MOL Beats Forecasts, Raises Full-Year 2026 Profit Guidance

Mitsui O.S.K. Lines (MOL) released its results for the first half of fiscal year 2026, ended September 30, posting a net profit of JPY179.2bn (US$1.13bn) according to Sea Trade Maritime, a figure the outlet attributes to performance that exceeded the Japanese carrier's own forecast by more than 30%. Ports News Russia, meanwhile, put net profit at ¥179.3bn (US$1.12bn), representing a year-on-year increase of 54.3%. Based on these results, the group raised its full-year pre-tax profit projection to JPY345bn from the previously forecast JPY145bn.

Revenue for the half-year reached ¥1.275trn, up 46.6% year-on-year, while operating profit rose 1.2% to ¥72.7bn and ordinary profit grew 42.8% to ¥163.6bn. The main driver was the containership business, which posted ordinary profit of ¥73.4bn, more than triple the ¥23.9bn of the previous year and 66% above the company's forecast. Ocean Network Express (ONE), the joint venture in which MOL participates alongside NYK and K Line, reported quarterly net profit of US$1.32bn compared with US$285m the previous year, with revenue of US$6.27bn, volumes of 3.40 million TEU and an average freight rate of US$1,709 per TEU; ONE also raised its annual net profit forecast to US$2bn from US$900m.

The dry bulk business posted ordinary profit of ¥19.7bn, up from just around ¥100m the previous year, with revenue up 49.6% to ¥326.7bn, driven by the Capesize and smaller vessel segments, supported by iron ore shipments from Western Australia and Brazil, bauxite from West Africa and demand for grain, coal and steel products. In tankers, the energy business achieved ordinary profit of ¥33.6bn, up 8.8% year-on-year, boosted by longer voyages from the United States and South America as an alternative to Middle East crude. Spot rates for crude tankers averaged US$145,000 per day in the first quarter and US$281,000 per day in the second, with a forecast of US$237,000 for the third quarter and US$300,000 for the fourth.

By contrast, ordinary profit in the chemical logistics business fell 16.4% to ¥12bn despite revenue growing 90.9% to ¥248.5bn, a result that came in ¥0.9bn below forecast, according to Sea Trade Maritime. The liquefied natural gas and ethane business also declined due to more drydockings and the absence of extraordinary gains recorded the previous year. Equity-method affiliate earnings totaled ¥97.3bn, of which ¥64.1bn came from ONE; results were also affected by an accounting change that incorporated nine months of results, from January to September 2026, from 384 consolidated subsidiaries.

MOL maintained its updated full-year forecast, with revenue of ¥2.37trn, operating profit of ¥151bn, ordinary profit of ¥295bn and attributable net profit of ¥300bn, compared with ¥213.3bn in the previous fiscal year, under the assumption that operations in the Persian Gulf and the Red Sea will remain suspended for the rest of the fiscal year. The Japanese carrier also scheduled a three-for-one stock split, effective January 1, 2027, while maintaining an annual dividend equivalent to ¥205 per share before the split. During the half-year, MOL and its joint ventures took delivery of seven vessels: five LNG carriers for its energy business, one handysize bulk carrier, one car carrier and one cruise ship.