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MOL expects massive loss on Japanese bulk giant

Japanese dry bulk giant Daiichi Chou Kisen has filed for receivership. Major shareholder MOL expects to book a one-off loss of around USD 211 million.

Photo: Rotterdam Havn

The Japanese dry bulk carrier Daiichi Chou Kisen has filed for receivership at a Tokyo court today, Tuesday, after trading of the company's shares was suspended on the stock exchange following rumors that the carrier was in deep financial trouble - and these financial woes are now hitting major Japanese shareholder Mitsui O.S.K. Lines (MOL) in a big way.

MOL has now announced that the carrier projects significant extraordinary losses following this development, according to a corporate statement. Mitsui O.S.K. Lines expects to lose around 25 billion yen, corresponding to USD 211 million, in the consolidated second quarter interim result due to the carrier's 16.5 percent stake in Daiichi Chuo Kisen.

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