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MOL bounces back into the black with $558m full year profit
Mitsui OSK Lines (MOL) bounced back into the black in the financial year 31 March 2014 (FY2013) with a JPY57.39bn profit ($557.6m) net profit, with only its container shipping business losing money.
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However, it marked a major reversal in fortunes for the company, which lost a whopping $1.9bn in the previous financial year. MOL reported revenues of JPY1.73trn in FY2013, up from JPY1.51trn in the previous year.
Its bulk shipping business, dry bulk and tankers, reported a JPY57.1bn profit, while its container shipping business lost JPY14.6bn.
Looking ahead the company is forecasting a slightly improved profit of $600m for the financial year ended 31 March 2015.
In dry bulk shipping MOL expects an improvement in the demand and supply balance to lead to firmer rates in the coming year. For the crude and product tanker markets it expects the situation to remain uncertain due to the impact of US shale gas, LPG carriers benefitting from US exports.
“With respect to containerships, it is assumed that an improvement in demand and supply will remain elusive due to continued deliveries of large containerships,” MOL said.
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