Sept. 28 (Bloomberg) -- Mitsui O.S.K. Lines Ltd., operator of the world’s largest merchant fleet, fell the most in five months in Tokyo trading after doubling its first-half operating loss forecast.
The company dropped 5.4 percent to 521 yen at the close. Nippon Yusen K.K., Japan’s largest shipping line by sales, fell 3.3 percent and third-ranked Kawasaki Kisen Kaisha Ltd. slumped 7.3 percent.
Mitsui expects an operating loss of 13 billion yen ($146 million) in the six months ended September, it said after the market closed on Sept. 25. The company widened its loss forecast after higher-than-expected fuel and container-terminal costs outweighed a rebound in freight rates.
I guess a lot of the carriers didn't think it would really get this bad when making their projections for the first half of 2009.
It's not going to be any better for the 2nd half of 2009, and perhaps even 2010.
It will stabilize, but not get better.