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MOL revises upwards profit forecast on back of dry bulk boom

MOL revises upwards profit forecast on back of dry bulk boom

Tokyo: Mitsui OSK Lines has upgraded its net profit forecast for the financial year to March 31, 2008 from Yen 145bn to Yen 185bn, a dramatic 27.5% hike, on turnover 4.9% ahead of previously estimated at Yen 1,920bn.

The company explains that 'the main reason is the upswing in the dry bulker freight market, though bunker prices have remained high and compressed profits.' MOL's 2007 annual report says that the group operates 289 bulk carriers out of a total fleet of 803 vessels.

Separately, MOL earlier this month announced the opening of representative offices for Mitsui OSK Bulk Shipping (Asia Oceania) in Mumbai and Chennai, covering the west and east coasts of India respectively, to reinforce its rapidly growing car carrier business and 'take advantage of new opportunities in resource and energy transport'. [31/10/07]