Container segments recovers following ONE take-over

JAPAN’s Kawasaki Kisen Kaisha, or ‘K’ Line, posted a year-on-year net loss of JPY 331.88 million (US$ 3.01 million) for the first nine months of 2019, drawn on revenues of JPY 567.1 million, down 11.1 per cent.

Of its containership business, taken over by Singapore-based Ocean Network Express (ONE), ‘the company’s recovery of the liftings and the space utilization, improvement of the freight rate of long-term contracts in North America dominated services. ONE overall recorded a year-on-year increase and turned a profit,’ said the ‘K’ Line statement accompanying the results.

‘Regarding the containership business remaining in the company, a year-on-year decrease in revenue was recorded, but a loss was narrowed due to a decrease of the temporary losses occurred by the business transfer. As a result, the overall product logistics segment recorded a year-on-year decrease, but profit increased,’ it said.