Kawasaki Kisen Kaisha Ltd., Japan's third-largest shipping line, dropped the most in a year after the price of crude oil rose and the Baltic Dry Index, a measure of shipping prices, fell.
Kawasaki Kisen shares fell 73 yen, or 8.7 percent, to 768 yen as of the close of trading in Tokyo today. Mitsui O.S.K. Lines Ltd., Japan's second-largest shipping line, fell 5.4 percent. Nippon Yusen K.K., the country's largest, fell 5.8 percent.
Crude oil, which fuel prices are based upon, rose for a second day as a storm threatened U.S. output in the Gulf of Mexico and officials in Israel and the U.S. sought extra sanctions against Iran. The Baltic Dry Index posted a 16th consecutive drop as China's demand for materials slowed ahead of the Beijing Olympics.
Crude oil prices have rebounded, which has a negative impact on shipping stocks,'' said Mitsuo Shimizu, a market analyst in Tokyo at Cosmo Securities Co.. The Baltic Dry Index is also dropping.''
Kawasaki Kisen's earnings dropped to 21.5 billion yen ($200 million) from 25.8 billion yen in the three months ended June 30 due to higher fuel prices, the company said on July 25.
Kawasaki Kisen shares fell 73 yen, or 8.7 percent, to 768 yen as of the close of trading in Tokyo today. Mitsui O.S.K. Lines Ltd., Japan's second-largest shipping line, fell 5.4 percent. Nippon Yusen K.K., the country's largest, fell 5.8 percent.
Crude oil, which fuel prices are based upon, rose for a second day as a storm threatened U.S. output in the Gulf of Mexico and officials in Israel and the U.S. sought extra sanctions against Iran. The Baltic Dry Index posted a 16th consecutive drop as China's demand for materials slowed ahead of the Beijing Olympics.
Crude oil prices have rebounded, which has a negative impact on shipping stocks,'' said Mitsuo Shimizu, a market analyst in Tokyo at Cosmo Securities Co.. The Baltic Dry Index is also dropping.''
Kawasaki Kisen's earnings dropped to 21.5 billion yen ($200 million) from 25.8 billion yen in the three months ended June 30 due to higher fuel prices, the company said on July 25.