MOL CEO Junichiro Ikeda has warned all divisions to prove their worth if they want to remain operational in tough shipping markets.

In his New Year address to workers, he said the Japanese group needs a new togetherness to overcome the serious challenges ahead.

"I call on each of you to help boost our competitive strength and meet our customers’ expectations.

"Furthermore, I want to make it clear that if a business does not have this kind of strength, we will need to question its reason for being.

"We