Japan’s Nippon Yusen Kabushiki Kaisha (NYK Line) returned to profit in the fiscal year ended March 31, 2018, mainly due to strong container shipping and dry bulk segments.
The company delivered a net profit of JPY 20.2 billion at the end of the year, compared to a net loss of JPY 265.7 billion reported in the previous fiscal year.
The company’s revenues for the year increased by 13.5 percent to JPY 2.2 trillion, from JPY 1.92 trillion reported a year earlier.
NYK Line also delivered an operating profit of JPY 27.8 billion, against an operating loss of JPY 18 billion seen in the fiscal year 2017.
“Conditions in the maritime shipping market were positive on the whole during the fiscal year,” NYK Line said.
In the container shipping market, while an upswing in spot freight rates stalled somewhat as the total supply of tonnage remained at similarly high levels as the previous year, shipping traffic was stable on the back of solid demand for container shipments.
In the dry bulk shipping market, although excess tonnage still exists, the cargo volume of iron ore, coal, and grains all increased and market conditions improved, the company informed.