Japan-based Mitsui O.S.K Lines (MOL) released their second quarter business performance, outlook and financial highlights for the 2008 financial year on October 27, 2008.

 

Compared to the same six-month period in 2007, MOL had a 16 percent increase in revenue to Y1,094.8 billion (US$11.2 bllion) despite Y66 billion (US$0.68 million) in losses due to rising Yen and bunker prices.

 

MOL's dry bulkers segment experienced the most greatest growth due to the completion of voyages contracted during the buoyant market and accumulated stable profits.

 

Tankers and car carriers also had positive growth, but profits in containerships and the domestic ferry businesses declined.

 

MOL envisions that there will be a downturn of profits in the containerships segment due to worldwide economic slowdown in spite of measures to boost operational efficiency and reduce fuel consumption.

 

It also predicts that the current weakening Euro will have positive effects to the profit of European routes by reducing Euro denominated expenses.