MOL FORECASTS BETTER YEAR.
Major Japanese shipowner Mitsui OSK Lines (MOL) has revised it profit forecast for fiscal year 2009, ending 31March, as its main markets show signs of recovery.
MOL now expects profits of Yen5bn (US$55.5bn) for Fiscal 2009, up 150% from its previous estimate.
The company says: ?The dry bulker market is expected to hold steady thanks to China's strong demand for iron ore and coal imports. And an improvement in the tanker market is also anticipated due to recovery in demand for petroleum products and the withdrawal of single-hull VLCCs. In addition, the global economy is bottoming out and the containership business is expected to see increased cargo trade and progress toward recovery of freight rates. Therefore, the Company made an upward revision of its earlier announced consolidated business outlook for FY2009.?