The Japanese are on course
At the end of June the three large Japanese shipping lines K Line, MOL and NYK completed the first quarter of their 2013 financial year. All three corporations are back in the black for the period, despite the rather tense mood in the markets.
Kawasaki Kisen Kaisha (K Line) generated a net income of JPY 7 billion (EUR 54 million) in the first quarter of financial 2013, which closed on 30 June 2013. This compared favourably with the like-for-like period in the previous year, when the company made a loss of EUR 5.2 million. K Line was able to improve its revenues from EUR 2.1 billion in the first quarter of 2012 to EUR 2.3 billion this year. The number of loaded containers the line carried between Asia and North America rose by 4% over the same period in the previous year, whilst traffic between Asia and Europe saw a 10% decline. Despite this sinking volume K Line assumes that the freight rate recovery in this trade will last, thanks also to the peak season (see also page 11).
Mitsui O.S.K. Lines (MOL) also made a net profit, namely of JPY 14.5 billion (EUR 112 million). The corporation was thus able to turn around its negative result of EUR 36 million from Q1/2012. MOL’s revenues came in at EUR 3.2 billion, which was an improvement on the EUR 2.9 billion registered in Q1/2012.
Nippon Yusen Kaisha’s profits stood at JPY 8.5 billion (EUR 65 million), a distinct improvement vis-à-vis a loss of just under EUR 10 million in the like-for-like period in the previous year. Its revenues in the first quarter of the financial year came in at EUR 4.05 billion, slightly better than the EUR 3.66 million recorded in 2012.
The three big Japanese lines agree that economic developments for the rest of this financial year remain uncertain, however. The ongoing recession in Europe and slower growth in some emerging economies, such as China and India, will continue to create problems.