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MOL slips in the red in the H1, hit by losses from Daiichi

MOL slips in the red in the H1, hit by losses from Daiichi
Mitsui OSK Lines (MOL) slid $2m into the red in first half ended 30 September hit by losses from the bankruptcy of Daiichi Chuo.

MOL reported a loss of JPY241m ($2.01m) compared to a JPY11.5bn profit in the same period a year earlier. The shipowner reported revenues of $7.54bn.

MOL’s results were dragged down by poor markets in dry bulk and container shipping and a JPY26.2bn loss on valuation of shares in Daiichi Chou, which filed for bankruptcy protection in the last week of September.

MOL’s bulkship division - comprising dry bulk, tankers and LNG - reported a JPY29.1bn profit, its ferry domestic transport division reported a JPY2.4bn profile, while container shipping lost JPY9.1bn.

Looking ahead to the second half of FY2015 MOL sees a moderate improvement in the dry bulk demand and supply balance, for VLCCs it expects the market to be strong, while for container shipping it expects the harsh business environment to continue.

MOL has revised down its profit forecast for the full year ended 31 March 2016 by 60.5% to JPY17bn, compared to JPY43bn previously.