Mitsui OSK Lines (MOL), Japan’s largest shipping line, was plunged into the red in interim results out today thanks to its links to bankrupt bulker firm Daiichi Chuo Kisen Kaisha.
Daiichi Chuo filed for court protection last month, another exclusive story from Splash, with top shareholder MOL refusing to put more money into the loss making organisation. MOL said in its interim results it had taken a Y26.2bn ($21.7m) hit on the valuation of shares of subsidiaries and affiliates, largely thought to be Daiichi Chuo.
As a result of this write-down MOL slipped into the red for the six month period ending September 30, recording a Y0.2bn net loss.
MOL, owner of the world’s most valuable fleet according to Maritime CEO’s annual Rich List survey carried out in conjunction with VesselsValue.com, had earlier revised down its full year financial expectations.