Financial statements from three of Japan's largest shipping lines have revealed a total loss of US$1.9 billion in 2009.
NYK lost US$553 million in the fiscal year, which runs from April 1 to March 31. The company's dismal figures compares with a loss of US$260 million in 2008. The company reported a depleted revenue of US$4 billion, down 36.5 percent year-on-year.
Meanwhile, "K" Line reported a US$717 million loss, a further 79.6 percent down from its 2008 figures while revenue went down a 31.1 percent to US$3.9 billion. "K" Line is, however, forecasting a profitable year for its container division. The company expects a plus figure of US$53 million on US$4.5 billion revenues.
Finally, MOL announced a loss of US$628 million in 2009, down 148 percent year-on-year. Its container division was down 31.9 percent to US$5 billion. Similar to "K" Line, MOL said that it forecast a profitable 2010 in the container unit. The company posted a projection of US$74.9 million in operating profits and revenues of US$5.9 million.