NYK follows `K` Line and MOL to forecast larger loss in second quarter ending Sep 30

NYK Line, the second largest Japanese carrier, has followed "K" Line and MOL to lower its forecast for the results of the second quarter of fiscal year 2011 ending September 30 to an estimated net loss of JPY12 billion (US$156 million) from an earlier July 29 forecast of a loss of JPY5 billion.

The world`s 11th largest carrier said in a company statement that the deteriorating projected loss is due to the launch of large scale container vessels, demand-supply imbalance, lower-than-expected freight rates, higher-than-expected appreciation of Japanese yen and additional loss on sales of vessels even though volumes in both transpacific and Asia-Europe trades had some increase in summer.


Official results for the second quarter will be announced on October 31, together with adjusted earnings projection for the fiscal year ending March 31, 2012.