# MOL reports stronger first-half profits as dry bulk and ONE boost earnings - **Source:** https://pelavox.com/mol-reports-stronger-first-half-profits-as-dry-bulk-and-one-boost-earnings/ - **Publisher:** pelavox. (The voice of shipping) - **Author:** Helena Pierce - **Published:** 2026-11-09T13:32:00+00:00 - **Updated:** 2026-11-09T09:30:30+00:00 - **Section:** Business / Company Results - **Type:** News - **Topics:** Dry Bulk, Financial Results, Maritime Markets, Mitsui O.S.K. Lines, MOL, Ocean Network Express, Shipping Earnings, Tankers Mitsui O.S.K. Lines (MOL) reported a significant increase in earnings for the six months ended 30 September 2026, supported by stronger dry bulk and tanker markets and a substantial contribution from its container shipping affiliate Ocean Network Express (ONE). The Japanese shipping group recorded revenue of ¥1.275 trillion, up 46.6% from ¥869.8 billion in the corresponding period last year. Operating profit rose 1.2% to ¥72.7 billion, while ordinary profit increased 42.8% to ¥163.6 billion. Profit attributable to owners of the parent reached ¥179.3 billion, representing a 54.3% increase from ¥116.2 billion a year earlier. The year-on-year comparison is affected by a change in the accounting periods of 384 consolidated subsidiaries. Following the alignment of their fiscal year-ends, the current first-half results include nine months of financial performance for those subsidiaries, rather than the conventional six-month period. Consequently, the reported growth rates do not exclusively reflect changes in underlying business performance. ### Dry bulk earnings recover as tanker markets strengthen MOL’s Dry Bulk Business recorded ordinary profit of ¥19.7 billion, compared with just ¥0.1 billion in the corresponding period of 2025. Segment revenue increased from ¥218.4 billion to ¥326.7 billion, reflecting stronger market conditions and changes in the group’s consolidated reporting. Capesize market conditions improved as iron ore shipments from Western Australia and Brazil and bauxite exports from West Africa supported transportation demand. Vessel availability was also constrained by slower operating speeds amid concerns over fuel supplies and congestion at Chinese ports, contributing to tighter supply-demand conditions. Panamax and smaller bulk carrier markets remained relatively firm, supported by South American grain shipments, coal movements in the Pacific and steel product exports from the Far East. MOL also reported improved profitability at Gearbulk, supported by pulp transportation demand and higher-margin project cargo movements. The Energy Business generated ordinary profit of ¥33.6 billion, compared with ¥30.8 billion a year earlier, while revenue increased to ¥189 billion. Crude tanker earnings benefited from increased long-haul shipments from the United States and South America as alternatives to Middle Eastern crude oil. Additional transshipment activity involving Middle Eastern cargoes outside the Persian Gulf also contributed to tighter tanker availability. In the LPG market, disruptions to Middle Eastern loadings encouraged greater reliance on North American exports, increasing sailing distances and supporting freight market conditions. Meanwhile, MOL’s LNG and ethane shipping activities faced pressure from scheduled vessel drydockings and the absence of certain one-off earnings recognised in the previous year. ### ONE contribution strengthens container shipping results MOL’s Product Transport Business recorded ordinary profit of ¥86.5 billion, compared with ¥66 billion in the first half of the previous fiscal year. The Containership Business was a major contributor, reporting ordinary profit of ¥73.4 billion, up from ¥23.9 billion a year earlier. Within the group’s consolidated financial results, equity-method earnings attributable to its investment in Ocean Network Express reached ¥64.1 billion. The improvement reflected strong cargo demand and elevated container spot freight rates, particularly on Asia–North America routes. Congestion at major Asian ports also constrained effective vessel supply, helping maintain stronger freight market conditions. According to MOL, ONE achieved a significant increase in profitability despite higher fuel costs and the suspension of vessel deployments to the Persian Gulf. Elsewhere in Product Transport, vehicle shipping profitability declined as disruption around the Strait of Hormuz affected vessel deployment, while higher fuel costs and congestion at certain ports added operational pressure. Domestic container terminal operations also experienced sluggish handling volumes because of delays to vessel schedules caused by congestion at overseas ports. Overseas terminal activities benefited from relatively firm cargo volumes in Vietnam, where manufacturing and trade flows have been supported by changes in international supply chains. ### Chemical logistics profits decline despite revenue growth MOL’s Chemical Logistics Business reported revenue of ¥248.5 billion, compared with ¥130.2 billion in the corresponding period of 2025. However, ordinary profit fell to ¥12 billion from ¥14.4 billion. The business includes product tankers, chemical tankers, methanol carriers and tank terminals following the group’s revised reporting structure introduced in FY2026. Lower earnings from Waterfront Shipping, MOL’s equity-method affiliate in the methanol transportation sector, weighed on profitability. Product tanker operations performed more positively, supported by recovering export volumes from Asia and tighter vessel availability as some large product tankers were deployed for crude oil and heavy fuel oil transportation. Chemical tanker conditions in Asia improved from early spring, but the US Gulf market entered an adjustment phase from July following an earlier period of stronger conditions. The tank terminal business maintained relatively stable operating performance, supported by additional storage capacity and higher US crude oil exports. However, goodwill amortisation associated with the acquisition of LBC Tank Terminals affected reported earnings. ### Middle East disruptions remain central to MOL’s outlook The company’s latest financial results highlight the different effects of geopolitical disruption on individual shipping markets. Longer transportation distances have supported freight conditions for crude oil tankers, LPG carriers and certain dry bulk vessels, while container shipping has benefited from strong demand and restrictions on effective vessel supply. Other activities, including vehicle transportation and overseas logistics, have faced increased fuel costs, restricted vessel deployment and inflationary pressure. [MOL maintained its full-year financial forecast announced on 2 November 2026](https://pelavox.com/mol-raises-annual-earnings-outlook-shipping-markets/), projecting revenue of ¥2.37 trillion and net profit attributable to owners of the parent of ¥300 billion for the fiscal year ending 31 March 2027. The projections assume that navigation in both the Persian Gulf and Red Sea will remain unavailable throughout the remainder of the fiscal year. This represents the company’s forecasting assumption rather than confirmation of future operating conditions. The group also reaffirmed plans for a ¥50 billion share repurchase programme and a three-for-one stock split scheduled to take effect on 1 January 2027. The first-half results demonstrate how changes in global trade patterns, energy transportation and container freight markets are influencing earnings across MOL’s diversified shipping operations, although the accounting-period adjustment remains an important factor when comparing the figures with the previous year. --- Cite as: "MOL reports stronger first-half profits as dry bulk and ONE boost earnings", pelavox., 9 November 2026, https://pelavox.com/mol-reports-stronger-first-half-profits-as-dry-bulk-and-one-boost-earnings/