One of the world’s largest shipowners Mitsui OSK Lines (MOL) is forecasting a loss for the financial year ending 31 March 2013 due to investment write-downs and a delayed recovery in shipping markets, Seatrade Asia online reports.
MOL said it expects to report a JPY13bn ($163m) loss for the year ended 31 March 2013 compared to a previous forecast of JYP16bn profit. The Japanese shipowner also revised down forecast for full year revenues for the year to JPY1.5trn from JYP1.55trn previously.
The company blamed write-downs on investment securities due to the decline in the stock market.
“In addition to other factors such as a delay in the recovery of crude oil tanker, product tanker, and dry bulker markets, and a weakening pace of freight rate improvement in the containership market, compared to the business climate assumed at the time the outlook was previously announced,” the company said.
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