JAPAN's No 3 container shipping company, "K" Line, posted a 110 per cent year-on-year increase in net profit in the nine months ending December 31, to total US$273.8 million, drawn from revenues of 8.4 billion, which increased 10 per cent.
"For the shipping industry, negative factors included the continuing market slump in the dry bulk business and the declining trend in export volume of finished vehicles from Japan," said the "K" Line statement.
"Container cargo volumes were up around seven per cent year on year on the Asia-North America service and around nine per cent on the Asia-Europe service, but declined by around four per cent on both the intra-Asia and north-south services," "K" Line said.
"Freight rates improved year on year due mainly to relatively stable market activities on east-west services. In addition to the effect of the fall in fuel prices as a result of initiatives including rigorous implementation of slow steaming and cost cutting, and sales activities to take profitable cargo, such as reefer cargo, the group recorded a year-on-year increase in revenues for the nine-month period and went into the black," the statement said.
WORLD SHIPPING
31 January 2015 - 00:08
'K' Line profit up 110pc to US$273.8 million as sales rise 10pc
JAPAN's No 3 container shipping company, "K" Line, posted a 110 per cent year-on-year increase in net profit in the nine months ending December 31, to total US$273.8 million, drawn from revenues of 8.4 billion, which increased 10 per cent.
WORLD SHIPPING
31 January 2015 - 00:08
'K' Line profit up 110pc to US$273.8 million as sales rise 10pc
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