MOL Warns Large Net Loss in 2012

Press Release
Thursday, January 31, 2013

Mitsui OSK Lines' financial statement for Q3, December 31, 2012, underlines a stagnant shipping market.

Excerpts from the statement follow:

Looking at the maritime shipping market conditions, in the dry bulker market, conditions for all vessel types continued to stagnate because the number of new vessel deliveries was consistently high from the start of 2012, preventing further improvements in the balance of supply and demand.

Although the crude oil tanker (VLCC) market was weakened by the combined effects of the summer season, during which demand drops off, and weaker cargo volume due to slower economic growth in China, freight rates rose from November in anticipation of the winter demand period.

For containerships, freight rate levels weakened from around the middle of the summer, particularly for Asia-Europe routes, reflecting stagnation in Europe and slower growth in China partly caused by the situation in Europe.

For Financial Year 2012, taking into consideration the financial results for the first nine months and MOL's projection that the difficult business environment will continue, and factoring in the recording of costs associated with business structural reforms for dry bulkers and tankers in the fourth quarter, MOL project that its consolidated financial results will be considerably lower than in the previous outlook.

In addition to this statement MOL President: Koichi Muto) also announced a reversal of deferred tax assets.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Greeks at Frontline of Migrant Crisis Angry at EU Critics

ABOARD THE AGIOS EFSTRATIOS, Aegean Sea, Feb 11: Greek Captain Argyris Frangoulis lifts his binoculars and with eyes fixed on the Aegean Sea horizon, steers his

Volvo Penta Debuts Innovative Glass Cockpit

The new generation of Glass Cockpit expands Volvo Penta’s collaboration with Garmin for an advanced monitoring and control system that makes boating easier. And its clever application,

Finance

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0991 sec (10 req/sec)