OREANDA-NEWS. Mitsui O.S.K. Lines Ltd. said Thursday that it will likely book a record net loss of 177 billion yen on a group basis for the year ending March.

The latest estimate is significantly worse than its earlier forecast for a 24 billion yen loss. The marine shipper booked a 26 billion yen net loss in fiscal 2011.

The company will book about 101 billion yen in extraordinary losses as costs to reform its cargo ship operations. There will be no annual dividend payouts in fiscal 2012. This will be the first time the company has not paid a dividend since fiscal 1996.

Its sales are expected to increase 5% to 1.51 trillion yen, while its pretax losses will likely rise to 28 billion yen, from a 24.3 billion yen loss in fiscal 2011.

Its pretax losses are expected to widen from its earlier forecast by 6 billion yen, mainly due to a delayed revenue recovery at its containership operations and sluggish conditions in the cargo ship market.