TOKYO—Mitsui O.S.K. Lines Ltd., Japan’s second-largest shipping line by sales, rose in Tokyo trading after Mizuho Securities Co. raised its rating on the stock as rates for transporting iron ore and other commodities increased.

Mitsui O.S.K. rose as much as 4.2 percent to ¥1,627 and traded at ¥1,596 as of the 11 a.m. trading break in Tokyo Thursday. Nippon Yusen K.K., Japan’s largest shipping line, gained as much as 3.5 percent to ¥1,092 after Mizuho also boosted its rating on the company.

Japan’s shipping lines are benefiting from China’s demand for iron ore as the country builds more cars, ships and factories. The Baltic Dry index, a measure of commodity-shipping rates, rose for a fifth day Wednesday and is near a record high.

“Mitsui O.S.K.’s earnings are likely to gain given the increase in the bulk market,” Mizuho’s Tokyo-based analyst Satoru Kunieda wrote in a report dated Wednesday.

Kunieda raised his prediction for Mitsui O.S.K.’s net income by 9.8 percent to ¥219.5 billion, from ¥200 billion, for the fiscal year ending March 31. Mitsui O.S.K. in April forecast its profit would be ¥200 billion this fiscal year.

The Baltic index rose 1 percent to 11,623 Wednesday, just short of a record 11,793 it touched last month.

Mizuho increased Mitsui O.S.K.’s rating to “strong buy” from “buy.” The brokerage raised Nippon Yusen’s stock rating to “buy” from “hold.” Mizuho placed its “strong buy” rating on Kawasaki Kisen Kaisha Ltd., Japan’s third-largest shipping line. K-Line, as the Tokyo-based shipping line is also known, gained as much as 3.9 percent. (Bloomberg)

Aone completes acquisition of ScanAsia Overseas

ABOITIZ One Inc. (Aone), also known as 2GO Express, the logistics arm of Aboitiz Transport Systems Corp., has completed the acquisition of ScanAsia Overseas Inc. (ScanAsia).

DHL Express Philippines will continue to operate from the Subic Bay Freeport Zone, despite the pullout of rivals United Parcel Service Inc. (UPS) and Federal Express Corp. (FedEx) from the former US military hub in Asia.

TO recycle parts and other materials from old ships that may be used to build new ones, the Maritime Industry Authority (Marina) plans to build three ship-breaking facilities around the country.

WELLINGTON—Air New Zealand Ltd., the nation’s biggest airline, plans to meet at least 10 percent of its annual fuel bill with crop-based alternatives by 2013.

HONG KONG—Hyundai Heavy Industries Co., the world’s largest shipbuilder, said it received orders for 22 oil tankers valued at $2.4 billion from Europe this week as global demand increases for fuel.

TOKYO—Mitsui O.S.K. Lines Ltd., Japan’s second-largest shipping line by sales, rose in Tokyo trading after Mizuho Securities Co. raised its rating on the stock as rates for transporting iron ore and other commodities increased.