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MOL expects hefty $209m loss from Daiichi Chuo bankruptcy

MOL expects hefty $209m loss from Daiichi Chuo bankruptcy
Mitsui OSK Lines (MOL) expects to report a loss of around $209m on its holdings in Daiichi Chou, as the latter files for bankruptcy protection.

MOL, which is a major shareholder in Daiichi Chuo said it projected an extraordinary loss of JPY25bn ($209) to reported in Q2 of FY2015 as of a result of the bankruptcy filing. The extraordinary loss would wipe out more than half of MOL’s forecast JPY43bn net profit for the financial year ended 31 March 2016.

According to Bloomberg MOL has a 16.5% stake in the bankrupt dry bulk shipowner.

Daiichi Chuo filed for bankruptcy earlier on Tuesday unable to ride out the difficult dry bulk market. It will also be delisted from the Tokyo Stock Exchange on 30 October.