'K' Line's containership business suffered a $96.9 million loss in its fiscal first quarter, compared to a $100 million operating profit in the same quarter in 2010. Container shipping revenue was flat in dollar terms, at $1.3 billion, but fell 7 percent in yen terms, due to the strengthening of the Japanese currency.
'K' Line's revenue fell 3.6 percent to $3 billion, while the group sustained a $122.6 million loss in the quarter, compared to an operating profit of $260.1 million in fiscal first quarter of 2010.
'K' Line said its container volume in its first quarter fell 1 percent, due primarily to the impact of the March earthquake in Japan.
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MOL group revenue fell 12.1 percent in yen terms to $4.3 billion in the quarter. The group sustained an operating loss of $111.9 million in the fiscal first quarter, compared to an operating profit of $439 million in the same period in 2010.
MOL said its container volume on the eastbound transpacific fell 9 percent year-on-year, with the carrier saying annual freight rate negotiations were 'unsuccessful.' Meanwhile, westbound Asia/Europe volume increased 13 percent in the quarter, but freight rates were 30 percent off their high from peak season 2010.
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NYK group revenue increased 11.3 percent in yen terms to $5.4 billion, but the group suffered a $126.9 million operating loss, compared to a $451.9 million profit in the fiscal first quarter of 2010.
