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MOL profits on the up

MOL profits on the up

Japan: Mitsui OSK Lines has increased its full year profit forecast on the back of improved shipping markets. MOL increased its net profit forecast for the year ending 31 March 2010 by 150% to Yen5bn from Yen2bn previously.

The Japanese shipowner said it had increased its profit forecast as the dry bulk market was expected to hold steady due to Chinese iron ore and coal demand and expected improvement in the tanker market due to the phase out of single hull tonnage.

MOL also noted the global economy had bottomed out that this should in higher cargo volumes and improved freight rates for its container shipping business. [29-01-10]