Rating agency Moody's has downgraded two major Japanese owners.
It has changed Mitsui OSK (MOL) from stable to negative.
The same fate has befallen Nippon Yusen Kabushiki Kaisha (NYK).
Moody's blames the current weak market, including the oversupply in freight capacity.
It highlights challenges in the tanker and drybulk sectors, as well as an overtonnaged situation in the container trades.
But it also highlights many positives for both companies.
MOL's
