MOL on Friday more than doubled its profit forecast for its current fiscal year, saying “strong demand” in dry bulk shipping and rising container shipping prices are improving the company’s outlook.
The Japanese ocean carrier upgraded its forecast after reporting a $132 million net profit in its fiscal third quarter ending Dec. 31, a 14 percent decline from the same period a year ago but also MOL’s second straight profitable quarter. … “The dry bulker market is expected to hold steady thanks to China’s strong demand for iron ore and coal imports,” the company said. “In addition, the global economy is bottoming out and the container ship business is expected to see increased cargo trade and progress toward recovery in freight rates.”
