openPR Logo
Press release

MOODY'S RAISES MOL'S RATINGS TO A3

12-03-2007 06:48 PM CET | Logistics & Transport

Press release from: MOL

/ PR Agency: Image Line Communications
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that Moody's upgraded the company's senior unsecured and issuer ratings from Baa1 to A3.

Moody's cited the following points as its main reasons for the upgrade:

1.MOL has greatly reinforced profitability by increasing the efficiency of its ocean shipping business, in order to cope with unsteady freight rates, bunker prices, and foreign exchange rates in recent years. The company also has improved stability of its business by increasing long-term transport contracts and other transport contracts with the conditions that allow adjustment of freight rates according to bunker prices.

2.The company has advanced the diversification of its ocean shipping business by expanding LNG carrier, tanker, car carrier, and dry bulker businesses. What’s more, its entire business portfolio has been diversified by expanding shipping associated businesses such as terminal, logistics, and air cargo, as well as real estate business.

3.Despite of the hardships the company faces, MOL has the ability to continually execute management plans and it has well balanced sound financial policies. And, its capital structure has greatly improved, thanks to its reinforced cash flow.

4.Therefore, the company will be able to further improve its capital structure in the future, although it has proactively expanded its fleet under the current midterm management plan, which covered fiscal 2007 through 2009. Moody's believes that MOL will achieve stronger financial flexibility, even if market conditions deteriorate in the future.

Edward Cook
PR Account Manager
Image Line Communications Ltd.
Unit 1A Zetland House 5-25 Scrutton Street
London
EC2A 4HJ
(t) + 44 (0) 20 7689 9009
(f) + 44 (0) 20 7689 8008
(e) pr@imageline.co.uk

MOL is one of the world’s largest multi-modal transport companies, operating more than 800 vessels and employing a workforce in excess of 8,600 worldwide. MOL operates one of the largest and most diverse networks of liner and logistics services around the globe, including weekly Transpacific, Transatlantic, Americas and Asia-Europe services. Please visit the company’s website at www.MOLpower.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release MOODY'S RAISES MOL'S RATINGS TO A3 here

News-ID: 33334 • Views: 1838

More Releases from MOL

08-08-2014 | Logistics & Transport
MOL
MOL Receives Green Flag Award and Vessel Speed Reduction Award from both Long Be …
TOKYO—Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that the company has earned recognition from the ports of both Long Beach and Los Angeles, California, for its efforts to ensure compliance with standards that call for vessels to slow down within 40 nautical miles (nm) of the shore. The Port of Long Beach introduced the Green Flag Program and Port of Los Angeles the Vessel Speed Reduction
02-24-2014 | Logistics & Transport
MOL
Magsaysay-MOL Receives Award of Excellence from Philippine Overseas Employment A …
TOKYO—Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that its group seafarer manning company, Magsaysay MOL Marine, Inc. (*, Magsaysay-MOL) has received the Award of Excellence from the Philippine Overseas Employment Administration (POEA). Philippine President Benigno Simeon Aquino III attended the award ceremony, held on February 10 at Malacanang Place. The award is given to the companies that earn high evaluations for expanding overseas employment opportunities for Filipino workers,
02-24-2014 | Logistics & Transport
MOL
MOL Wins Newbuilding Project from AMPCO
TOKYO—Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that company has received a newbuilding charter contract for two methanol carriers from Atlantic Methanol Production Company LLC (AMPCO; President: Paul Moschell) based on an offer tendered in 2013. The vessels will be built at Minaminippon Shipbuilding Co., Ltd. (President: Kotaro Ikebe) and engaged in methanol transport for AMPCO. The ships will operate under a long-term charter and the new
02-20-2014 | Logistics & Transport
MOL
1st 104,000DWT Class Post-Panamax Coal Carrier Akatsuki Delivered
Issue date : February 18, 2014 TOKYO—Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced the delivery of the Akatsuki, the first 104,000 DWT class Post-Panamax coal carrier, which was jointly developed with Sanoyas Shipbuilding Corporation (President: Takashi Ueda; Headquarters: Kita-ku, Osaka) and built at the Sanoyas Shipbuilding Mizushima Shipyard. This new ship type was designed to optimize the transport of coal for power companies in Japan. MOL plans to add

All 5 Releases


More Releases for Moody

Quick move-in homes with lake views available at Moody River Estates
More than a dozen prime homesites offering a variety of beautiful views remain in Moody River Estates by D.R. Horton’s Southwest Florida division, which has opened its final phase of new homes for sale. Set among protected preserves of native Florida vegetation on the scenic Caloosahatchee River, this gated community is mere minutes from Cape Coral and the historic River District of downtown Fort Myers.   Located on Hancock Bridge Parkway in
Ten distinctive home plans available at Moody River Estates
D.R. Horton’s Southwest Florida division invites the public to tour the scenic community of Moody River Estates and its professionally decorated model. Quick move-in homes are now available in this waterfront community located near the historic River District of downtown Fort Myers and Cape Coral. Ten distinctive single-family home plans are available, starting in the mid-$200s and ranging from 1,804 to 3,461 square feet of living space.   Moody River Estates is
Motivational Speaker Joe Roberts Inspires Port Moody Rotary
Port Moody, BC – Inspirational speaker and keynote speaker Joe Roberts motivated and encouraged the administrators and members of the Port Moody Rotary Club last week with his motivating “Dealing with The Tough Stuff” presentation. The event took place at the St. James's Well Pub, at 248 Newport Drive, Port Moody, BC on July 13th, 2011. Roberts’ presentation “Dealing with The Tough Stuff” offered in depth information as to how
direct/ Landsbanki Islands (UK) - Moody´s affirms Landsbanki´s rating
Today, Moody´s affirmed the ratings of Landsbanki unchanged at long-term ´Aa3´, short-term ´P-1´, individual ´C´ with stable outlook. The affirmation follows Landsbanki´s announced acquisition of UK brokerage and investment bank Bridgewell. Please find attached the press release by Moody´s issued 22 May 2007. For further information contact: Landsbanki´s CEOs Sigurjón Th. Árnason, Tel. +354 410-4009 / +354 898 0177 and Halldór J. Kristjánsson, Tel. +354 410 4015 / +354 820 6399.
direct/ Glitnir (IS) - Moody´s affirms Glitnir´s credit ratings
Moody´s affirms Glitnir´s Credit Ratings Moody´s Investors Service has yesterday affirmed Glitnir Bank Aa3 /P-1 credit rating, with the financial strength of C and outlook stable. Moody´s press release is attached. www.glitnirbank.com Moody´s press release http://hugin.info/133924/R/1123682/207724.pdf http://www.glitnirbank.com Glitnir For further information please contact: Bjørn Richard Johansen, Managing Director, Corporate Communications, Glitnir, mobile +47-47 800 100, e-mail: brj@glitnir.no Vala Pálsdóttir, Head of Investor Relations, mobile: +354 844 4989, e-mail: vala.palsdottir@glitnir.is
Glitnir (IS) - Glitnir´s comments to Moody´s positive announcement on Friday: …
Reykjavik - 26 February 2007 - Moody´s Investors Service upgraded Glitnir Bank´s credit rating, along with the other Icelandic banks, on Friday to Aaa due to changes in JDA Methodology. This is the highest possible rating. Moody´s affirmed the P-1 credit rating of Glitnir and the financial strength, C. Moody´s press release and rating changes for Iceland are attached via link. Moody´s Rating http://hugin.info/133924/R/1107821/200030.pdf Moody´s Press Release http://hugin.info/133924/R/1107821/200031.pdf - Glitnir was rated A1 and the