Tighter container ship supply and demand dynamics caused by the Red Sea crisis helped boost first-quarter profit at Mitsui OSK Lines.
The Japanese shipowner reported net income of ¥107.1bn ($701m) for the first three months of the 2024 fiscal year versus the ¥91.1bn seen 12 months ago.
“The routing via the Cape of Good Hope [caused] by the Red Sea disruption tightened tonnage supply and demand, and raised spot freight rates sharply, resulting in a significant profit increase,” MOL said on Wednesday.
