MOL’s dry bulk business, which ranks in the top five worldwide, has been dramatically transformed over the past few years.

Amid one of the worst recessions in living memory, the Japanese giant has reduced its fleet and risk profile to emerge with a significantly more conservative approach to the bulker business, just as the market shows signs of recovering.

Director general of dry bulk Toshiaki Tanaka, who orchestrated the shake-up, says the old business model was overexposed to spot market risk, where MOL operated some “very expensive” ships.