Japanese carriers report mixed 3Q results

   Japan’s largest shipping companies reported results for their third fiscal quarters, ending Dec. 31.
   NYK, MOL, and “K” Line all have fiscal years that end on March 31.
   NYK reported a profit of 7.3 billion yen ($80 million) in the third quarter compared with a loss of 5.2 billion yen in the period a year earlier. The company had an operating loss of 2.1 billion yen compared to an operating loss of 6.4 billion yen in the third quarter of the prior year.
   Revenue for the quarter was 462.4 billion yen, compared to 439.8 billion yen in the third quarter a year ago. 
   The carrier’s liner business had a loss in the third quarter of 4.5 billion yen, but that was better than the 13.8 billion yen recorded in the same period one year earlier.
   NYK’s liftings from Asia to North America were 147,000 TEUs in the third quarter, down from 161,000 TEUs in the third quarter of the prior year.
    MOL said it had net loss of 45.6 billion yen in the quarter ending Dec. 31, compared to a net loss 8.7 billion yen in the same period a year earlier. The operating loss in the quarter was 9 billion yen, compared to 8.3 billion yen in the same period a year earlier.
   The carrier said revenues were higher, 362.5 billion yen in the third quarter compared to 356.3 billion yen one year earlier.
   MOL said its container business saw restrained growth in cargo volume and “freight rate levels became weak in the summer demand period and after, particularly for Asia-Europe routes, and we worked to raise freight rate levels for two consecutive months in November and December.
   “Although we implemented all-round cost cutting and worked to improve operation efficiency amid continuing severity in the supply and demand environment, a loss was recorded in this segment for the first nine months,” the carrier added.
   “K” Line reported it had net income of 10.5 billion yen in the third quarter on revenue of 256.2 billion yen. It had an operating loss of 1.5 billion in the quarter. The carrier noted for the full year, “while cost reductions are progressing steadily, consolidated operating income will worsen due to stagnant conditions in the containership and other shipping markets.”
   “K” Line said in the third quarter it had liftings of 199,000 TEUs in the Asia-North America trade, compared to 156,000 TEUs in the same period a year earlier. – Chris Dupin