{"id":6730,"date":"2020-03-24T13:38:24","date_gmt":"2020-03-24T10:38:24","guid":{"rendered":"https:\/\/www.al-sindbad.net\/mol-sounds-the-alarm-on-2019-results\/6730\/"},"modified":"2020-03-24T13:38:24","modified_gmt":"2020-03-24T10:38:24","slug":"mol-sounds-the-alarm-on-2019-results","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/mol-sounds-the-alarm-on-2019-results\/6730\/","title":{"rendered":"MOL Sounds the Alarm on 2019 Results"},"content":{"rendered":"<p><strong>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.<\/strong><\/p>\n<p>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.<\/p>\n<p><\/p>\n<p>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\u2019s consolidated subsidiary.<\/p>\n<p><\/p>\n<p>The loss is assigned to a continuously sluggish market due to the impact of the novel coronavirus among other factors.<\/p>\n<p><\/p>\n<p>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.<\/p>\n<p><\/p>\n<p>The company also plans to record provision for loss on guarantees of USD 71 million as an extraordinary loss on its non-consolidated financial statements, because the joint guaranty is included in liabilities of the subsidiary.<\/p>\n<p><\/p>\n<p>However, the provision for loss on guarantees will have no impact on the consolidated financial results.<\/p>\n<p><\/p>\n<p>Commenting on the charter-out contracts of containerships to Ocean Network Express (ONE), MOL expects to record a loss related to the business restructuring of USD 75 million as an extraordinary loss, because an additional loss is anticipated as a result of charter rate trends and vessel costs.<\/p>\n<p><\/p>\n<p>The forecast for the year-end dividend (\u00a535 per share), announced on January 31, 2020, remains unchanged.<\/p>\n<p>world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":6731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[1073,529,2096,3687],"class_list":["post-6730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-alarm","tag-mol","tag-results","tag-sounds"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=6730"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/6731"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=6730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=6730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=6730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}