Mitsui O.S.K. Lines (MOL) sank into a massive JPY8bn ($103.2m) of net loss in the first quarter due to a combination of higher bunker prices, poor freight rates and Japan's earthquake and tsunami, Seatrade Asia online reports.The Japanese liner's net loss compared to a net profit of JPY20.8bn in the same quarter of last year.
Revenue took a smaller hit at JPY349.1bn compared to JPY397bn in the corresponding period of 2010, MOL announced on Friday.
Looking ahead, MOL expressed causes for concern such as the strong yen and bunker prices at persistently high levels, slowdown in the capesize and tanker markets, and a current softening of supply and demand in the containership sector.
Revenue took a smaller hit at JPY349.1bn compared to JPY397bn in the corresponding period of 2010, MOL announced on Friday.
Looking ahead, MOL expressed causes for concern such as the strong yen and bunker prices at persistently high levels, slowdown in the capesize and tanker markets, and a current softening of supply and demand in the containership sector.