Japan’s Big Three Slash Full Year Outlook

first_imgzoom Due to the persistent weakness in freight rates, Japan’s big three shipping companies Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha (K Line) and Mitsui O.S.K. Lines (MOL) lowered their full year outlook as they posted first quarter earnings.Nippon Yusen Kaisha (NYK) suffered the worst hit as the company reported a loss of JPY 12.78 billion (USD 123.1 million) in the first quarter, compared to a profit of JPY 43.06 billion seen in the same period a year earlier.NYK’s revenue decreased to JPY 470.7 billion in the quarter, from JPY 588.7 billion a year earlier, while its operation income plunged from JPY 17.4 billion to an operating loss of JPY 10.9 billion for the respective periods.The company estimated that its full year loss would reach JPY 15 billion, against the previously estimated profit of JPY 15 billion.NYK said that the container shipping market was extremely sluggish as growth in freight rates stalled due to an oversupply of tonnage, while the dry bulk shipping market also witnessed challenging operating conditions “as the lingering gap between supply and demand did not narrow significantly despite the scrapping of aging vessels.”Oversupply of all types of vessels grew markedly worse in the liquid transport market as a result of new deliveries of ships, NYK added.The company’s compatriot Kawasaki Kisen Kaisha (K Line) also closed the first quarter in the red. Namely, K Line reported a loss of JPY 26.79 billion (USD 258.2 million), against a profit of JPY 10.1 billion seen in the same period in 2015.The company’s revenues for the three-month period stood at JPY 244.59 billion, down from JPY 335.45 billion, in part attributed to low levels of dry bulk freight rates and a slumping containership freight rate market in its Asia-North America service.Furthermore, K Line’s operating income dropped from JPY 11.2 billion to an operating loss of JPY 14.8 billion.Unlike its counterparts, Mitsui O.S.K. Lines (MOL) posted a profitable first quarter as it recorded a profit of JPY 1.4 billion in the period, down from JPY 12.8 billion seen in the same quarter a year earlier.The company’s revenues for the period stood at JPY 360 billion, against the JPY 449.4 billion reported in the first quarter of the previous fiscal year.MOL said that the very large crude carrier (VLCC) market saw an upward pressure from time to time, but the decrease in cargo volume from the seasonal drop off in demand led to the market following a weakening trend since the beginning of the year.Although the improvements in the supply and demand environment on Asia-Europe and Asia-South America routes facilitated a recovery in the containership sport freight rates, the market continued to be difficult overall, MOL added.The shipping line predicts that its profit for the fiscal year ending March 31, 2017 will reach JPY 15 billion.World Maritime News Stafflast_img read more

USAF medical team to examine injected exLTTE combatants

The Chief Minister of the Northern Province, C V Wigneswaran, has said that US Air Force’s medical team, currently in the province on a goodwill visit, will examine former LTTE combatants who had fallen sick allegedly because they were injected with poisonous substances by the Sri Lankan armed forces when they were undergoing detention or rehabilitation after surrender, the New Indian Express reported.In the past few weeks, Tamil politicians and the media have been highlighting the death of 104 ex-combatants who had allegedly been given injections as part of an “inoculation program”. Some others had complained of physical debility after release from detention or rehabilitation. Ravi Karan, Sivajilingam and former MP Suresh Premachandran said that a credible examination could be conducted only by non-Sri Lankan doctors. Chief Minister Wigneswaran told the Northern Provincial Council that he had mentioned the plight of the former combatants in his conversation with the US Ambassador, Atul Keshap, when the latter was in Jaffna to inaugurate a five-day program of the USAF’s Operation Angel medical team there, and asked if the USAF team could examine them and give an independent report. The US envoy said that the USAF could examine select patients and decide what to do next. Therefore, a few of the cases will be referred to the US team, the Chief minister said. The issue of the sick and dead ex-combatants was raised by NPC member M.K.Sivajilingam and the Chief Minister had responded to him.Earlier, an NPC member from Mullaitivu district, T.Ravikaran, had charged that 104 ex-combatants had died of poisoning by the Sri Lankan armed forces while they were in custody or undergoing rehabilitation. He quoted an ex-LTTE cadre who told a Sri Lankan government committee on reconciliation recently, that he had been considerably weakened physically by these injections which were said to be “inoculations” against communicable diseases. “When I was in the militant movement I could carry two cement bags at a time, but now can’t even lift 10 kg” the cadre had said.Provincial Heath Minister Dr.P.Sathiyalingam offered to get the cadres screened. So did the Sri Lankan Health Minister Rajitha Senaratne, even as the Sri Lankan army spokesman, Brig.Jayanath Jayaweera, described the charge as completely false.The NPC then unanimously passed a resolution expressing concern about the ex-combatants and sought medical screening of all former cadres. According to the Chairman of the NPC, CVK.Sivagnanam, the USAF might even send the preliminary diagnosis to the US for further action. The US team would be in Jaffna only for five days. Since the USAF’s Operation Angle medical team was in Jaffna for a five day program, Chief Minister Wigneswaran requested the US envoy to get the team’s men to examine the sick cadres and he readily agreed.However, the ruling party in the Northern Province, the Tamil National Alliance (TNA), is not united on this issue. Fisheries Minister B.Deniswaran said on Tuesday that is it wrong to allege that ex-combatants had died or are sick because of deliberate poisoning, even before doing a survey. The TNA’s spokesman M.A.Sumanthiran told Express hat no comment can be made before ascertaining the facts. “We are trying to ascertain the facts,” he said. (Colombo Gazette) read more

CJIA employee dies in Soesdyke smashup

An employee attached to the Civil Aviation Department (CAD) of the Cheddi Jagan International Airport was on Sunday evening killed following an accident on the Soesdyke Public Road, East Bank Demerara.Dead is 25-year-old Colin Bourne.Dead Colin BourneWhile information about the fatal accident remain sketchy, INews understands that it involved two minibuses and the motorcycle Bourne was riding at the time.Bourne was employed as a “Red Cap” at the airport for the past several years. An investigation has been launched as both minibus drivers are under arrest. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Related3 killed, 1 critical in WBD smash-upAugust 12, 2018In “latest news”CJIA employee found dead in reservoir following fightNovember 24, 2014In “Crime”Sophia man on trial for murdering fatherFebruary 12, 2019In “Court” read more