Maersk secures approval of P&O Nedlloyd stockholders

Maersk secures approval of P&O Nedlloyd stockholders    Kawasaki Kisen Kaisha Ltd.’s reported Thursday its net income dropped 10 percent during the first quarter of its fiscal year 2005 to Yen 15.5 billion ($139 million), compared to Yen 17.2 billion posted in the same period last year.
   The Tokyo-based carrier’s operating income was also down 10 percent during the April 1 to June 30 period, to Yen 23.9 billion ($214.8 million), compared to Yen 26.5 billion in the previous year’s quarter. Operating revenues improved 11 percent to Yen 221.1 billion ($1.98 billion), from Yen 199 billion.
   For the second quarter fiscal year 2005, “K” Line said it does not expect to reach its initial projections for operating performance across all its businesses due to the “skyrocketing fuel oil prices as well as the unsteady trend in the freight rates of bulk carriers.”