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MOL annual profit up 35.5pc to US$352 million as revenue rises 5pc

JAPAN's No 1 container shipping line, Mitsui OSK Lines (MOL), posted a 35.5 per cent year-on-year increase in net profit for the fiscal year 2014 to JPY42.3 billion (US$352.2 million), drawn on revenues of JPY1.8 trillion, an increase of five per cent.

MOL annual profit up 35.5pc to US$352 million as revenue rises 5pc

JAPAN's No 1 container shipping line, Mitsui OSK Lines (MOL), posted a 35.5 per cent year-on-year increase in net profit for the fiscal year 2014 to JPY42.3 billion (US$352.2 million), drawn on revenues of JPY1.8 trillion, an increase of five per cent.

MOL annual profit up 35.5pc to US$352 million as revenue rises 5pc
04 May 2015 - 17:43

MOL annual profit up 35.5pc to US$352 million as revenue rises 5pc

JAPAN's No 1 container shipping line, Mitsui OSK Lines (MOL), posted a 35.5 per cent year-on-year increase in net profit for the fiscal year 2014 to JPY42.3 billion (US$352.2 million), drawn on revenues of JPY1.8 trillion, an increase of five per cent.

MOL said the global economy had gradually recovered, but mostly in the developed countries. 

"The US economy continued to show a recovery trends. In Europe consumption was boosted by quantitive easing by the European Central Bank," said the MOL statement accompanying the results.

Turning to the container trade, MOL said gap between supply and demand resulting from deliveries of large containerships remained substantial and kept freight rates low.

"Although cargo volumes to Asia to North America and to Europe were comparatively firm, cargo volumes from Europe and the US to China and other Asian countries showed weak growth.

"On north-south routes, the freight market continued to struggle due to the widening of the gap for supply and demand resulting from allocations of large vessels, particularly to the South American east coast.

Although cargo volumes and freight market on intra-Asia routes were underpinned by strong demand and comparatively stable, vessel congestion at various ports in Asia stayed unresolved.

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