Mitsubishi Books $586M Loss On Delayed Cruise Ships

Law360, New York (March 25, 2014, 2:17 PM EDT) -- Japanese industrial giant Mitsubishi Heavy Industries Ltd. disclosed late Monday that it plans to book a 60 billion yen ($585.8 million) loss tied to construction delays on a cruise ship contract to build two new vessels for an affiliate of Carnival Corp.

Construction work on the ships — which are intended to serve as a new energy-efficient prototype for Aida Cruises — began last summer and has not gone as smoothly as Mitsubishi originally planned, the shipbuilder acknowledged.

“Moreover, the volume of design work relating to...
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