Top three Japanese ocean carriers suffer big losses

JAPAN's major carriers NYK, MOL and "K" Line have all announced major losses for the first half of their fiscal years ending September 30.

"K" Line announced a loss of US$469.6 million in the first half from a first half revenue of $4.4 billion, down 46 per cent year on year. This result stood against last year's first half profit of $555 million.

MOL announced a loss $108 million in the first half year from $6.9 billion in revenue, down 43 per cent - against a $1.4 billion first half profit last year.

NYK announced a loss of US$318.7 million for the first half, compared to a profit of $991 million in last year's corresponding period.

While MOL continues to predict full-year profit, NYK and "K" Line expect more losses ahead this fiscal year.

(Source: www.schednet.com)