MOL said it believes it will have profit of 10 billion yen ($107 million), about double previous estimates.
Revenue will come in about where expected, but the company said “the dry bulker market in general remained steadier than the company’s assumption while the Cape-size market fluctuated widely. The tanker market moved gradually towards recovery as demand for crude oil improved and withdrawal of single-hull very large crude carriers began. Automobile seaborne trade is on the rise in step with global economic recovery. And the containership cargo trade is increasing and freight rates are progressing toward recovery.”
The company also announced plans to rapidly expand its fleet and revenue by 2015. The company said it intends to increase revenue from 1.35 trillion yen to 2 trillion yen by 2015 and profit from 10 billion yen to 130 billion yen by 2015. It said it wants to increase the size of its fleet from 895 ships today to 1,200 by 2015.
