Japan's top three shippers to cut sosts by $1.5 billion
Nippon Yusen K.K., Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd., Japan’s three largest shipping lines, plan to cut costs more than earlier planned to cope with falling exports and freight charges, the Nikkei newspaper reported. The three companies will slash costs by a combined 142 billion yen ($1.5 billion) in the year ending March 31, compared with 97 billion yen planned earlier, the newspaper said, without saying where it obtained the information.
Nippon Yusen expects its first unprofitable year in 23 years, forecasting a loss of 5 billion yen this fiscal year, compared with an earlier net income forecast of 18 billion yen, it said on July 27. Kawasaki Kisen forecast a loss of 31 billion yen for the same period, compared with an earlier profit prediction.
Mitsui O.S.K lowered its profit forecast by 25 percent to 30 billion yen from 40 billion yen.
Nippon Yusen expects its first unprofitable year in 23 years, forecasting a loss of 5 billion yen this fiscal year, compared with an earlier net income forecast of 18 billion yen, it said on July 27. Kawasaki Kisen forecast a loss of 31 billion yen for the same period, compared with an earlier profit prediction.
Mitsui O.S.K lowered its profit forecast by 25 percent to 30 billion yen from 40 billion yen.