MOL moved back into the black compared to a year earlier for the first quarter ended 30 June, with a JPY14.5bn profit compared to JPY5bn loss a year earlier. Revenues for the quarter were up 8.7% at JPY411.9bn.
The Japanese shipowner highlighted that the average exchange between the US dollar and Japanese Yen had depreciated by JPY17.47 to JPY98.81 in the first quarter compared to a year earlier, and the average bunker price was $606 per tonne, $89 per tonne lower than a year earlier.
Looking ahead the company said: “For the second quarter and after, we assume that the correction in the strength of the yen will continue and that bunker prices will be lower year-on-year.”
In terms of individual sectors the outlook remained difficult: “As for dry bulkers and tankers, although we have seen a recovery from rock bottom levels and a subsequent favorable swing in market psychology for some vessel types, we assume freight rate levels on some routes will rise in line with the restoration of freight rates on those routes, we expect overall freight rate levels to remain below 2012 levels.”
MOL is forecasting a net profit of JPY20bn for the first half of the financial year ended 31 March 2014, with revenues of JPY840bn.
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