MOL Targets ¥420 Billion ($2.8 Billion) Profit by 2030 Under New Leadership, Accelerating Pivot from Shipping to Global Infrastructure

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MOL Group has launched Phase 2 of its long-term corporate plan with a target of ¥420 billion ($2.8 billion) in profit before tax by fiscal 2030, betting that a new three-category business structure and a pivot toward infrastructure assets can insulate the Japanese shipping giant from the market downturn that weakened its latest annual results.

The Tokyo-based group, which operates the world’s largest LNG and tanker fleets, generated ¥239 billion ($1.6 billion) in profit before tax on ¥1.83 trillion ($12.2 billion) in revenue for fiscal 2026, down sharply from ¥453 billion ($3.0 billion) the previous year. The result underscores the urgency behind the “value realization” phase of BLUE ACTION 2035, which began in April 2026 under a new collaborative leadership team. President and CEO Jotaro Tamura, who took office that month, is joined by CFO Kazuya Hamazaki and COO Hisashi Umemura in a structure the company said is designed to accelerate decisions across finance, operations, and global strategy.

During the three-year first phase, MOL invested roughly ¥2.0 trillion ($13.3 billion), far exceeding its initial ¥1.2 trillion ($8.0 billion) plan, to rebalance its portfolio away from volatile spot markets. The group acquired a 100% stake in European tank terminal operator LBC Tank Terminals in June 2025 and chemical tanker owner Fairfield Chemical Carriers in 2024, creating a new Chemical Logistics Business that links marine transport with onshore storage. LBC CEO Frank Erkelens said in the report that the terminal operator’s EBITDA reached approximately $155 million last year and is projected to exceed $500 million by 2035, supported by long-term contracts with renewal rates above 90%.

To manage earnings volatility, MOL reclassified its operations into market driven (containerships), hybrid (dry bulk, tankers, car carriers), and stable revenue (LNG, terminals, real estate, cruises). The stable revenue base now accounts for roughly 63% of assets, compared with a 50-50 split before the plan began. The group aims to lift company-wide return on assets to 5.5% by 2030 while keeping return on equity above 10%, and it plans to recycle roughly ¥230 billion ($1.5 billion) in assets during Phase 2 to improve capital efficiency.

The group introduced progressive dividends starting at ¥205 ($1.37) per share for fiscal 2026, replacing a payout-ratio-based system in a move intended to signal confidence in predictable cash flows. Flexible share buybacks will target a total payout ratio of 40%. The new policy follows a fiscal 2026 net gearing ratio of 1.11, slightly above the target range, which MOL said it will return gradually to 1.0 through disciplined investment and asset sales.

MOL reported a 12.1% reduction in GHG emissions intensity compared with 2019 and is expanding its DarWIN Project to cut fuel consumption across its fleet. It also signed long-term charter agreements for two liquefied CO2 carriers for Norway’s Northern Lights carbon capture and storage project, with delivery scheduled between late 2028 and early 2029. To manage geopolitical risk, the group established a Middle East Response Liaison Committee led directly by the CEO and opened a Washington office in 2025 to monitor sanctions and trade policy developments.