K Line reported a JPY54.58bn ($468.5m) loss for the first nine months of the financial year ended 31 March 2017.

K Line reported a JPY54.48bn loss for the nine-month period compared to a JPY9.27bn loss in the corresponding period a year earlier. Revenues sank to JPY760.93bn in the first nine months of the year ended 31 March 2017compared to JPY997.78bn in the same period a year earlier.

Looking ahead K Line said the container shipping market appeared to have “bottomed out”, however short-term freight rate increases were expected to stall due to seasonal factors.