K Line has announced its financial results for the first quarter of fiscal year 2025.
The company recorded US$ 48,66 million in equity earnings from unconsolidated subsidiaries and affiliates, including contributions from Ocean Network Express.
On a positive note, extraordinary income was recorded from gains on the sale of owned vessels and a partial sale of subsidiary shares.
In the Containership segment, transport volumes remained steady compared to the same period last year supported in part by pre-tariff rush orders but freight rates declined, leading to a drop in equity-method income from ONE and a significant reduction in ordinary income.
Despite this, operating income declined, primarily due to unfavorable exchange rate movements and a softened Dry Bulk market with the segment incurred losses as vessel deployment was disrupted due to accidents and disputes at loading ports etc.
While the Capesize market temporarily rebounded in June amid recovering cargo movement, conditions weakened again due to accidents and disputes at key loading ports.
