Mitsui OSK Lines (MOL) may lay up some of its largest container ships in response to falling shipping volumes, and could lower its profit forecast this year for the second time.
Senior executive officer Masafumi Yasuoka told Bloomberg MOL was weighing up mothballing seven of its 100 Capesize ships, which it has not done since the 1980s.
Some of the daily rates MOL’s Capesize ships operate on have dropped to US$30,000, down from a June record of US$233,988. Mr Yasuoka said the line was “suffering” with short-term charters.
He said the decision to mothball the ships temporarily would not affect the company’s long-term plans to expand its Capesize fleet to 160 vessels by 2014.
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