Japanese shipping lines optimistic on latest resultsPost by Cameron Davidson on 30th July 2010 in Shipping Confidence is returning to the Japanese shipping market, with the country’s top three shipping companies all reporting bigger profits in the first quarter of the 2010 financial year, according to Lloyd’s List. K Line, Mitsui OSK Lines and NYK Lines all released their results on the same day, and they provided reason to anticipate that the full year will see the international shipping sector climb out of the decline experienced in 2009. A big driver of improved performance for K Line was a 90 per cent rise in the number of completed cars shipped during the three months. Mitsui OSK Lines’ first-quarter revenues also showed spectacular progress, doubling over the preceding quarter. MOL expects greater income from its tanker and dry bulk vessel chartering operations to boost its yearly earnings by more than 30 per cent. It was a similar story at NYK, where “revenues have increased markedly, and measures taken to reduce costs and enhance operating efficiency” resulted in it almost doubling its revenue forecasts over those made three months previously.
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