Mitsui O.S.K. Lines (MOL) posted a 15.6% rise in first-quarter net profit to ¥61.06bn ($385m) from ¥52.82bn ($333m), according to Mitsui O.S.K. Lines. Revenue increased 68.9% to ¥730.99bn ($4.61bn), operating profit rose 3.9% to ¥38.52bn ($243m), while ordinary profit slipped 0.2% to ¥52.15bn ($329m) for the three months to 30 June 2026.
The revenue comparison is affected by an accounting-period change covering 384 consolidated subsidiaries, whose contribution to the quarter includes six months from January through June 2026.
Dry bulk ordinary profit swung to ¥10.7bn ($67.5m) from a ¥3.4bn ($21.5m) loss, with revenue up 65.3% to ¥177.1bn ($1.12bn) as Capesize, Panamax and smaller bulker markets strengthened.
Energy ordinary profit fell 31.6% to ¥15.0bn ($94.7m) from ¥22.0bn ($139m), while chemical logistics profit rose 19.7% to ¥8.4bn ($53.0m).
Product transport ordinary profit dropped 77.2% to ¥7.0bn ($44.2m) from ¥30.7bn ($194m).
The containership contribution declined to ¥5.2bn ($32.8m) from ¥7.3bn ($46.1m), with higher fuel costs offsetting stronger cargo demand and higher freight rates from May.
Singapore-based Ocean Network Express (ONE), MOL’s equity-method container shipping affiliate, earned $31m on revenue of $4.539bn, against $86m and $4.05bn a year earlier. It carried 3.257m TEU at an average freight rate of $1,300 per TEU. ONE lifted its FY2026 net profit forecast to $900m from $300m and revenue guidance to $19.4bn from $18.5bn.
MOL maintained its revised full-year outlook of ¥2.23trn ($14.07bn) in revenue, ¥135bn ($852m) in operating profit, ¥225bn ($1.42bn) in ordinary profit and ¥240bn ($1.51bn) in net profit, against previous forecasts of ¥2.04trn ($12.87bn), ¥105bn ($663m), ¥145bn ($915m) and ¥170bn ($1.07bn), respectively.
The outlook assumes limited Persian Gulf navigation resumes around October 2026 and pre-disruption conditions return around January 2027, while Red Sea navigation remains unavailable throughout the fiscal year.
MOL is a Tokyo-headquartered Japanese shipping and logistics company active in dry bulk, tankers, LNG and ethane shipping, offshore activities, chemical logistics, containerships, car carriers, terminals, logistics, real estate, ferries and cruises. Its fleet stood at 947 vessels at 30 June 2026, up from 930 at the end of March.
