JAPANESE shipping giant Mitsui OSK Lines (MOL) has commenced a new three-year, mid-term management plan named "Steer for 2020" that charts a path to achieve "high-quality, solid growth" in the years leading up to 2020.

The new growth plan comes as the group said in a statement that it has been taking steps to restore profitability and lay a strong foundation to facilitate a return to solid growth over the mid-term.

"Recognising that the group is well on its way to achieving those objectives, it envisioned what the MOL group should look like in 2020, set the course to arrive there, and incorporate it into a three-year plan," a company statement said.