Japan's second-largest shipping company Mitsui O.S.K. Lines Ltd is expected to report a pretax profit of about 80 billion yen ($752.4 million) for the three months ended June 30, up 20 percent on the year thanks to higher fares for bulk carriers, the Nikkei reported on Friday, without citing sources.
Revenue jumped 12 percent to about 500 billion yen, the business daily said.
The shipping company assumed a daily rate of $110,000 for its large capesize bulk carriers from February to April, but the actual rate was $20,000 higher, contributing to is profit growth.
Kawasaki Kisen KK's pretax profit likely fell about 10 percent to just above 30 billion yen for the April-June quarter, as its core container ship business slowed due to the weakening U.S. economy, the Nikkei said.
However, the overall profit decline was less severe than the firm's initially projected 20 percent drop, thanks to a strong performance by its bulk carrier division.
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