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Iino Kaiun Kaisha (Iino Lines) reports that the average bunker price paid during the firm's first fiscal quarter (Q1), which runs between April and June, rose year-on-year (YoY) by $69, or 21.7 percent, to $387 per metric tonne, up from $318 per tonne during the corresponding period in 2017.

In a sequential comparison with the previous quarter's average of $337 per tonne, the result is $50, or 14.8 percent, higher.

Iino Lines has now revised its forecast price for Q2 upwards to $460 per tonne, which is a $50, or 12.2 percent, increase on the previous $410 prediction in April.

The revised Q2 price is also $73, or 18.9 percent, above the $387-per-tonne bunker average recorded in Q1.

In its key results for Q1, Iino Lines' consolidated profit attributable to owners rose YoY by 256.2 percent to JPY 3,583 million ($32.1m).

Also, net sales increased YoY by 1.5 percent to JPY 20,831m ($186.9m); operating income was up 44.2 percent YoY to JPY 1,832m ($16.4m); and ordinary income climbed 89.6 percent to JPY 2,015m ($18.1m).