The country’s second largest shipowner has seen interim net income slide 45% year-on-year to JPY 11.5bn ($105m).

The weaker result came despite a 5% increase in revenue to JPY 890bn.

MOL’s liner division posted a loss of JPY 10.8bn for the six month period against a loss of JPY 3.7bn twelve months ago.

“Although cargo volumes from Asia to North America and to Europe were firm on the back of economic stability in Europe and the US, cargo volumes to China and other Asian countries showed weak growth,” said MOL.

“On