Japan's Big 3 all post first half losses

Tokyo: After bumper profits a year ago, Japan's three major shipping groups all reported losses for the first half of the financial year ended September 30. MOL lost $108m compared to a $1.4bn profit for the same period in FY 2008, NYK Line lost nearly $319m versus an earlier profit of $991m and "K" Line lost $470m following a $555m profit. Of the three, only MOL still expects to show a net profit for the full year, of $22m, but this represents a major revision downwards of its previous estimate after its revenues for the first half were down 43% on a year before. [27/10/09]

Add Seatrade Maritime News to your Google News feed.