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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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NYK pays 21% more for bunkers in Q1, posts losses

Adjusts full-year bunker price forecast upwards.



NYK Line's Pure Car Carrier Glorious Express docks at Jacksonville's Blount Island Marine Terminal. Image credit: Jacksonville Port Authority / Meredith Fordham Hughes Flickr CC BY 2.0


Updated on 01 Aug 2018 00:23 GMT

Nippon Yusen Kaisha (NYK Line) reported on Tuesday that the average bunker price it paid during the firm's first fiscal quarter (Q1), which runs between April and June, rose year-on-year (YoY) by $69.22, or 21.2 percent, to $395.94 per metric tonne, up from $326.72 in Q1 2017.

In a sequential comparison with the previous quarter's (January to March) average of $341.41 per tonne, the result is $54.53, or 16.0 percent, higher.

As a result, NYK has now revised its forecast bunker price for the full year (April 2018 to March 2019) to $443.99 per tonne, up from the previous $380-per-tonne forecast made towards the end April. It is an upwards adjustment of $63.99, or 16.8 percent.

NYK estimates that the average marine fuel price for each of the three upcoming quarters (Q2, Q3 and Q4) - and the second half of the year (H2) - will be $460 per tonne, which would be a rise of $64.06, or 16.2 percent, compared to Q1.

In its key results for the quarter, NYK Line posted a loss attributable to owners of JPY 4.5 billion ($40.2 million), an operating loss of JPY 8.1bn ($72.5m), and a recurring loss of JPY 6.6bn ($59.0m). Last year, NYK managed to produce a profit to owners of JPY 5.3bn, an operating profit of JPY 3.5bn, and a recurring profit of JPY 10.2bn.

Revenue for Q1, meanwhile, declined YoY by JPY 56.9bn ($509.1m), or 10.9 percent, to JPY 464.8bn ($4.16bn).






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