Decrease of the quarterly results of "K" Linens, MOL and NYK to which have contributed the difficult start of joint venture ONE



Kawasaki Kisen Kaisha ("K" Linens), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK), the three main Japanese shipowning companies, have recorded a worsening of the financial results in the first trimester of fiscal year 2018, period that is finished 30th june, decrease that - for that it concerns above all to the revenues - is widely attributable to the start 1°th April of the activity of their joint venture Ocean Network Express (ONE) in which they have made to meet the respective operations in the segment of the containerized marine transport(on October 31, 2016 and 31 May 2017) and whose revenues are not included in the consolidated economic account of the three companies as accounted for using the method of patrimonial equivalence (the capital so it is subdivided: 31% "K" Linens, 31% MOL and 38% NYK). Sul quarterly budget weighs also extraordinary burdens deriving from the cessation of the activities of continerizzato marine transport that they are transferred to the ONE.

The beginning of the fiscal year, however, has not been easy not even for same the ONE, as they confirm the quarterly relations of the three companies that evidence the administrative problems been necessary in the period of start of the activity of joint venture because of the insufficient familiarizzazione of the dependent with the used systems and of the insufficient preparation of the administrative procedures, problems that - Linens, MOL and NYK have specified "K" - have determined partially a minor cargo volume transported from the ships of the fleet regarding the forecasts on the routes with the America North, Europe and on the routes intra-Asians. Moreover on the start of the activity of the ONE they have weighed levels of the installments of hire of the services with Europe inferior to the waits, levels that have shown a next rise, while the hires of the services with the America North have attested themselves on the previewed levels. Negative has been also the impact of the increase of the prices of the fuel.

In the first trimester of the fiscal year the 2018 ONE has recorded revenues pairs to 2,07 billion dollars and a net loss of -120 million dollars. An improvement of the results is attended already in the quarter next with a volume of transactions previewed of 3,38 billion dollars and a clearly attended profit of 82 million dollars. According to the current esteem, ONE would have to conclude entire fiscal year 2018 with revenues clearly pairs to 12,25 billion dollars and a profit of 110 million dollars.

In the first three months of the fiscal year 2018 "K" Linens has totaled revenues pairs to 212,2 billion yen (1,9 billion dollars), with a decrease of the -26,2% on the correspondent period of the exercise precedence. The operating result has been of sign negative and pairs to -13,4 billion yen respect to an operating profit of 3,9 billion yen in the period April-june of 2017. The company has closed the last quarterly budget with a net loss of -19,3 billion yen respect to a profit of clearly 8,5 billion yen in the first trimester of fiscal year 2017.

MOL has archived item the first trimester of exercise 2018 with revenues pairs to 304,4 billion yen (- 24.5%), an operating profit of 3,7 billion yen (+221.8%) and a net loss of 1,7 billion yen respect to a profit of clearly 5,2 billion yen in the quarter April-june last year.

For NYK the trimester April-june of this year has concluded with revenues pairs to 464,9 billion yen (- 10.9%) and with an operating result and an economic result both of sign negative and pairs respective to -8,1 billion and clearly -4,6 billion yen against results both of positive sign and pairs to 3,6 billion and 5,4 billion yen in the correspondent period of exercise 2017.