MOL returns to profit in Q2MOL returns to profit in Q2

The Japanese shipping firm recorded a net profit of JPY21.14bn ($216.26m) in the quarter ended 30 September 2013 as against a loss of JPY13.08bn in the same period of last year.

Revenue rose 11.7% year-on-year to JPY845.18bn.

For the financial year 2013, MOL projects a revenue of JPY1.7trn on a profit of JPY50bn, in view of improving operating conditions across the various shipping sectors.

The company believes that firm demand for iron ore and coal will support the dry bulk shipping segment, while the crude oil tanker market is moving towards recovery especially during the winter demand period towards the end of the year.

“As for containerships, we will work to improve results by reducing space more than previously planned in anticipation of restoring freight rates which have fallen substantially, and pushing ahead with further cost reductions,” MOL said.