MOL Upgrades Outlook

MOL Upgrades Outlook

Mitsui O.S.K. Lines upgraded its fiscal year 2009 business outlook due to stronger demand for container and bulk shipping services as global economic conditions improve.

MOL anticipates growing container volumes and progress toward a recovery in freight rates in the liner sector. Strong demand in China for iron ore and coal and increased global demand for petroleum products indicate that its dry and liquid bulk operations will also improve, MOL said.

For the fiscal year ending March 31, 2010, MOL revised its projected revenue up 3.8 percent to $15 billion and its net income up 150 percent to $55.7 million.

Contact Bill Mongelluzzo at bmongelluzzo@joc.com.