'K' Line back in black, suffers slow US recovery, EU slump continuesJAPAN's second largest ocean carrier "K" Line has posted a first quarter JNY6.9 billion (US$70.7 million) net profit year on year, drawn on revenues of JNY295.7 billion, up 8.1 per cent, after the company reversed from a
JNY674 billion loss in 2012.
"During the quarter, the US economy started on a mild recovery trend while the European economy was in chronic downturn on the back of a prolonged sovereign debt crisis, and the economies in China, India and other emerging countries showed decelerating growth. Our domestic economy showed some signs of recovery prompted by expansion of exports and consumption," said the "K" Line statement accompanying the results.
"The containership business suffered from freight rate deterioration particularly in Europe service routes, affected by the sluggish European economy. The car carrier business as a whole kept positive performance, bolstered by steady cargo movements in North American-bound and Middle East-bound routes, whereas the growth in Europe-bound routes slowed," the statement said.
"During the quarter, the US economy started on a mild recovery trend while the European economy was in chronic downturn on the back of a prolonged sovereign debt crisis, and the economies in China, India and other emerging countries showed decelerating growth. Our domestic economy showed some signs of recovery prompted by expansion of exports and consumption," said the "K" Line statement accompanying the results.
"The containership business suffered from freight rate deterioration particularly in Europe service routes, affected by the sluggish European economy. The car carrier business as a whole kept positive performance, bolstered by steady cargo movements in North American-bound and Middle East-bound routes, whereas the growth in Europe-bound routes slowed," the statement said.