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Shipping giant Mitsui O.S.K. Lines Ltd. said Friday it will fall into the red in the business year ending in March after incurring huge restructuring costs amid deteriorating profitability on sluggish demand linked to China’s economic slowdown.

The company is forecasting a consolidated net loss of ¥175 billion ($1.45 billion) compared with an earlier projected profit of ¥17 billion as it expects to be forced to book up to ¥180 billion in extraordinary loss from retirement of vessels and other expenses related to its restructuring efforts.

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