Japanese shipping giants K Line, NYK Line and MOL registered losses for the first quarter of 2018 fiscal year covering the period from April 1 to June 30.

K Line's net loss stood at JP¥19.2 billion for the period compared with a profit of JP¥8.5 billion in the same quarter of 2017. Besides, the company's operating revenues for the period came at JP¥212.1 billion, down compared with JP¥287.4 billion for the same period of a year earlier.

NYK Line recorded a net loss of JP¥4.59 billion for the period from a profit of JP¥5.39 billion in the same period of 2017. In addition, the company's consolidated revenues totaled JP¥464.8 billion, a huge drop from JP¥521.7 billion for the same period of the previous fiscal year.

Additionally, MOL booked a net loss of JP¥1.6 billion against a net income of JP¥5.2 billion a year ago. Its revenue of JP¥304.4 billion was also lower when compared to the JP¥403 billion revenue from last year.

All the three companies ascribed their losses to the launching of Ocean Network Express (ONE) in April and the rise in oil prices. As disclosed, the costs related to ONE's launching were higher than expected.