TOKYO : Japanese shipping major Mitsui O.S.K. Lines (MOL) has decided to unify its 100 percent owned management companies for tankers. Effective April 1, 2020, MOL Tankship Management (Asia) (MOLTA) and MOL Tankship Management (Europe) (MOLTE) were integrated under a new name — MOL Tankship Management.

As explained, MOL Tankship Management, employing 91 people, will have its head office in Singapore and branch office in London.

The integrated company has a paid-in capital of SGD 2.4 million (around USD 1.7 million).

“MOL Tankship Management Pte. Ltd. will continue to strive for further enhancement in operating safety, making the most of both companies’ years of valuable experience and stockpile of important know-how,” MOL said.

In late March, MOL revealed it expects to record an extraordinary loss on its consolidated and non-consolidated financial statements for the fiscal year 2019. For its consolidated financial results ending in March 2020, MOL plans to downgrade in its forecast due to a total of USD 146 million of extraordinary losses. The loss has been assigned to a continuously sluggish market due to the impact of the COVID19 pandemic among other factors.