Mitsui OSK Lines (MOL) said on 14 October that it had realised some net gains after cancelling some charter contracts for dry bulk carriers.
Japan’s biggest shipowner was responding to media reports that it would incur an operating loss of JPY5 billion (USD41.7 million) as a result of the financial woes of its affiliate Daiichi Chuo Kisen Kaisha.
Daiichi Chuo Kisen Kaisha filed for civil rehabilitation in Tokyo on 29 September, owing almost USD1 billion to 596 creditors.
Consequently, the company will be delisted from the Tokyo Stock Exchange by 30 October.
MOL said at the time that as a result of Daiichi Chuo’s delisting, it expected an extraordinary loss of JPY25 billion for the second quarter of its financial year, which ends on 31 March 2016.
The company also said that its net earnings for April-September, which marks the first half of its fiscal year, were projected to be higher than what has been reported in the media but were expected to be lower than earlier predicted.
On 31 July, MOL said it expected JPY43 billion in net earnings for the current fiscal year.