 2025 but raised its full-year earnings outlook following steady demand in its energy and car carrier segments.
The Japanese shipping group recorded revenue of JPY1,345.4 billion ($9.0961 billion) for the period between April 1 and December 31, representing a slight increase from the JPY1,318.6 billion reported during the same period in the previous year.
Ordinary profit for the first three quarters fell to JPY161.4 billion from JPY376.6 billion a year earlier. The group stated the decrease was primarily driven by a sharp decline in its containership business.
Ocean Network Express, its containership venture, saw profit drop significantly as it faced pressure from new vessel deliveries and a decrease in spot freight rates. MOL stated that cargo movements and freight rates in the containership sector are expected to rise moderately in the fourth quarter.
Despite the results from the first nine months, the group revised its full-year ordinary profit forecast to JPY180 billion, an upward revision from the JPY152 billion predicted in November.
Net income is now expected to reach JPY200 billion for the full fiscal year ending March 31, 2026, according to the company. The group reported that its return on equity for the period was 7.4 per cent.
In the energy business, crude oil tankers benefited from geopolitical factors that increased ton-mile demand. However, chemical tankers experienced a softening market due to economic stagnation in China and Europe.
MOL stated that market rates for crude oil tankers are expected to remain firm, supported by increased shipments from South America and West Africa.
Within the dry bulk segment, Capesize vessels saw steady shipments of iron ore and bauxite, though smaller vessels were affected by sluggish demand for woodchips in China.
The company stated that shipping demand for completed cars remained firm, though the group noted that profit in this segment decreased year-on-year.
MOL also reported that passenger numbers for the Mitsui Ocean Fuji have seen a delayed recovery after the vessel resumed operations following a period of inactivity in the first half of the year.
The group confirmed its shareholder return policy will remain unchanged, maintaining a fixed year-end dividend of JPY115 per share. When combined with the interim dividend of JPY85 per share, the total annual payment will be JPY200 per share.
