Shipping

November 2005

Revenue climbs at shipping firms
Two Japanese shipping companies said Thursday that revenue grew smoothly in the April-September period as a result of a firm container shipping market, though rising fuel costs affected their profitability. Mitusi O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd. said the container shipping market remained firm in the first half of fiscal 2005, although the dry bulk shipping market eased. Spot fares for very large crude oil carriers turned up in June, they said. Mitsui O.S.K. reported first-half group revenue of 636.4 billion yen, up 12.9 percent from a year earlier. Group net profit expanded 31.7 percent to 61.79 billion yen. At Kawasaki Kisen, consolidated revenue grew 10 percent to 454.76 billion yen, while group net profit increased 4 percent to 34.89 billion yen. (The Japan Times, November 11, 2005)