Mistui OSK Lines (MOL) of Tokyo has announced a new joint venture company with its shipping agents, the Kanoo Group.

“The new company will help expand MOL’s global network and increase its business by improving customer service,” said Vinod Kumar, regional manager, MOL (UAE) LLC.
The 121-year-old MOL, Japan’s second largest shipowner operator with a fleet of 650 vessels, has been operating car-carrier, bulk carrier, and container ship services to the Gulf and UAE for more than 35 years.
A market slump when freight rates bottomed out in the mid-90s forced MOL to suspend its container services to the UAE in 1995.
“We resumed the service in 2002 and it was the right time to do so. The market has been buoyant, freight rates have picked up and the past two years have been very good,” he said.
MOL’s business in the UAE was handled by its agents, the Kanoo Group, until now.
“With the opening of the new company we will have our own office and staff and so will be able to respond faster and effectively to customers; Kanoo is our local partner,” said Kumar.
The company continues to assess the market demand in view of increasing service frequencies, shortest transit times. Currently, it has a container vessel calling at Jebel Ali Port on a weekly basis, and car-carriers visit three times a month.