Japan’s Meiji Shipping has recorded a 30% leap in its profits from its ocean-going shipping activities in the first quarter of this financial year.
Its earnings were helped by new additions to the fleet and ship sales.
Its shipping business recorded a 20.1% increase in sales to ¥10.9bn ($82m), for the three-month period ending June 2022.
Its shipping profits increased 30% to ¥1.4bn.
Meiji said sales were helped by an increase in the size of its operated fleet. The company took delivery of a 50,000-dwt methanol carrier and 42,000-dwt bulk carrier this year.
A one off exceptional profit of ¥656m from an unnamed ship sale was also included in its first quarter earnings.
In April Meiji was reported to have sold its 300,000-dwt VLCC Tokio (built 2005) for $29.5m.
Meiji is a diverse shipping company operating a fleet of 64 ships including gas, crude and chemical tankers, bulkers, car carriers and containerships.
It also has extensive real estate, hotel and resort businesses.
The company reported total sales of ¥12bn, up 21.5% on the same period last year. Its net profit increased 110% to ¥965m.
For the full year to the end of March 2023 Meiji is forecasting total sales of ¥50.6bn and a profit of ¥2.4bn.
