Mitsui O.S.K. Lines, Ltd. Revised Its Business Outlook Upwards on Imroved Market Conditions

Mitsui O.S.K. Lines, Ltd. hereby announces the revision of its consolidated business outlook for fiscal year 2021 and dividend forecast, which were previously released on July 30th, 2021. Details of the announcement is as follows.

1. Business outlook
(1) Consolidated business outlook for full fiscal year 2021
(April 1st, 2021 to March 31st, 2022)

(2) Reason for the revision
The business outlook for OCEAN NETWORK EXPRESS PTE. LTD., an equity-method affiliate of the Company that operates the containership business, is expected to further improve from the previously announced outlook, due to cargo movements and spot freight rates both exceeding the assumptions at the time of the last announcement. By also taking into account the impact of the favorable dry bulk market and the trend toward a recovery in cargo volumes of car carriers, the Company revised up its full-year earnings forecast.

2. Interim dividend and year-end dividend forecast
(1) Interim dividend

(2) Dividend forecast (year-end)

(3) Reason for the revision

In light of the above revised earnings forecast, the Company has revised its forecast for the year-end dividend from the previous forecast of ¥250.00 to ¥500.00 per share. This will make the annual dividend ¥800.00 per share. The year-end dividend will be officially approved at the General Meeting of Shareholders to be held in June next year.

(Note)The above forecasts have been prepared based on information available as of the date of announcement of this material, and actual results may differ from the forecasts due to various factors in the future.
Source: Mitsui O.S.K. Lines, Ltd.