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NYK PRESIDENT ADDRESSES FOSSIL FUELS DILEMMA

Monday, January 6, 2020 

We at MEM-Online were probably not the only ones to notice, with a degree of irony, that two Japanese operators - NYK and MOL - had ordered clean, gas-fuelled ships, for the sole purpose of transporting large quantities of coal to Japanese thermal power stations.

NYK president Hitoshi Nagasawa has remarked on this inconsistency in his message to staff given in Tokyo at the start of the new year.

Addressing the group's social and environmental responsibility goals, he said: "Under the basic philosophy of 'Bringing value to life', we have contributed to the advancement of society and the global economy through our business, but is this enough? For example, the transportation of fossil fuels such as LNG, oil, and coal is one of our main businesses. At the same time, as the transporter, we consume fossil fuels in the operation of our businesses. Given this reality, I want to discuss this theme with everyone in the NYK Group and clearly indicate the direction we will take our customers, shareholders and the whole society.

"This year, the Mitsubishi Group will celebrate its 150th anniversary. The Mitsubishi Group is said to have been founded in 1870 when Yataro Iwasaki, a Japanese industrialist in the late 19th century, established a shipping company named Tsukumo Shokai, and as you know, this company is the precursor of NYK. I am very proud of the contributions we have made to the modernization of Japan and advancement of the global economy over the past 150 years, and at the same time, I strongly want us to remain a company that is needed by society.

"Change is occurring extremely rapidly these days, and it is said that the future is uncertain. However, assuming the future is uncertain for everyone, we should advance forward together without fear of failing."

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