NYK books profit in H1

Nippon Yusen Kaisha (NYK) booked a first half net gain of JPY20.5bn ($208.61m) as against a loss of JPY4.1bn in the previous corresponding period due largely to the depreciation of the yen and lower bunker prices, on top of gains from sale of investment securities.

Revenue from the six-month period of April to September this year came up to JPY1.09trn compared to JPY944bn a year ago, NYK announced on Thursday.

NYK is maintaining a full year profit forecast of JYP30bn, representing a 59.6% jump over the previous financial year.
MOL returns to profit in Q2
Mitsui OSK Lines (MOL) managed to flip back to profit in the second quarter over a loss in the previous corresponding period as revenue rose, and expects to post a full year profit in 2013.

The Japanese shipping firm recorded a net profit of JPY21.14bn ($216.26m) in the quarter ended 30 September 2013 as against a loss of JPY13.08bn in the same period of last year.

Revenue rose 11.7% year-on-year to JPY845.18bn.

For the financial year 2013, MOL projects a revenue of JPY1.7trn on a profit of JPY50bn, in view of improving operating conditions across the various shipping sectors.

The company believes that firm demand for iron ore and coal will support the dry bulk shipping segment, while the crude oil tanker market is moving towards recovery especially during the winter demand period towards the end of the year.

“As for containerships, we will work to improve results by reducing space more than previously planned in anticipation of restoring freight rates which have fallen substantially, and pushing ahead with further cost reductions,” MOL said.
Source: Seatrade Global