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The new president of Japan's Mitsui O.S.K Lines (MOL) has endorsed slow steaming as 'the most effective method' of cutting CO2 emissions.

Commenting on company strategy issues in his inaugural message, president Koichi Muto [pictured] said global environmental protection was one of the four pillars upon which the company would be planning its business expansion, in addition to credibility, correct judgment and employees.

Muto said the company was strongly committed to reducing greenhouse gas emissions and referred to MOL's ISHIN project to develop the next-generation of environmentally-friendly vessels.

Commenting on slow-steaming, Muto said "I believe the most effective method to reduce CO2 emissions while meeting the increased demand for transport is to transport cargoes more slowly using larger vessels. The CO2 emission burden of ships on the environment increases by the square root of the speed increase ratio, even for small speed increases.

"We must continue in our efforts to become a more environmentally friendly ocean shipping company, and elicit the understanding and support of our customers regarding more environmentally responsible navigation speeds and transportation," Muto added.

MOL's president said that ocean shipping would be at the core of the group's business strategy, saying: "In response to the growing demand for seaborne trade, the MOL Group has determined to position the ocean shipping business at its core. This is reflected in our long-term vision for the Group, with our eventual goal of becoming the leading player in the world shipping industry."

"Through our business activities, we hope to make a significant contribution to global economic growth. However, in order to become a leading player, we must first enhance and strengthen four fundamental pillars with which our organization is built," Muto stressed.