Following a devastating 2012, Japan’s largest carrier Mitsui Orient Lines (MOL) is back in black in the second quarter of its fiscal year 2013. The carrier delivers net profits of JPY 21.14bn (USD 216.26m) up from a deficit of JPY 13.08bn in the same period last year. And company revenue rose to JPY 845bn from JPY 756bn in Q2 2012, the financial report reveals.
It is a significant improvement from last year’s results, when the deficit ended even lower than expected at nearly USD 2bn. In the run up to the report, management had announced expectations of a deficit in the region of USD 1bn. Prior to the 2012/2013 report, management had put in place an extensive cost-cutting plan, involving divestiture, scrapping, returns of chartered vessels and the annulment of contracts, especially within dry cargo and tank, with a view to reducing the free tonnage in spot markets yielding heavy losses.