Taxonomy: Shipping

“K” Line increases loss estimate for 2018-19 fiscal year

Company plans to improve profits by canceling uneconomical charters and “reducing market-exposed fleets.”

“K” Line increases loss estimate for 2018-19 fiscal year

Company plans to improve profits by canceling uneconomical charters and “reducing market-exposed fleets.”

“K” Line increases loss estimate for 2018-19 fiscal year

Company plans to improve profits by canceling uneconomical charters and “reducing market-exposed fleets.”

 

   Japan’s Kawasaki Kisen Kaisha Ltd. (“K” Line) said Thursday that it expects a sharply higher loss for its fiscal year ending March 30.
    According to a press release issued by the company, “K” Line expects a five-fold increase in its net loss attributable to owners of parent to 100 billion yen ($896 million) instead of the 20 billion yen loss forecast on Jan. 31.
    “K” Line also said while its forecast of operating revenue of 840 billion yen remains the same, it is increasing its estimate of an operating loss to 21 billion yen from 5 billion yen and its ordinary loss to 46 billion yen instead of its earlier 28 billion yen estimate.
    “K” Line, along with NYK and MOL, is an owner of the container carrier Ocean Network Express or ONE.

   The company said it plans to carry out business structural reforms, mainly for profitability improvement, and reduce its fleet by canceling charters for uneconomic containerships and small and medium-size dry bulk carriers.
    “K” Line said ONE has “settled the teething problems, which had occurred immediately after the commencement of the services, and hereafter has been steadily under the improvement of liftings and space utilization.”
   

When a port authority opens the door for a long-term agreement with a terminal operator, long-term investment and infrastructure development can follow in earnest under that model.

The OCEAN Alliance is slated to blank two sailings each on its ECC2 and PNW1 transpacific loops in June, which OOCL said was due to expected low seasonal demand.

Most Popular
Latest News
Social Media

Loading...

Blackstone invests in SSA Marine parent Carrix

Blackstone invests in SSA Marine parent Carrix

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Copy & Paste the following code to embed this story on your website:

Preview

“K” Line increases loss estimate for 2018-19 fiscal year

Company plans to improve profits by canceling uneconomical charters and “reducing market-exposed fleets.”

Mar 07, 2019 on Dec 27, 2018AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Copy & Paste the following code to embed this story on your website:

Preview

“K” Line increases loss estimate for 2018-19 fiscal year

Company plans to improve profits by canceling uneconomical charters and “reducing market-exposed fleets.”

Mar 07, 2019 on Dec 27, 2018AmericanShipper.com