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K Line full year profits up to $162m
Kawasaki Kisen Kaisha (K Line) improved its profitability in the financial year ended 31 March 2014 (FY2013) reporting a JPY16.6bn ($161.7m) profit, compared to a JPY10.7bn profit in the previous year.
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Kalyakan - stock.adobe.com
Revenues for FY2013 were JPY1.13trn, down from JPY1.22trn in the previous year.
All segments of K Line’s business were profitable with the exception of container shipping that lost JPY100m and support and heavy lift which lost JPY4.5bn.
Looking ahead K Line is forecasting a net profit of JPY18bn for the year ended 31 March 2015, and 8.2% improvement over FY2013.
In container shipping while K Line expects volumes to increase although it will take a longer time for freight rates to recover due to the delivery of large vessels. In the dry bulk sector it expects the capesize market to improve due to the reduced number of newbuildings entering the market.
In the tanker business, LNG carriers are expected to remain stable due to long term contracts, and mid-long term contracts VLCCs and LPG carriers will also keep K Line’s operations in this sector stable. It said would seek further profit from aframaxes and product tankers “through efficient vessel allocation".
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