Yen Slide May Boost Japan Shipers’ Profit by $500 Million
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Japanese shipping lines, buffeted by a decline in freight rates, are set to get a more than $500 million boost to their earnings from a weaker yen.
Nippon Yusen K.K., Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd., the nation’s three biggest carriers, may add a total of 51.6 billion yen ($527 million) to their pretax profit this fiscal year as a weaker yen raises the value of contracts, said Ryota Himeno, an analyst at Barclays Securities Japan Ltd. The forecast assumes a 95 yen average to the dollar.