|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).