Three articles in the Journal of Commerce report that Japanese carriers “K” Line, NYK Line and MOL have announced profits for the past fiscal year and are lowering forecasts largely due to uncertainties following the March earthquake and tsunami. Click on the titles to read the full articles:
“K” Line forecast $24 million in profit for the current fiscal year. The company cited economic uncertainty, high fuel costs and concerns about the impact of the recent Japan earthquake and tsunami.
Japanese shipping conglomerate NYK Line reported a $912.7 million profit for its just-ended fiscal year, reversing a $187.5 million loss a year earlier [but] lowered its overall forecasts for the current fiscal year, citing uncertainty about the earthquake’s impact and softness in dry bulk and other markets.
The improved results came despite higher oil prices, a stronger yen, economic problems in Europe, unrest in the Middle East and the March 11 Japan earthquake and tsunami that “has left the future of the Japanese economy and the global economy in a greater level of uncertainty,” MOL said. For the current fiscal year that began April 1, MOL forecasts net profit will drop 48.5 percent to $462 million while revenue rises 3.6 percent.