JAPAN's "K" Line has
increased its fiscal third-quarter profit to $385 million due to soaring
container rates, reports IHS Media.
The "K" Line is a part of the Ocean Network
Express (ONE) and recently declared market conditions in the container
shipping business will likely prompt an upward revision in the forecast for its
full financial year.
Singapore-based ONE was formed in 2017 after Japan's big
three, "K" Line, Mitsui OSK Lines (MOL), and
Nippon Yusen Kabushiki Kaisha (NYK), merged their liner shipping
divisions. The result is expected to exceed $579 million, as the company will
report its results on February 3.
"K" Line stated market conditions in the
container shipping business are expected to remain favourable for the
foreseeable future.
"The market conditions for containership business are
expected to remain favourable for a certain period of time, and the forecasts
for the current fiscal year are expected to be revised upward," said
"K" Line.
"K" Line forecasts a full-year net profit of $207
million for its container shipping business, while ONE revised its
full-year profit forecast in November to $928 million.
Source : HKSG.
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