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MOL posts 45pc profit decline to US$105 million as revenues rise 5pc

JAPAN's second shipping company, Mitsui OSK Lines (MOL), has posted a 45 per cent year-on-year decline in net profit for the six months ending September 30 to JPY11.5 billion (US$105 million), drawn on revenues of JPY890 billion, which went up five per cent.

MOL posts 45pc profit decline to US$105 million as revenues rise 5pc
02 November 2014 - 22:39

MOL posts 45pc profit decline to US$105 million as revenues rise 5pc

JAPAN's second shipping company, Mitsui OSK Lines (MOL), has posted a 45 per cent year-on-year decline in net profit for the six months ending September 30 to JPY11.5 billion (US$105 million), drawn on revenues of JPY890 billion, which went up five per cent.

MOL's container division widened its loss to JPY10.8 billion for the six month period from the year-ago loss of JPY3.7 billion.

"Although cargo volumes from Asia to North America and to Europe were firm on the back of economic stability in Europe and the US, cargo volumes to China and other Asian countries showed weak growth," said MOL.

"On the north-south routes, the freight market experienced a substantial downswing due to a slump in cargo volume, particularly in cargo bound for the South American east coast," said the company statement.

MOL's dry bulk business saw revenue increase 4.5 per cent to JPY418 billion, but operating income was down almost 31 per cent to JPY16.5 billion.

MOL said the market weakened again from mid-August mainly as a result of weaker cargo volumes from the Middle East.

In the smaller product tanker market, MOL said owners enjoyed firm conditions in the Far East, mainly supported by new naphtha cargoes from South Korea and Russia, but faced more sluggish conditions in the Atlantic market due to strong pressure from newly delivered tonnage and large vessel types.

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