日本海事新聞ニュース Japan Maritime Daily Oct 27, 2026 (Tue)

Interview: MOL Drybulk Shifts Beyond Light-Asset Model with Disciplined Risk-Taking Strategy

Toshiaki Fukui, President of MOL Drybulk

　MOL Drybulk, the MOL Group’s dry bulk shipping company, boasts an operating fleet of 200 vessels, i ・・・ 続きはログインして下さいnext %E3%80%80%3Cb%3EMOL+Drybulk%3C%2Fb%3E%2C+the+MOL+Group%E2%80%99s+dry+bulk+shipping+company%2C+boasts+an+operating+fleet+of+200+vessels%2C+including+small+and+medium-sized+bulk+carriers%2C+multipurpose+vessels%2C+and+wood+chip+carriers.+We+asked+President+Toshiaki+Fukui+about+steering+the+company+toward+growth+in+a+highly+uncertain+market+marked+by+persistently+high+vessel+prices+and+geopolitical+risks.+%3Cbr%3E%28Interviewer%3A+Azumi+Kashiwai%29+%3Cbr%3E+%3Cbr%3E%E3%80%80--How+do+you+assess+the+dry+bulk+market+in+the+first+half+of+the+year%3F+%3Cbr%3E%E3%80%80%E2%80%9CCapesize+rates+rose+particularly+sharply%2C+which+also+helped+drive+up+charter+rates+for+Panamax+and+Ultramax+vessels.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COne+factor+behind+the+strong+Capesize+market+is+on+the+supply+side%3A+the+large+number+of+vessels+delivered+around+2010+are+reaching+15+years+of+age+or+older%2C+and+modern+vessels%2C+which+are+in+strong+demand+among+major+charterers%2C+are+becoming+scarce.+On+the+cargo+side%2C+China+has+been+importing+more+coal+than+expected%2C+while+the+start+of+iron+ore+shipments+from+Simandou+in+Guinea+has+increased+ton-mile+demand.+Congestion+at+the+Panama+Canal+and+longer+voyages+caused+by+geopolitical+risks+in+the+Middle+East+have+also+contributed+to+a+tightening+of+the+supply-demand+balance.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+No+major+downturn+expected+%3Cbr%3E%E3%80%80--What+is+the+current+status+of+the+fleet+operated+by+%3Cb%3EMOL+Drybulk%3C%2Fb%3E%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+operate+a+fleet+of+around+200+vessels%2C+comprising+about+100+small+and+medium-sized+bulk+carriers+ranging+from+Panamax+to+Handysize%2C+about+40+multipurpose+vessels%2C+about+40+wood+chip+carriers%2C+and+two+deck+carriers.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CFor+about+a+decade%2C+we+have+been+shifting+our+business+structure+toward+an+%E2%80%9Casset-light%E2%80%9C+model+that+makes+extensive+use+of+short-term+charters.+While+this+has+increased+our+resilience+to+market+downturns%2C+short-term+charter+costs+also+rise+when+the+market+strengthens%2C+so+market+gains+do+not+translate+directly+into+profit+growth.+However%2C+we+believe+we+can+gradually+benefit+from+a+rising+market+by+finding+creative+ways+to+deploy+our+vessels.%E2%80%9C+%3Cbr%3E%E3%80%80--What+is+your+outlook+for+the+dry+bulk+market+from+autumn+onward%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+do+not+expect+much+of+a+downturn+in+the+market+for+small+and+medium-sized+bulk+carriers%2C+as+vessel+supply+is+tight.+However%2C+Chinese+shipyards+have+begun+building+large+numbers+of+Ultramax+vessels%2C+a+type+they+previously+built+relatively+few+of%2C+and+there+are+concerns+that+the+supply-demand+balance+could+ease+as+these+vessels+enter+service.+Even+so%2C+we+do+not+expect+a+major+downturn.%E2%80%9C+%3Cbr%3E%E3%80%80--New+shipbuilding+prices+remain+high.+%3Cbr%3E%E3%80%80%E2%80%9CIf+shipowners+place+newbuilding+orders+with+limited+equity+and+high+leverage+%28a+high+debt+ratio%29%2C+as+they+did+in+the+past%2C+the+economics+no+longer+work+at+current+charter+rates.+Not+only+ship+prices+but+also+interest+rates%2C+crew+costs+and+repair+costs+are+rising%2C+making+the+environment+for+investment+in+newbuilds+tougher+than+before.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CIt+is+often+said+that+%E2%80%99ship+prices+and+charter+rates+eventually+converge%2C%E2%80%99+but+lately+I+have+felt+that+this+relationship+may+no+longer+be+as+strong+as+it+once+was.+If+ship+prices+remain+high+while+the+charter+market+gradually+declines%2C+the+gap+between+the+two+will+widen.%E2%80%9D+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Long-term+charters+to+account+for+30%25+%3Cbr%3E%E3%80%80--With+market+conditions+remaining+firm%2C+how+do+you+envisage+your+business+model+going+forward%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+clearly+looking+to+take+a+further+step+away+from+an+asset-light+model.+Until+now%2C+we+have+secured+vessels+through+arrangements+such+as+%E2%80%98direct+continuation+contracts%2C%E2%80%99+under+which+we+successively+renew+short-term+charters+of+one+to+two+years+to+match+cargo+contracts.+Going+forward%2C+however%2C+we+will+also+use+long-term+charters+and+are+considering+owning+vessels+ourselves.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CCargo+contracts+for+small+and+midsize+bulk+carriers+are+often+short-term%2C+so+long-term+charters+create+exposure+to+market+fluctuations.+However%2C+the+tramper+business+cannot+generate+profits+without+taking+a+certain+amount+of+risk.+We+will+tackle+%E2%80%99disciplined+risk-taking%E2%80%99+head-on.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWhile+working+hard+to+control+risk%2C+we+want+to+increase+the+share+of+long-term+chartered+vessels%2C+of+which+we+currently+have+almost+none%2C+to+around+30%25+of+our+entire+fleet.+We+are+also+considering+long-term+charters+of+up+to+around+10+years.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COur+company+is+positioned+as+a+%E2%80%99hybrid+model+business%E2%80%99+in+Phase+2+of+the+MOL+Group%E2%80%99s+management+plan%2C+%E2%80%99BLUE+ACTION+2035%2C%E2%80%99+and+is+expected+to+secure+stable+earnings+while+also+pursuing+profits+from+market+upside.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIf+the+market+rises+during+periods+when+vessels+in+our+long-term+chartered+fleet+are+not+covered+by+cargo+commitments%2C+we+can+increase+our+profits.+Conversely%2C+even+if+market+conditions+deteriorate%2C+we+will+manage+our+exposure+at+a+level+that+does+not+erode+the+underlying+profits+generated+by+the+asset-light+part+of+our+business.+That+is+%E2%80%99disciplined+risk-taking.%E2%80%99%E2%80%9C+%3Cbr%3E%E3%80%80--What+is+your+policy+on+Purchase+Options+%28POs%29+in+charter+contracts%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+understand+that+shipowners+are+becoming+more+cautious+about+POs%2C+but+as+a+general+rule%2C+we+would+like+them+to+include+POs+in+long-term+charter+contracts.%E2%80%9C+%3Cbr%3E%E3%80%80--Many+Greek+shipowners+are+making+substantial+profits+through+asset+plays+involving+the+sale+of+their+own+vessels.+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+also+studying+this%2C+but+vessel+prices+are+currently+high+and+there+is+a+risk+of+overpaying%2C+so+we+believe+this+is+a+time+to+assess+the+situation+cautiously.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+On-deck+cargo+%3Cbr%3E%E3%80%80--You+established+the+Brake+Bulk+Business+Promotion+Office+in+April.+%3Cbr%3E%E3%80%80%E2%80%9CIn+recent+years%2C+the+dry+bulk+market+has+seen+growing+demand+for+long+or+heavy+%E2%80%99on-deck+cargo%2C%E2%80%99+such+as+offshore+wind+turbine+blades+and+BESS+%28battery+energy+storage+systems%29%2C+carried+on+the+decks+of+bulk+carriers.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COn-deck+cargo+encompasses+all+areas+of+cargo+handled+by+our+company%2C+including+bulk+carriers%2C+MPPs+%28multipurpose+vessels%29%2C+and+deck+carriers.+We+have+established+the+Breakbulk+Business+Promotion+Office+as+a+central+command+center+to+unify+and+control+these+operations.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThis+on-deck+cargo+is+loaded+in+addition+to+conventional+cargo+carried+in+the+holds%2C+helping+to+increase+revenue.+In+fact%2C+few+ship+operators+have+both+a+fleet+of+vessels%2C+such+as+MPPs+and+Handysize+bulkers%2C+with+hatch+covers+strong+enough+to+carry+cargo%2C+and+the+know-how+to+operate+them.+This+is+an+area+where+we+can+leverage+our+competitive+strengths.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CRecently%2C+we+have+been+focusing+on+the+growing+demand+for+BESS+for+data+centers.+Because+BESS+contain+lithium+batteries+and+are+classified+as+dangerous+goods%2C+recent+rule+changes+have+restricted+their+stowage+in+cargo+holds+and+made+on-deck+stowage+mandatory.+This+has+tightened+the+availability+of+shipping+space.%E2%80%9C+%3Cbr%3E%E3%80%80--How+will+you+steer+the+woodchip+carrier+business%3F+%3Cbr%3E%E3%80%80%E2%80%9CUncertainty+over+the+outlook+for+woodchip+demand+in+Japan+has+stalled+the+replacement+of+vessels+with+newbuilds+across+the+market%2C+and+the+woodchip+carrier+fleet+is+aging.+Woodchip+carriers+require+specialized+expertise+because+of+their+distinctive+cargo-handling+equipment%2C+vessel+management+requirements+and+cargo-handling+operations.+They+are+also+less+versatile+than+conventional+bulk+carriers%2C+making+investment+decisions+on+newbuilds+difficult+when+the+demand+outlook+is+uncertain.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CThe+focus+is+on+the+fundamental+question+of+%E2%80%99how+the+paper+industry+will+procure+raw+materials+going+forward+and+which+modes+of+transport+it+will+use.%E2%80%99+Besides+transporting+raw+materials+in+dedicated+woodchip+carriers%2C+other+options+include+shipping+pulp+or+transporting+woodchips+in+conventional+Panamax+vessels.+As+woodchip+carrier+prices+rise%2C+the+question+is+how+the+industry+should+respond+and+what+services+the+shipping+industry+can+provide.%E2%80%9D+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Japan+has+the+edge+in+small+and+medium-sized+vessels+%3Cbr%3E%E3%80%80--What+is+your+assessment+of+Chinese-built+ships%2C+and+what+is+your+stance+on+them%3F+%3Cbr%3E%E3%80%80%E2%80%9COur+basic+preference+is+to+have+our+ships+built+at+Japanese+shipyards.+For+small+and+medium-sized+bulk+carriers+specifically%2C+Japanese+shipyards+remain+competitive+even+if+their+vessel+prices+are+20%25+higher%2C+when+operational+factors%2C+profits+from+future+vessel+sales%2C+and+the+effort+required+to+supervise+construction+are+all+taken+into+account.+However%2C+larger+ships+such+as+Capesize+bulkers+require+more+steel%2C+making+China%E2%80%99s+cost+advantage+more+pronounced.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CDelivery+schedules+also+mean+we+need+to+consider+having+ships+built+in+China%2C+but+we+still+hold+Japanese+shipyards+in+high+regard.+The+quality+of+Chinese-built+ships+has+improved+significantly+in+recent+years%2C+but+their+performance+and+asset+value+after+extended+periods+of+operation+will+likely+require+further+assessment.%E2%80%9C+%3Cbr%3E%E3%80%80--What+are+your+plans+for+decarbonization%2C+including+next-generation+fuels%3F+%3Cbr%3E%E3%80%80%E2%80%9CAdopting+dual-fuel+engines+capable+of+running+on+hydrogen+or+methanol+on+small+and+medium-sized+ships+presents+significant+hurdles%2C+given+the+timeline+for+environmental+regulations%2C+costs%2C+and+the+space+taken+up+by+fuel+tanks.+My+impression+is+that+enthusiasm+is+waning+across+the+market.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CFor+our+small+and+medium-sized+bulkers%2C+we+are+focusing+on+the+use+of+biodiesel+fuel+%28BDF%29+and+moving+ahead+with+the+installation+of+wind+propulsion+systems%2C+including+the+%E2%80%99Wind+Challenger%E2%80%99+rigid+sail+system%2C+as+well+as+energy-saving+devices.+We+aim+to+pursue+decarbonization+by+steadily+implementing+practical+and+effective+measures.%E2%80%9C+%3Cbr%3E%E3%80%80--How+are+you+approaching+the+use+of+AI+%28artificial+intelligence%29%3F+%3Cbr%3E%E3%80%80%E2%80%9CThe+shipping+industry+relies+heavily+on+paper+documents+and+also+faces+a+language+barrier+between+English+and+Japanese%2C+so+it+felt+as+though+it+was+%E2%80%99about+two+laps+behind%E2%80%99+other+industries+in+adopting+AI.+That+is+why+our+company+has+now+begun+actively+using+AI+to+review+operational+processes%2C+automate+data+entry%2C+and+digitize+documents%2C+among+other+things.+We+will+integrate+AI+with+our+SOPs+%28standard+operating+procedures%29+for+vessel+operations+and+management%2C+as+well+as+with+our+various+business+systems.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+way+we+work+will+likely+shift+toward+leaving+internal+tasks+to+AI%2C+with+each+employee+focusing+on+communication+with+customers+and+vessels.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80Toshiaki+Fukui+graduated+from+the+School+of+Political+Science+and+Economics%2C+Waseda+University+in+1995+and+joined+Navix+Line+%28now+MOL%29.+He+was+seconded+to+MITSUI+O.S.K.+BULK+SHIPPING+%28EUROPE%29+in+2012%2C+became+General+Manager+of+Business+Strategy+Division+at+%3Cb%3EMOL+Drybulk%3C%2Fb%3E+in+2023%2C+and+became+Director%2C+Managing+Executive+Officer+and+Chief+Operating+Officer+of+%3Cb%3EMOL+Drybulk%3C%2Fb%3E+in+2024.+He+has+held+his+current+position+since+April+2025.+He+completed+a+graduate+program+at+Waseda+University+in+2025.+Born+in+August+1971%2C+age+55.+%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3EDisclaimer%3A+The+English+translations+provided+through+this+service+are+the+result+of+translations+made+by+The+Japan+Maritime+Daily+or+automatically+and+mechanically+translated+by+The+Japan+Maritime+Daily+using+an+automated+translation+system+provided+by+a+third+party+after+certain+processing+of+the+Japanese+content+licensed+by+the+third+party.+In+terms+of+the+English+translation%2C+The+Japan+Maritime+Daily+and+MarineNet+Co.%2C+Ltd.+make+no+warranty+or+burden+of+any+kind%2C+express+or+implied%2C+including+its+accuracy%2C+reliability%2C+validity+or+fitness+for+a+particular+purpose.+MarineNet+Users+should+fully+understand+that+this+service+uses+an+automated+translation+system+that+automatically+and+mechanically+recognizes+and+analyzes+information+and+produces+results.+The+users+should+understand+the+above+conditions+before+using+this+service.%3Cbr%3E%3Cbr%3E%E5%85%8D%E8%B2%AC%E4%BA%8B%E9%A0%85%EF%BC%9A%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%82%92%E4%BB%8B%E3%81%97%E3%81%A6%E6%8F%90%E4%BE%9B%E3%81%95%E3%82%8C%E3%82%8B%E8%8B%B1%E8%A8%B3%E3%81%AF%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%BD%9C%E6%88%90%E3%81%99%E3%82%8B%E3%81%8B%E3%80%81%E5%8F%88%E3%81%AF%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8B%E3%82%89%E4%BD%BF%E7%94%A8%E8%A8%B1%E8%AB%BE%E3%82%92%E5%8F%97%E3%81%91%E3%81%9F%E6%97%A5%E6%9C%AC%E8%AA%9E%E3%81%AE%E3%82%B3%E3%83%B3%E3%83%86%E3%83%B3%E3%83%84%E3%82%92%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%B8%80%E5%AE%9A%E3%81%AE%E5%87%A6%E7%90%86%E3%82%92%E8%A1%8C%E3%81%A3%E3%81%9F%E4%B8%8A%E3%81%A7%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8C%E6%8F%90%E4%BE%9B%E3%81%99%E3%82%8B%E8%87%AA%E5%8B%95%E7%BF%BB%E8%A8%B3%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0%E3%82%92%E5%88%A9%E7%94%A8%E3%81%97%E3%81%A6%E8%87%AA%E5%8B%95%E7%9A%84%E3%83%BB%E6%A9%9F%E6%A2%B0%E7%9A%84%E3%81%AB%E7%BF%BB%E8%A8%B3%E3%81%97%E3%81%9F%E7%B5%90%E6%9E%9C%E3%81%A7%E3%81%82%E3%82%8A%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%80%81%E3%83%9E%E3%83%AA%E3%83%B3%E3%83%8D%E3%83%83%E3%83%88%E3%81%AF%E3%80%81%E5%BD%93%E8%A9%B2%E8%8B%B1%E8%A8%B3%E3%81%AB%E9%96%A2%E3%81%97%E3%81%A6%E3%80%81%E3%81%9D%E3%81%AE%E6%AD%A3%E7%A2%BA%E6%80%A7%E3%80%81%E4%BF%A1%E9%A0%BC%E6%80%A7%E3%80%81%E5%A6%A5%E5%BD%93%E6%80%A7%E5%8F%8A%E3%81%B3%E7%89%B9%E5%AE%9A%E7%9B%AE%E7%9A%84%E3%81%B8%E3%81%AE%E9%81%A9%E5%90%88%E6%80%A7%E3%82%92%E5%90%AB%E3%82%81%E3%80%81%E6%98%8E%E7%A4%BA%E5%8F%88%E3%81%AF%E9%BB%99%E7%A4%BA%E3%81%AB%E3%82%82%E3%80%81%E3%81%84%E3%81%8B%E3%81%AA%E3%82%8B%E4%BF%9D%E8%A8%BC%E3%82%82%E3%81%97%E3%81%BE%E3%81%9B%E3%82%93%E3%80%82%E3%83%9E%E3%83%AA%E3%83%B3%E3%83%8D%E3%83%83%E3%83%88%E3%83%A6%E3%83%BC%E3%82%B6%E3%83%BC%E3%81%AF%E3%80%81%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%81%8C%E3%80%81%E8%87%AA%E5%8B%95%E7%9A%84%E3%81%8B%E3%81%A4%E6%A9%9F%E6%A2%B0%E7%9A%84%E3%81%AB%E6%83%85%E5%A0%B1%E3%82%92%E8%AA%8D%E8%AD%98%E3%83%BB%E5%88%86%E6%9E%90%E3%81%97%E3%81%A6%E7%B5%90%E6%9E%9C%E3%82%92%E5%87%BA%E5%8A%9B%E3%81%99%E3%82%8B%E8%87%AA%E5%8B%95%E7%BF%BB%E8%A8%B3%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0%E3%82%92%E4%BD%BF%E7%94%A8%E3%81%97%E3%81%9F%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%81%A7%E3%81%82%E3%82%8B%E3%81%93%E3%81%A8%E3%82%92%E5%8D%81%E5%88%86%E3%81%AB%E7%90%86%E8%A7%A3%E3%81%97%E3%81%9F%E4%B8%8A%E3%81%A7%E3%80%81%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%82%92%E5%88%A9%E7%94%A8%E3%81%99%E3%82%8B%E3%82%82%E3%81%AE%E3%81%A8%E3%81%97%E3%81%BE%E3%81%99%E3%80%82%3Cbr%3E

【インタビュー　不定期船社の成長戦略】商船三井ドライバルク社長・福井利明氏、規律あるリスクテイク

2026/10/27(火)

日本海事新聞 JMD

関連記事ニュース Related news