Mitsui O.S.K. Lines, Ltd. Announces Revision of FY2008 Forecast
January 30, 2009
TOKYO - Mitsui O.S.K. Lines, Ltd. (the Company; President: Akimitsu Ashida) today announced a revision of the forecast for FY2008 as follows:
1. Revision of FY2008 Forecast (From April 1, 2008 to March 31, 2009)
2. Reasons for revision of forecast
The main reasons include significant drops in the dry bulker market, containership freight rate market and cargo trade, and seaborne trade of completed cars. These declines stem from deteriorating demand for raw materials such as iron ore, a drop in global consumer spending, and a drain of funds from the market due to tighter credit resulting from a global economic downturn after the Lehman Brothers collapse. Also, a rapid and progressive yen appreciation from late 2008 was a factor in a large decline in ordinary income. Based on prospects that a recovery in the ocean shipping market will be difficult during the current term (the 4th quarter), the company made a downward revision in the forecast for FY2008 announced earlier.
Forward Looking Statement
Future forecasts such as plans and strategies related to matters other than the past and present facts in this press release contain potential risks and uncertainties, and are not guaranteed. These forecasts are issued by the company according to currently available information. Please realize that actual achievement may be significantly different from these forecasts, due to various factors such as future economic trends, exchange rates, bunker prices, other economic and social, and political situations, and various contingencies.