JAPAN's "Mitsui OSK Lines" (MOL) net profit fell to JPY2.2 billion (US$23.9 million) in the nine months ending December 31 from an equivalent profit in 2008 of JPY137.6 billion.
Revenues during the same periods fell from JPY1.5 trillion to JPY985.3 billion, the company revealed in a results statement.
MOL containerships led the losses, though bulkships were not far in the troubled waters of the global economic downturn that beset the first three quarters of the company's financial year.
"In the midst of the a global economic crisis leading to a stagnant cargo trade and surplus vessels, the cargo trade fell 20 per cent compared to the same period the previous year with freight rates falling 30 per cent," said the MOL statement.
But the company, rated the 12th largest in the world, said strides had been made on freight rate restoration, and it had benefited from strong internal demand from China "supported by personal consumption and public infrastructure investment, recovery of personal consumption and housing investment in the US, a rapid economic recovery in Brazil and other emerging countries," said the company.
"Under such an environment during the third quarter our cargo trade and freight rate improvements as well as cost cutting efforts have succeeded in reducing loses compared with the second quarter, however compared to the previous fiscal year, a recovery in the business environment has yet to surface," said the statement.
Commmenting on the industry in general, MOL said: "Such a business climate called for the implementation of urgent counter measures to reduce fleets by shipping companies that included scrapping vessels, ship sales chartered vessel cancellations and cancelling ship constructions."
JAPAN's "Kawasaki Kisen Kaisha" ("K" Line) suffered a loss of JPY61.9 billion (US$573.9 million) in the nine months ending December 31, plunging from last year's same period net profit of JPY40.6 billion, the company revealed.
Revenues in those last nine months of 2009 came to at JPY612.9 billion 71 per cent lower from JPY1.05 trillion in sales in the same period last year, said the company.
"Consolidated operational revenues for the third quarter of FY2009 accounted for JPY212.5 billion, a decrease of JPY105.5 billion compared with the same period of the previous year," said the company results statement.
The container business, resulting from poor consumer demand in Europe and the US, was blamed, but the number of boxes moving eastbound across the Pacific actually increased, but depressed freight rates and the lowering of cargo value contributed to the poor showing.
The surprisingly steady container volume year on year resulted from the sharply rising number of loaded boxes from North America to Asia - an increase of 57 per cent, creating an leap in loaded containers of 16 per cent, said "K" Line.
"On north European and Mediterranean Sea service routes, the company reduced services in response to decreased cargo movements, and as a result the volume of loaded containers on European service routes fell nine per cent from the same period a year earlier - a decrease of 23 per cent in westbound and an increase of 22 per cent eastbound," said the statement from the company, rated the 14th largest container carrier in the world.
The number of loaded European containers shipped from Asia declined, said "K" Line, "affected by sluggish global cargo movements due to economic stagnation.
"With respect to freight rates, restoration made rapid progress, particularly on the European service routes and north-south routes, except for North American routes, which are waiting for revision of freight agreements this spring," said the company.
Source : HKSG, 30.01.10.
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