JAPAN's "K" Line has increased its fiscal third-quarter profit to $385 million due to soaring container rates, reports IHS Media.
The "K" Line is a part of the Ocean Network Express (ONE) and recently declared market conditions in the container shipping business will likely prompt an upward revision in the forecast for its full financial year.
Singapore-based ONE was formed in 2017 after Japan's big three, "K" Line, Mitsui OSK Lines (MOL), and Nippon Yusen Kabushiki Kaisha (NYK), merged their liner shipping divisions. The result is expected to exceed $579 million, as the company will report its results on February 3.
"K" Line stated market conditions in the container shipping business are expected to remain favourable for the foreseeable future.
"The market conditions for containership business are expected to remain favourable for a certain period of time, and the forecasts for the current fiscal year are expected to be revised upward," said "K" Line.
"K" Line forecasts a full-year net profit of $207 million for its container shipping business, while ONE revised its full-year profit forecast in November to $928 million.
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