Kyoei brighter

Japanese tanker owner Kyoei Tanker has raised its annual profit forecast as revenues improve

The company, in which NYK has a major stake, said it could make JPY 210m ($2.15m) to 31 March on a net basis, against its previous forecast of JPY 160m.

But this is still way off last year’s annual figure of JPY 1.95bn. Tankers markets have been strong this year, but are now falling back as global economic problems hit oil demand.

The owner diversified into the bulker segment in February with an order for a 58,000-dwt handymax newbuilding at Kawasaki Heavy Industries's Kobe plant for delivery in 2010.

The company also has one medium-range (MR) products tanker and one long-range (LR) products tanker on order as part of its effort to expand beyond crude-oil transport.