Japanese lines slump to major losses in 2011

   Japan’s big three ocean carriers saw their container lines slump to a collective $1.4 billion loss in their fiscal year 2011, adding more red ink to the beleaguered liner industry.
   All three lines saw sizable profits in 2010 turn to sizable losses in 2011, while all three also saw revenue levels erode. The Japanese lines have a fiscal year of April through March.
   Heading the losses was NYK Line, which slumped to a $524.2 million operating loss, compared to a $402.3 million profit in 2010. Liner division revenue was $5.1 billion, down 9.4 percent from 2010.
   Total group revenue for NYK slid 6.4 percent year-on-year, to $23.5 billion. The group had a $293.8 million operating loss in 2011, compared to a $1.5 billion profit in 2010.
   “K” Line suffered the second biggest liner loss among the three, tallying operating losses in 2011 of $509.6 million, compared to a profit in 2010 of $350.3 million. The liner division saw revenue recede 11.1 percent in 2011, to $4.8 billion.
   Group revenue for “K” Line fell 1.3 percent, to $11.9 billion. The group was hit with a $494.9 million operating loss in 2011, compared to a $707.9 million profit in 2010.
   MOL liner division suffered operating losses of $365.7 million in 2010, compared to a $471.1 million profit in 2010. Container division revenue fell 7.5 percent year-on-year, to $6.6 billion.
   Total group revenue fell 7.1 percent in 2011, to $17.5 billion. The group incurred operating losses of $292.6 million, compared to a $1.5 billion profit in 2010.
   MOL is forecasting a $97 million loss for its container shipping division in 2012.