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Mitsui O.S.K. Lines (MOL) reports that the average bunker price paid by its fleet of vessels during the third quarter (Q3) of the current fiscal year rose by more than $70 per tonne compared to the same period 12 months earlier.

Between October and December, MOL paid an average of $376 per tonne, which was an increase of $71, or 23.3 percent, on the $305-per-tonne figure recorded during the corresponding period in 2016.

For the first nine months (April 1 to December 31), meanwhile, MOL's average bunker price rose by $76, or 28.7 percent, to $341 per tonne, up from $265 per tonne the year before.

Forecast

In its Q4 forecast, the Japanese firm predicts that its average bunker price will be $380 per tonne, which would be a year-on-year (YoY) increase of $41, or 12.1 percent.

MOL's prediction for the second half (H2) of 2017 is $378 per tonne, which would represent a YoY rise of $57, or 17.8 percent.

In its full-year outlook, MOL forecasts the average bunker price will reach $351 per tonne, which is $15 higher than the company's previous forecast of $336 per tonne and is $67, or 23.6 percent, above the $284-per-tonne average bunker price recorded in fiscal year 2016.

H1, Q1, Q2

MOL previously announced last year that its average bunker price in H1 rose YoY by $81, or 33.6 percent, to $322 per tonne.

In Q2, MOL paid an average of $325 per tonne - a YoY jump of $68, or 26.5 percent.

MOL's average bunker price in Q1 was $319 per tonne, which was a YoY increase of $93, or 41.2 percent.

Results

In its overall results for Q3, MOL posted a net income of JPY 16.1 billion ($148 million) compared to JPY 2.9 billion last year.

For the nine-month period between April and December, MOL's net income was JPY 29.2 billion - a YoY improvement of JPY 10.2 billion, or 53.7 percent.