Japanese carrier “K” Line narrowed its losses in its April-June first quarter and said it expects rising rates and cost cutting to yield a group-wide profit for its full fiscal year.
The company posted a group-wide net loss of $8.7 million, compared with $46 million a year earlier. Operating income totaled $51 million, compared with a $123 million loss a year earlier. Operating revenue rose 12 percent to $4.5 billion.
“K” Line said it expects container rates on all of its routes to continue a recovery that began in March, despite concerns about Europe’s economic problems. The company cited cost-cutting moves, including slow steaming and the use of larger ships.