일본대형선사의 경영전략 비교분석

Abstract

This study focuses on the business strategies of two big Japanese shipping companies, MOL (Mitsui Osaka Line) and NYK (Nihon Yusen Kaisha). These two companies have a long history of more than 150 years even though their competitors from developed countries such as SeaLand, Nedlloyds and Neptune Orients Line have disappeared. The objectives of this study are to analyze the business strategies of these two Japanese companies during shipping boom of the 2000's and to determine the factors that contribute to their survival. The shipping industry has known that there is a limitation for individual companies to expand their own unique strategy due to the nature of the service industry and the cyclical change of market. Japan's shipping industry has a long tradition to avoid competition among domestic rival because it undermines the stability of the market. Therefore, it is very hard to differentiate their business strategies from other members. By the 1963 shipping policy, the so-called Kaiun-shuyaku seisaku, formed the backbone of Japan's shipping market structure and functioned until now without considerable change. In other words, because of a strong shipping policy known as the convoy fleet policy, there was no room for individual companies to expand their own business strategies. If the failure of individual companies’ unique business strategies always reside in the severe fluctuation of market, an individual company cannot expect any support from the Japanese government. Thus, it was common to harmonize the business strategies between the market’s leading companies. MOL's annual sales amount is regularly changed to just 2/3 of its rival NYK from 1964 until now. However, during the shipping boom period of the 2000's MOL moved its axis to profitability from stability of by choosing foreign spot market instead of traditional long term contract with Japanese shippers. Thus, the business portfolios of the two companies were changed. NYK increased the portion of its logistics business and MOL gave importance to bulk and energy-related contracts. Even though its gap in sales amount between two companies was not changed, profitability of MOL surpassed the leading company NYK. However, the recession of the shipping market resumed in 2009, and the coupling of the business strategy began. Since shipping service is a commodity, severe cost cut is a common phenomenon. The implications of NYK's business strategy can be summarized as follows: Firstly, in order to vitalize the container shipping of the big shipping company, it is essential to establish a global multimodal transport system. Secondly, stability is a top priority for bulk shipping with diversification of the ship's portfolio and preemptive investments in high value added sectors that makes differentiation with a low cost carrier. An implication of MOL is as follows; Even though there is a different opinion that MOL has fully escaped from the crisis, MOL's way to escape the crisis gives provides us with suggestions. In the case of a large carrier, the top priority of management is to make a stable business based on long-term transport contracts, and to cultivate the ability to predict market so as be independent temporary market fluctuations. Above all, even as the economy is booming, large investment without guarantee of long term contract is absolutely avoid.