Japan’s big three beef up earnings forecasts

BOOSTED profits for Japan’s top three shipping lines in their first quarter of the 2010 financial year has prompted an upwards revision of full-year earnings forecasts, with slowsteaming and strengthening rates in the containership market in 2010 providing growing confidence.

K Line, Mitsui OSK Lines and NYK Line all reported improved financial results last week, and with 885 ships on the water between them, or 1% of the 80,000-strong global merchant fleet, their solid earnings forecasts could give a much...

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