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Mitsui O.S.K. Lines (MOL) reports that the average bunker price paid by its fleet of vessels increased by more than 40 percent during the first three months (Q1) of its fiscal year.

Between April and June 2017, MOL paid an average of $319 per tonne, which was an increase of $93, or 41.2 percent, on the $226-per-tonne average recorded during the corresponding period in 2016.

In its outlook for Q2 2017, MOL has revised its average bunker price forecast down from $350 per tonne on April 28 to $330 per tonne - a reduction of $20, or 5.7 percent; and its average bunker price prediction for the first six months (H1) is now $324 per tonne, which is $26, or 7.4 percent lower than three months ago.

For H2, MOL has lowered its average price prediction by $20, or 5.7 percent, to $330 per tonne.

MOL's full-year bunker price forecast for 2017 is now $327 per tonne, which is $23, or 6.6 percent lower than the $350 figure predicted in the report for the previous fiscal quarter.

In its overall results, MOL posted a Q1 net income of JPY 5.2 billion ($47 million) compared to JPY 1.4 billion ($12.7 million) last year.

Revenue rose to JPY 403.28 billion, up from JPY 360.08 billion, whilst operating profit was JPY 1.1 billion compared to last year's operating loss of JPY 3.57 billion.