The ocean carrier MOL said Monday that it has revised down its profitability expectations for the first half of its current fiscal year.
The Japanese carrier, which operates liner, bulk, and car carrier divisions, said it expects to lose 3.5 billion yen ($44.8 million) from operations in the period from April through September.
At the end of July, MOL projected it would earn around 1 billion yen ($12.8 million) in that period.
MOL highlighted a range of issues for its revised outlook, including rising oil prices, weakness in the dry bulk market, and softening demand in the containership market. The carrier also pointed to a 7.4 billion yen ($94.8 million) loss from writing-down of investment securities due to a drop in the company stock price.
MOL said it expects revenue to be about 2 percent lower than expected at the end of July. - Eric Johnson