• ITVI.USA
    15,466.420
    -70.120
    -0.5%
  • OTLT.USA
    2.742
    -0.012
    -0.4%
  • OTRI.USA
    20.530
    0.040
    0.2%
  • OTVI.USA
    15,439.080
    -68.090
    -0.4%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,466.420
    -70.120
    -0.5%
  • OTLT.USA
    2.742
    -0.012
    -0.4%
  • OTRI.USA
    20.530
    0.040
    0.2%
  • OTVI.USA
    15,439.080
    -68.090
    -0.4%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American Shipper

MOL’s annual profit up 57%

MOL’s annual profit up 57%

   Tokyo-based shipping company MOL today reported a 57.4 percent jump in net income for its 2007 fiscal year ended March 31.

   MOL's annual profit increased to Yen 190.3 billion ($1.9 billion), compared to Yen 120.9 billion in the prior fiscal year. Operating income gained 73.3 percent to Yen 291.3 billion ($2.9 billion), while its consolidated revenue improved 24.1 percent to Yen 1.95 trillion ($19.4 billion).

   The Japanese company’s results were aided by strong revenue growth from its two largest divisions, bulk shipping and containerships. Bulker sales jumped 30.2 percent to Yen 1.07 trillion, while container revenue increased 20.6 percent to Yen 688.5 billion.

   MOL's global container volume in the 12 months went up 13.3 percent to 3.23 million TEUs, which represents an overall round-voyage utilization of 76 percent on a stated capacity of 4.27 million TEUs.

   In the transpacific market, MOL carried a total of 889,000 TEUs, up 14.6 percent. In the dominant eastbound Asia to North America trade, MOL's volume rose 13.4 percent to 558,000 TEUs and achieved healthy vessel utilization of 93 percent. Westbound, MOL's volume rose 16.5 percent to 331,000 TEUs with utilization of 57 percent.

   MOL's Asia/Europe liftings rose 8.2 percent to 696,000 TEUs. The head-haul westbound volume went up 6.5 percent to 440,000 TEUs with a utilization of 95 percent. The weaker eastbound leg showed 11.3 percent higher volume of 256,000 TEUs and a utilization of 59 percent.

   Looking ahead to its prospects for the 2008 fiscal year, MOL expects net profit of Yen 200 billion (up 5.1 percent over fiscal year 2007), operating income of Yen 280 billion (down 3.9 percent), and revenue of Yen 2.05 trillion (5.4 percent higher).

   “During the next fiscal year, an economic slowdown in the U.S. is creating anxiety and may affect developing nations, impacting global seaborne trade. Furthermore, continued high bunker prices, a higher yen and weaker dollar, and various vessel cost increases … are factors that may compress our company’s profits. However, we expect to maintain profits at same level as fiscal year 2007 through the effects of fleet expansion, and efforts to reduce costs including reduction of fuel consumption, striving to shift increased costs to freight rates,” the company said in its financial report. ' Simon Heaney

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