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Mitsui OSK Lines sees drop in full year profit

Mitsui OSK Lines sees drop in full year profit
Mitsui OSK Lines (MOL) reported a drop in full year profit to JPY42.4bn ($352.4m).

For FY2014 ending 31 March 2015 earnings slipped compared to the JPY57.3bn profit the company made in FY2013. Revenues were up in FY2014 at JPY1.81trn, compared to JPY1.73trn in FY2013.

All sectors of MOL’s business were profitable with the exception of container shipping, which reported a JPY24.1bn loss, compared to a JPY14.5bn loss in the previous year.

Looking ahead to FY2015 the company said: “We assume that the world economy in FY2015 will maintain moderate trend of recovery centered on developed countries boosted by factors such as fall in crude oil prices, despite a continued lack of momentum in China and other emerging/resource-producing countries.”

In terms of sectors MOL expects that in dry bulk difficult conditions will continue. The tanker sector VLCCs are expected to remain firm, while the product tanker market will be stable. For container shipping it said would to work “to secure a certain level of profit”.