Japanese shipping major Mitsui O.S.K. Lines expects to record an extraordinary loss on its consolidated and non-consolidated financial statements for the fiscal year of 2019.
For its consolidated financial results ending in March 2020, MOL plans to downgrade in its forecast due to a total of USD 146 million of extraordinary losses.
The prediction is being made amid an anticipated extraordinary loss of USD 71 billion in relation to a loan to dry bulk owner and operator Gearbulk Holding AG, provided by MOL Bridge Finance S.A., MOL’s consolidated subsidiary.
The loss is assigned to a continuously sluggish market due to the impact of the novel coronavirus among other factors.
MOL said that the business performance of the aforementioned equity-method affiliate is expected to show a significant delay in recovery, which may cause difficulties in recouping part of the loan.