NS United has lifted its interim profit forecast as the yen fell in value against the dollar.
NS United is expecting to post net earnings of JPY 4.8bn ($44m) for the six months ending 30 September, compared to a prediction of JPY 2.8bn made in April.
NS United said that although the dry bulk shipping market fell short of its expectations, the result has been improved by the yen’s depreciation and continued efforts to operate and market ships efficiently.
NS United has big plans for its iron ore bulker operations in the mid-term, according to its Unite and Full Ahead business plan revealed in May.
NS United has Nippon Steel and Nippon Yusen Kaisha (NYK) among its major shareholders, wants to boost its iron ore carrier fleet from 32 units to at least 42 by 2016. It also hopes to operate a total capesize fleet of 50 by 2018.
Dry Bulk Shipping News - Shipbroker Notes