JAPANESE shipping giant "K" Line net profit increased more than 11 fold year on year to US$407.9 million for the nine months ending December 31, drawn on revenues, which also increased more than 11 fold, to $9.3 billion - and this after a net profit loss of $61.9 million in 2009.The company declared that its containership business is expected to decline because of plant shutdowns during the lunar New Year holiday in China, the world's largest exporter.
"In addition there is financial instability in Europe and depressed home sales and persistent high unemployment in the United States," said the company statement, adding that it would monitor supply and demand trends and impose reductions in sailings to match demand, as well as employing slow steaming.
"China, India and other developing countries maintained steady economic growth, and although the unemployment rate in the United States remained high, the economy began showing signs of a moderate recovery," said the company.
"In Europe, despite persistent fiscal concerns in some areas and credit risk concern the real economy as a whole did not exhibit conspicuous detrimental effects and the moderate economic recovery continued," it said.
"Cargo movement in the containership business, particularly outbound cargo from Asia remained steady. The freight rate market showed slight signs of softening in part because of seasonal factors but remained generally in line with expectations," said the statement.
"Thanks to the modest recovery of the US economy cargo movement from Asia to North America eastbound was steady, but the company has continued to reduce tonnage since last year and as a result the company cargo volume was down three per cent year on year.
"In addition there is financial instability in Europe and depressed home sales and persistent high unemployment in the United States," said the company statement, adding that it would monitor supply and demand trends and impose reductions in sailings to match demand, as well as employing slow steaming.
"China, India and other developing countries maintained steady economic growth, and although the unemployment rate in the United States remained high, the economy began showing signs of a moderate recovery," said the company.
"In Europe, despite persistent fiscal concerns in some areas and credit risk concern the real economy as a whole did not exhibit conspicuous detrimental effects and the moderate economic recovery continued," it said.
"Cargo movement in the containership business, particularly outbound cargo from Asia remained steady. The freight rate market showed slight signs of softening in part because of seasonal factors but remained generally in line with expectations," said the statement.
"Thanks to the modest recovery of the US economy cargo movement from Asia to North America eastbound was steady, but the company has continued to reduce tonnage since last year and as a result the company cargo volume was down three per cent year on year.
The company's volume from North America to Asia fell by 16 per cent year on year because of the ongoing reduction in tonnage similar to that on eastbound routes as well as market softening in conjunction with a decline in cargo movement since the end of the second quarter. As a result the company cargo volume on the Asia-North American routes overall was down eight per cent," "K" Line said.
"On Asia-Europe routes, cargo movement is recovering steadily and the company's cargo volume from Asia to northern Europe and the Mediterranean was up 14 per cent year on year. In addition, the company's cargo volume from northern Europe and the Mediterranean to Asia increased one per cent year on year, and the company's cargo volume on Asia-Europe routes overall was up nine per cent year on year," said the "K" Line release.
"On Asia-Europe routes, cargo movement is recovering steadily and the company's cargo volume from Asia to northern Europe and the Mediterranean was up 14 per cent year on year. In addition, the company's cargo volume from northern Europe and the Mediterranean to Asia increased one per cent year on year, and the company's cargo volume on Asia-Europe routes overall was up nine per cent year on year," said the "K" Line release.
Source : HKSG, 01.01.11.
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