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日本海事新聞ニュース Japan Maritime Daily Apr 24, 2026 (Fri)

Interview: New MOL CEO Jotaro Tamura Targets "Results Realization" in the Age of GSE - Geopolitics, Safety, and Efficiency

Jotaro Tamura, President and CEO of MOL
 MOL launched Phase 2 (covering fiscal years 2026-2030) of its management plan “BLUE ACTION 2035“ (B ・・・ %E3%80%80%3Cb%3EMOL%3C%2Fb%3E+launched+Phase+2+%28covering+fiscal+years+2026-2030%29+of+its+management+plan+%E2%80%9CBLUE+ACTION+2035%E2%80%9C+%28BA2035%29+in+April.+We+asked+President+and+CEO+Jotaro+Tamura%2C+who+assumed+the+post+on+April+1%2C+about+how+he+intends+to+steer+the+company+toward+new+growth+based+on+BA2035+Phase+2.+%3Cbr%3E%28Interviewer%3A+Azumi+Kashiwai%29+%3Cbr%3E+%3Cbr%3E%E3%80%80Q%3A+How+do+you+view+the+Group%E2%80%99s+growth+stage+as+its+new+leader%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+positioned+the+Group+vision+established+in+fiscal+year+2021+as+the+ideal+state+we+aim+to+achieve+in+fiscal+year+2035%2C+and+in+April+2023+we+launched+BA2035%2C+a+management+plan+looking+ahead+to+fiscal+year+2035.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+direction+we+aim+for+in+Phase+2+of+BA2035%2C+which+began+in+April%2C+is+clear.+If+each+phase+of+the+management+plan+is+likened+to+hop%2C+step%2C+and+jump%2C+my+role+is+to+take+charge+of+the+bold+%E2%80%99step%E2%80%99+stage%2C+nurturing+the+seeds+sown+in+Phase+1+%28fiscal+years+2023%E2%80%932025%29+into+substantial+growth+and+linking+that+to+a+further+leap+in+Phase+3.%E2%80%9C+%3Cbr%3E%E3%80%80Q%3A+In+the+Phase+2+action+plan+announced+at+the+end+of+March%2C+you+set+forth+%E2%80%9Cdelivering+results%E2%80%9C+as+a+keyword.+%3Cbr%3E%E3%80%80%E2%80%9CPhase+1+was+a+three-year+period+of+aggressive+investment+using+profits+earned+from+the+unprecedented+container+shipping+boom%2C+and+we+carried+out+investments+on+the+order+of+2+trillion+yen%2C+ahead+of+the+initial+plan+of+1.2+trillion+yen.+This+was+the+result+of+stakeholders+placing+their+trust+in+our+growth+investments+and+giving+us+their+support.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COne+characteristic+of+the+shipping+industry+is+that+newbuilds%2C+which+are+the+main+focus+of+investment%2C+take+about+two+to+three+years+from+the+time+they+are+ordered+until+they+begin+contributing+to+profits.+In+other+words%2C+the+newbuilds+ordered+in+the+early+stage+of+Phase+1+will+actually+begin+generating+profits+around+2026+to+2028.+The+biggest+theme+for+the+first+three+years+of+Phase+2+will+be+to+meet+the+expectations+entrusted+to+us+by+stakeholders+and+realize+the+promised+enhancement+of+corporate+value.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Rationalization+of+inefficiencies+%3Cbr%3E%E3%80%80Q%3A+How+do+you+view+the+management+environment+surrounding+Phase+2%3F+%3Cbr%3E%E3%80%80%E2%80%9CPerhaps+the+peak+of+the+era+in+which+ESG+%28environmental%2C+social%2C+and+governance%29+was+emphasized+throughout+society+as+a+whole+was+around+2021.+From+there%2C+the+Russia-Ukraine+conflict+began%2C+then+there+was+the+conflict+in+Gaza%2C+and+the+Red+Sea+became+unnavigable.+Conflicts+have+become+the+norm%2C+including+the+current+risk+of+a+blockade+of+the+Strait+of+Hormuz.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+the+meantime%2C+prevailing+trends+have+changed+completely%2C+and+now+it+could+be+called+%E2%80%99GSE%E2%80%99.+G+stands+for+geopolitics%2C+S+for+safety%2C+and+E+for+efficiency.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAgainst+the+backdrop+of+military+clashes+in+the+Middle+East+and+U.S.-China+tensions%2C+a+%E2%80%99rationalization+of+the+uneconomical%E2%80%99+is+taking+place.+For+example%2C+being+unable+to+pass+through+the+Red+Sea+and+instead+having+to+detour+around+Africa+is+uneconomical%2C+but+it+is+rational+in+light+of+geopolitical+risks.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CNaturally%2C+inefficiencies+will+inevitably+have+to+be+reflected+in+the+market+in+the+form+of+price+pass-through+and+inflation.+Now+the+assumption+that+transport+can+naturally+be+provided+cheaply+has+become+a+thing+of+the+past%2C+the+question+is+what+shipping+companies+can+further+refine+to+achieve+efficiency+even+under+such+circumstances.+It+is+also+expected+that+the+normalization+of+conflict+will+make+volatility+even+more+intense.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80+%E2%96%A0+Cycle+across+three+categories+%3Cbr%3E%E3%80%80Q%3A+Under+the+GSE+era%2C+how+will+you+execute+one+of+the+key+themes+of+Phase+2%2C+%E2%80%9Csharpening+our+earning+power%E2%80%9C%3F+%3Cbr%3E%E3%80%80%E2%80%9CIn+Phase+2%2C+we+manage+our+business+portfolio+in+three+categories%2C+positioning+high-volatility+container+ships+as+%E2%80%99market-driven%2C%E2%80%99+medium-volatility+dry+bulk+carriers%2C+tankers%2C+chemical+tankers%2C+and+PCTCs+as+%E2%80%99hybrid%2C%E2%80%99+and+LNG+%28liquefied+natural+gas%29+carriers%2C+offshore%2C+logistics%2C+real+estate%2C+ferries%2C+wind+power+generation%2C+and+cruises+as+%E2%80%99stable-earnings.%E2%80%99%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CBecause+we+focused+heavily+on+investments+in+stable-earnings+businesses+in+Phase+1%2C+in+Phase+2%2C+stable+profits+that+are+less+susceptible+to+market+conditions+will+steadily+accumulate+as+solid+fruits+of+those+efforts.+Our+strength+lies+in+our+diversified+business+portfolio%2C+and+by+particularly+strengthening+the+foundation+of+stable+earnings%2C+we+can+expect+relatively+stable+performance+even+in+a+volatile+shipping+market.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIt+is+precisely+because+we+have+this+depth+of+stable+profits+that%2C+in+Phase+2%2C+we+can+go+a+step+further+in+hybrid+businesses+and+pursue+%E2%80%99disciplined+risk-taking.%E2%80%99+Stable+earnings+absorb+downside+risk+and+enable+us+to+maximize+profits+in+upside+market+conditions.+In+this+way%2C+we+will+create+a+positive+cycle+across+these+three+business+categories.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Investments+within+operating+cash+flow+%3Cbr%3E%E3%80%80Q%3A+The+company+has+indicated+a+policy+in+Phase+2+of+controlling+the+net+gearing+ratio%2C+an+indicator+of+financial+soundness%2C+at+1.0-1.1+times+%281.12+times+in+the+final+fiscal+year+of+Phase+1%29.+%3Cbr%3E+%E3%80%80%E2%80%9CThe+keyword+is+balance.+We+will+continue+investing+for+growth+while+pursuing+the+optimal+balance+among+these+three+priorities%3A+investment+for+growth%2C+maintaining+our+financial+foundation%2C+and+strengthening+shareholder+returns.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+maintaining+our+financial+foundation%2C+rather+than+further+increasing+the+total+amount+of+borrowings+that+rose+in+Phase+1%2C+we+will+keep+new+investments+within+the+scope+of+operating+cash+flow.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAs+for+shareholder+returns%2C+there+was+an+aspect+of+having+kept+shareholders+waiting+somewhat+during+Phase+1.+Therefore%2C+from+fiscal+year+2026+we+will+introduce+a+progressive+dividend+starting+at+205+yen+per+share+and+meet+shareholder+expectations%2C+including+through+flexible+share+buybacks%2C+with+a+total+payout+ratio+of+around+40%25+as+a+guideline.%E2%80%9C+%3Cbr%3E%E3%80%80Q%3A+In+your+capital+policy%2C+you+have+indicated+a+policy+of+promoting+asset+recycling.+%3Cbr%3E%E3%80%80%E2%80%9COne+of+the+major+themes+of+Phase+2+is+improving+capital+efficiency.+To+improve+ROA+%28return+on+assets%29%2C+we+will+proceed+with+replacing+ship+and+real+estate+assets+while+keeping+an+eye+on+profitability.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+the+real+estate+business%2C+DAIBIRU+CORPORATION+will+move+into+asset+management+such+as+REITs+%28real+estate+investment+trusts%29.+In+addition%2C+in+fleet+development%2C+it+is+only+natural+that+we+should+also+sell+at+high+prices+and+realize+gains+on+sales.+In+addition%2C+if+the+new+lease+accounting+standard+is+introduced+in+fiscal+year+2027%2C+conventional+off-balance-sheet+methods+will+no+longer+be+effective.+Therefore%2C+when+choosing+among+ownership%2C+time+charters%2C+and+bareboat+charters%2C+we+will+need+to+rethink+our+approach+somewhat+and+work+on+building+a+competitive+fleet.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80+%E2%96%A0+Strengthening+LNG+carrier+management+%3Cbr%3E%E3%80%80Q%3A+In+Phase+1%2C+you+built+up+long-term+contracts+for+one+of+the+world%E2%80%99s+largest+LNG+%28liquefied+natural+gas%29+carrier+fleets.+%3Cbr%3E%E3%80%80%E2%80%9CThe+liquefied+gas+business%2C+including+LNG+carriers%2C+LPG+%28liquefied+petroleum+gas%29+carriers%2C+ammonia+carriers%2C+and+ethane+carriers%2C+has+reached+a+scale+of+140+to+150+vessels%2C+including+outstanding+newbuilding+orders%2C+and+the+challenge+is+how+to+manage+this+enormous+fleet.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CContinuing+to+provide+high-quality+service+for+vessels+in+operation+will+lead+to+winning+the+next+contract.+Another+major+point+in+Phase+2+is+to+solidify+the+foundation+for+consistently+generating+stable+profits.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Long-term+contribution+from+tankers+%3Cbr%3E%E3%80%80Q%3A+How+can+you+increase+profits+from+the+dry+bulk+and+tanker+businesses+in+the+hybrid+business%3F+%3Cbr%3E%E3%80%80%E2%80%9CFor+dry+bulk%2C+there+was+a+period+when+global+newbuilding+orders+were+restrained+because+no+de+facto+standard+for+alternative+fuels+had+been+established%2C+so+we+believe+the+supply-demand+balance+over+the+next+few+years+will+be+favorable.+In+addition%2C+an+environment+in+which+volatility+tends+to+rise+due+to+geopolitical+factors+also+presents+a+good+opportunity+to+capture+upside.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+dry+bulk+fleet+ordered+during+Phase+1+has+since+become+a+fleet+of+state-of-the-art+vessels+with+relatively+strong+competitiveness+amid+inflation+and+persistently+high+interest+rates.+We+will+leverage+this+advantage+and+demonstrate+our+earning+power+in+Phase+2.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAs+for+tankers%2C+at+the+height+of+the+ESG+%28environmental%2C+social+and+governance%29+era%2C+there+was+strong+uncertainty+about+the+outlook+for+crude+oil+and+petroleum+product+transportation%2C+but+the+tide+has+now+turned+significantly.+We+boast+one+of+the+world%E2%80%99s+leading+tanker+fleets+and+a+large-scale+FPSO+%28Floating+Production%2C+Storage+%26+Offloading+system%29+business%2C+and+they+are+likely+to+contribute+to+profits+for+longer+than+previously+expected.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Chemical+Logistics+Lead+%3Cbr%3E%E3%80%80Q%3A+In+the+organizational+restructuring+in+April%2C+you+newly+established+the+%E2%80%9CChemical+Logistics+Business+Headquarters.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COur+chemical+tanker+business+performed+well+during+Phase+1%2C+helped+by+favorable+market+conditions.+By+organically+linking+this+marine+chemical+transportation+business+with+the+chemical+onshore+storage+business+operated+by+LBC+Tank+Terminals+in+the+Netherlands%2C+whose+acquisition+was+completed+in+June+2025%2C+we+will+firmly+establish+our+position+as+a+leading+company+in+chemical+logistics.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CBy+taking+a+multifaceted+approach+from+both+sea+and+land%2C+our+understanding+of+the+petrochemical+industry%2C+a+customer+common+to+both+companies%2C+will+deepen+significantly.+By+combining+the+expertise+of+both+sides%2C+we+will+create+strong+synergies%2C+including+through+joint+marketing+and+the+development+of+next-generation+energy+storage+businesses.%E2%80%9C+%3Cbr%3E%E3%80%80Q%3A+How+is+the+Well-being+Life+Business+Headquarters+developing+its+cruise+business%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+proceeding+according+to+plan.+The+cruise+ship+%E2%80%99MITSUI+OCEAN+FUJI%2C%E2%80%99+introduced+in+fiscal+year+2025%2C+has+been+well+received%2C+and+passenger+bookings+are+steadily+gaining+momentum.+As+the+next+step%2C+the+completion+of+the+Japanese-flagged+cruise+ship+%E2%80%99MITSUI+OCEAN+SAKURA%E2%80%99+in+fiscal+year+2026+and+the+reflagging+of+%E2%80%99MITSUI+OCEAN+FUJI%E2%80%99+as+a+Japanese-flagged+vessel+planned+for+fiscal+year+2027+will+dramatically+increase+the+flexibility+of+our+product+lineup.+We+also+hope+for+further+government+support+for+the+growth+of+Japan%E2%80%99s+cruise+industry.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80+%E2%96%A0Directly+linked+to+regional+heads+%3Cbr%3E%E3%80%80Q%3A+In+Phase+2+of+the+regional+strategy%2C+the+policy+is+to+focus+on+the+%E2%80%9Carc%E2%80%9C+centered+on+the+Indian+Ocean+spanning+%E2%80%9CEast+Africa%2C+South+Asia%2C+and+Southeast+Asia.%E2%80%9C+What+are+the+specific+plans%3F+%3Cbr%3E%E3%80%80+%E2%80%9CIn+India+and+Southeast+Asia%2C+we+have+continued+growth+investments+in+LNG+carriers%2C+automobile+terminals%2C+real+estate%2C+and+logistics+during+Phase+1.+In+Africa%2C+we+need+to+further+sow+the+seeds+of+promising+businesses+in+Phase+2+and+connect+them+to+Phase+3.+In+addition+to+shipping-related+resource+exports+and+automobile+imports%2C+we+also+want+to+identify+business+opportunities+in+non-shipping+areas+such+as+terminals+and+logistics.%E2%80%9C+%3Cbr%3E%E3%80%80+%E2%80%9COur+global+organizational+structure+divides+the+world+into+six+regions+and+assigns+a+total+of+nine+executive+officers.+We+established+a+chain+of+command+under+which+the+heads+of+each+region+report+directly+to+me%2C+creating+a+structure+that+allows+top+management+to+directly+grasp+what+is+happening+on+the+front+lines+around+the+world+and+drive+initiatives+with+agility.%E2%80%9C+%3Cbr%3E%E3%80%80Q%3A+As+the+International+Maritime+Organization+%28IMO%29+has+delayed+the+adoption+of+mid-term+measures+to+reduce+GHG+%28greenhouse+gas%29+emissions%2C+how+do+you+view+the+balance+of+investments+in+ships+powered+by+new+fuels%3F+%3Cbr%3E%E3%80%80%E2%80%9CCustomers%E2%80%99+understanding+of+environmental+measures+and+their+willingness+to+bear+the+costs+will+be+key+factors.+Even+if+ship+prices+and+fuel+costs+are+high%2C+investment+is+possible+if+we+can+share+the+value+with+customers+and+secure+appropriate+freight+rates.+It+is+necessary+to+carefully+determine+the+optimal+timing+and+scale+of+investment+by+weighing+customers%E2%80%99+level+of+understanding+against+the+feasibility+of+procuring+new+fuels.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CJust+because+the+keyword+of+the+times+has+shifted+from+ESG+to+GSE+%28geopolitics%2C+security%2C+and+efficiency%29%2C+it+does+not+mean+we+have+forgotten+the+importance+of+decarbonization+targets.+We+will+continue+environmental+investment+while+maintaining+an+optimal+balance+grounded+in+a+realistic+view+of+the+situation.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Supporting+global+supply+%3Cbr%3E%E3%80%80Q%3A+Since+the+U.S.+and+Israel+attacked+Iran+at+the+end+of+February%2C+Middle+East+risks%2C+including+a+possible+closure+of+the+Strait+of+Hormuz%2C+have+intensified.+%3Cbr%3E%E3%80%80%E2%80%9CWhile+hoping+for+an+early+resolution+of+the+conflict%2C+we+are+working+closely+with+the+Japanese+government+and+the+Japanese+Shipowners%E2%80%99+Association.+While+giving+top+priority+to+ensuring+the+safety+of+seafarers%2C+our+policy+is+to+promptly+resume+transit+through+the+Strait+of+Hormuz+if+we+determine+that+ships+still+remaining+in+the+Persian+Gulf+can+pass+through+it.%E2%80%9C+%3Cbr%3E%E3%80%80Q%3A+Iran%E2%80%99s+de+facto+blockade+of+the+Strait+of+Hormuz+has+once+again+highlighted+the+importance+of+shipping+in+supporting+energy+supplies.+%3Cbr%3E%E3%80%80%E2%80%9CWe+also+see+it+as+our+mission%2C+as+a+Japanese+shipping+company%2C+to+contribute+as+much+as+possible+to+Japan%E2%80%99s+energy+security.+At+the+same+time%2C+as+we+continue+expanding+globally%2C+we+have+various+stakeholders%2C+and+while+ensuring+alignment+with+meeting+their+expectation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