NYK, “K” Line, MOL boost dividend payments

NYK, “K” Line, MOL boost dividend payments

NYK, “K” Line, MOL boost dividend payments

   All three major Japanese shipping groups — Nippon Yusen Kaisha (NYK), Kawasaki Kisen Kaisha. (“K” Line) and Mitsui O.S.K. Lines (MOL) — said they will substantially increase their year-end dividends due to be paid for the very profitable financial year ended March 31.

   NYK has decided to more than double its yearend dividend for the fiscal year to 10.5 yen (10 cents) per share, from 5 yen in the previous financial year. Including its interim dividend, NYK's total annual dividend for the financial year 2004-2005 will be 18 yen (17 cents) per share, up from 10 yen in 2003-2004.

   K” Line said it will pay a yearend dividend of 9 yen (8 cents), an 80-percent increase from 5 yen for the 2003-2004 financial year.

   “We prospected previously that we were going to pay 7.5 yen (in) dividend per share at the close of fiscal 2004,” “K” Line said. “In consideration of a little more steady financial prospects being realized than originally planned, we are determined to increase payment of dividend at the close of fiscal 2004 by 1.5 yen to 9.0 yen per share and eventually an annual dividend of 16.5 yen per share.”

   Thus, including the interim dividend, the total annual dividend payout of “K” Line for the financial year 2004-2005 will be 16.5 yen (16 cents) per share, up from 10 yen in the previous year.

   MOL said that, setting a 20-percent payout ratio as a criterion, the company will pay a yearend dividend of 8.5 yen (8 cents) per share for the financial year 2004-2005. This is an increase of 1 yen (1 cent) over the last forecast. Including a 7.5 yen (7 cents) interim dividend declared in September 2004, MOL shareholders will receive a total dividend of 16 yen (15 cents) per share for the financial year 2004-2005, up from 11 yen in the previous financial year.