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Article: Nippon Yusen cuts fleet expansion plans.(Shipping)
- Article from:
- Manila Bulletin
- Article date:
- October 29, 2009
CopyrightCOPYRIGHT 2009 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Nippon Yusen K.K., Japan’s largest shipping line by sales, cut fleet-spending plans by half and widened its loss forecast fivefold as the global recession and overcapacity hammered container rates.The company will spend ¥830 billion ($9 billion) on ships in the three years ending March 2014, it said today after increasing its loss forecast for the current fiscal year to ¥27 billion from ¥5 billion.Mitsui O.S.K. Lines Ltd. lowered its profit forecast 93 percent to ¥2 billion.Both shipping lines have pared their container fleets this year as European and US consumers buy fewer Asian-made goods because of the global recession. At the same time, ...