K Line in the black for the first half

K Line reported a $150.7m profit for the six-month period ended 30 September 2013, on revenues of $6.2bn.

K Line announced a slight improvement in its forecast for the year ended 31 March 2014, forecasting a net income of JPY16bn ($162m), compared to JPY14.5bn previously.

The revised forecast points to a poorer second half of the year for the company with it contributing just an additional $12m.

Explaining the forecast K Line said: “While on the one hand improvement is expected to earnings and expenses in conjunction with the market recovery for the dry bulk business, on the other hand the future of the European economy remains unclear and shipping rates have been lower than expected, even as new large vessels are coming online in the containership business.”

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