Net income was JPY 24.8bn ($206.4m), which was 15.7% down on the JPY 29.8bn a year ago. MOL said revenue was JPY 1.3 trillion.

“In the dry bulk market, although iron ore cargo volumes from Australia were firm, conditions remained weak due to factors such as weak growth in cargo volumes of iron ore from Brazil, and a decline in the volume of coal imports to China associated with its economic slowdown,” MOL said.

With