Japan's major shipping lines - MOL, NYK and "K'' Line - posted net losses in their fiscal year first quarter compared with net profits a year earlier, due to higher fuel cost, lower freight rates and yen appreciation.
"Freight market remained sluggish, and the yen appreciated. Because our income is based on the US dollar, yen appreciation means less revenue. Besides, fuel costs rose in the period," said an official at MOL, reported Platts Commodity News.
MOL said its bunker fuel costs for the period April-June period averaged at US$625/mt, up 31.9 percent from a year earlier. Yen averaged at 81.80 versus the US dollar, compared with 91.44 in the same period last year, said the company.
MOL reported a net loss of $103.72 million for April-June compared with a net profit of $263.85 million a year earlier. Its revenue was $4.42 billion in the period, down 12.1 percent year-on-year.
NYK Line reported a net loss of $90.62 million for April-June, compared with a net profit of $291.38 million in the previous year. NYK Line's revenue fell to $5.68 billion, down 11.3 percent year-on-year.
"K'' Line reported a net loss of $47.23 million over April-June, compared with a net profit of $200.25 million a year earlier. "K'' Line's revenue was $3.09 billion in the period, down 3.8 percent from a year earlier.
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