Mitsui O.S.K. Lines said a new executive team will succeed Takeshi Hashimoto as leadership of the Japan-based container carrier.
Ocean Network Express posted a net loss of $88 million in the third fiscal quarter on weaker container traffic and rates.
Ocean Network Express said earnings fell in the recent quarter on weaker revenue per container, and revised its forecast lower for 2025.
The Ocean Network Express alliance of K-Line, MOL and NYK saw profits skyrocket in the fiscal third quarter.
The Felicity Ace, which caught fire in the Atlantic on Feb. 16, was transporting luxury vehicles to the United States.
Volkswagen Group has not said how many vehicles are on the Felicity Ace or the breakdown of the models, although it has been reported they included 2022 Porsche Boxster Spyders as well as Audis, Bentleys and Lamborghinis.
Surviving cargo that was bound for the U.S. now is headed back to Asia.
Japanese carrier tempers profitability news with financial concerns.
Mitsui OSK Lines (MOL) recorded a major drop in revenues in the first half of its financial year as container earnings fell off a cliff and the U.S.-China trade war took its toll. But MOL was able to limit damage to operating profits.
