K LINE PLOTS SALES
Japanese owner linked to offloading of bulkers and LNG carriers in bid to boost profit. Japanese shipowner Kawasaki Kisen Kaisha (K Line) is planning to offload vessels in a bid to boost profit, it has been claimed.
The company will also sell shares to improve its bottom line in tough markets. The moves should add JPY 5bn ($64.67m) in extraordinary gains this year. The Nikkei daily said four vessels could go, including bulkers and LNG carriers. This should raise JPY 2bn of the target.
Share sales will make up the rest of the total. This might include offloading stakes in Honda and steelmaker JFE. It is also considering laying up ships with high operating costs. Pre-tax losses are expected to be JPY 6bn in the current financial year, the report says.
The owner is worried about forex effects, as well as poor markets. Its profit falls JPY 600m for every JPY 1 drop in its currency against the US dollar.
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