JAPANESE
shipping giant MOL
has warned of a US$1.45 billion loss for its fiscal year ending March
31, after suffering devastating hit in its container and dry bulk
segments.
The
company said it would withdraw from certain sectors of the dry bulk market and
take steps to rationalise its north-south container business in response to
changes in the business climate.
"As
soon as the details of each measure are determined, the company will separately
announce them in accordance with timely disclosure rules," it said in a
statement.
At
last week's World Economic Forum in Davos, Maersk Group chief executive Nils
Andersen referred to his company's involvement in both shipping and oil
as being a "bit of a perfect storm", given the dramatic fall in oil
prices and the squeeze on container freight rates, reported London's Loadstar.
Sharing
the pain, MOL said that the "containership market remained
extremely weak on all routes", particularly from Asia to Europe
and South America, but it also referred to a "slump" in intra-Asia
trades, which had been robust.
MOL
said that it saw no immediate upturn in container markets and expected the
"harsh business climate to continue".
Source
: HKSG.
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