Two of Japan's largest shipping lines, K Line and MOL, have announced better-than-expected quarterly financial figures following increased freight rates over the last few months.

However, K Line still posted a quarterly loss of ¥18.7bn (US$207m) on operating revenues of ¥212.5bn, down about 30% year-on-year, with a nine-month loss of ¥62bn.

MOL returned to the black, posting a quarterly profit of ¥12.1bn, an 11% year-on-year drop, while its nine-month net profit fell dramatically to ¥2.2bn from ¥137.6bn a year previously, reflecting losses earlier in the year.

MOL said: "During the third quarter to 31 December 2009, not only did China, India and other emerging countries propel the recovery of the global economy, but the economic growth of developed countries in Europe and North America also turned upwards."

"This and other factors lead us to expect that we have entered a period of economic recovery around the world."

K Line was also bullish. "In the containership business, the modest trend towards recovery in cargo movements is expected to continue, despite seasonal adjustments, and the company expects its earnings to improve through a correction of freight rates, adjustments in fleet size and cost reductions."

However, it also warned investors it was likely to post a full-year loss.