MOL announced on Monday the new three-year midterm management plan that will take effect in April 2014. MOL Group has been carrying out all plans in single-year plan “RISE 2013” with goals of restoring profitability and laying a strong foundation to return to a growth trajectory.
Recognizing that the group is well on its way to achieving those objectives, it envisioned what the MOL Group should look like in 2020, set the course to arrive there, and incorporated it into a three-year plan called “STEER FOR 2020”.
‘To steer’ means to take the helm of a ship and direct its course toward a specific destination. The MOL Group intends to cut the rudder and steer straight on a course of high-quality, solid growth towards 2020, which is why the group chose that particular name for its plan. A summary of MOL’s new midterm management plan follows.
The strategies of “STEER FOR 2020” are outlined below:
- Innovation of business portfolio. Allocate earlier significan management resources to business where high growth is expected along with long-term profits in ocean shipping and associated businesses.
- Innovation of business model. Taking advantages of MOL’s expertise, focus on businesses that offer added values and meet customer needs. Transform MOL fleet for more flexible structure that has increased market tolerability, while increasing competitiveness and controlling the risk of lower-than-projected profitability,
- Innovation of business domain. Create value chains by expanding business domain to both upstream and downstream of ocean shipping transport.
Source: MOL
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