Wednesday, September 2, 2009

K-Line ratings cut

Sept. 3 (Bloomberg) -- Kawasaki Kisen Kaisha Ltd., Japan’s third-largest shipping line, fell the most in a week in Tokyo after Nomura Securities Co. cut its rating on the stock because of overcapacity among container lines.

K-Line, as Kawasaki Kisen is also known, fell as much as 3.3 percent to 385 yen and traded at 389 yen as of 9:52 a.m.

The shipping line, which gets more than 40 percent of its sales from transporting containers, is suffering from a slide in demand for furniture, building materials and electronic goods in the U.S. and Europe as the supply of ships increases. Nomura cut its rating on K-Line to “reduce” from “neutral”.

click here for link to Bloomberg article

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