13-03-2019

Weak chartering markets leave ’K’ Line with US$448m loss in 2018

JAPAN'S "K" Line has been hit with a JPY50 billion (US$448 million) loss due to the cancellation of charter contracts for bulkers and containerships in 2018.

As a result, the Japanese shipowner predicts it will lose JPY100 billion for the financial year ending this month, up from its earlier forecast of JPY20 billion.

"K" Line said it was cancelling charter contracts for some of its uneconomical containerships and small and medium sized dry bulkers to reduce the exposure to risks from market fluctuation, reported Seatrade Maritime News, Colchester, UK.

The shipowner said it was also taking a JPY15 billion provision for losses related to structural reforms of its business.

Source: Schednet

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