K Line reported a full year profit of JPY10.6bn ($113.4m) last year compared to a loss of JPY41.3bn a year earlier. Revenues increased to JPY1.13trn from JPY972m a year earlier.
“In the business environment surrounding the shipping industry, despite the lack of any substantial change in the tonnage demand-supply situation, in the containership business, operators achieved improvement in earnings on year-on-year basis because market freight rate recovery advanced, albeit variably due to seasonal factors in spite of unchanged tonnage oversupply,” K Line commented. “The car carrier business kept positive performance in general while shipment of automobiles on outbound Japanese-European routes decreased.”
The dry bulk sector was described as “sluggish” due to oversupply.
Looking ahead to the year ended 31 March 2014 K Line forecast a net profit of JPY13bn with revenues of JPY1.16trn.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
