Japan's Top 3 Shippers Sail to Profit in Q1
The healthy international trade and cost cutting measures augurs well for Japan's to three marine shippers - Nippon Yusen, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha - reported Nikkei.
The report said that the three companies are expected to post a group pretax profit for April-June, the first time in seven quarters, MANA correspondent reported.
According to the report, Mitsui O.S.K.'s pretax profit likely tripled on the year to around 2 billion yen ($17.7 million), while Nippon Yusen's is seen reaching about 5 billion yen after a year-earlier pretax loss of 9.9 billion yen.
Kawasaki Kisen also is expected to book a profit, rebounding from a loss of 22.5 billion yen the year before, said the report.
Demand was strong for container shipping between Asia and Europe. Shipments of garments from Asia grew, as did those of goods such as furniture and medical equipment from Europe.
In addition, cost-cutting efforts bore fruit. Nippon Yusen fine-tuned its orders so as to run its containerships with loads as full as possible.