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.
