Japanese shipping firm Nippon Yusen Kabushiki Kaisha (NYK Line) returned to profit for the nine months ended December 31, 2017 (9M 2017),
It recorded net profit of JPY 16.8 billion ($150 million) in 9M 2017 compared to net loss of JPY 226.1 billion in 9M 2016, according to financial documents.
The company’s consolidated revenues in 9M 2017 amounted to JPY 1,630.6 billion, an increase from JPY 1,414.5 billion in the same period of 2016.
Overall, the company noted condition in the shipping market to be “positive” during 9M 2017.
“In the container shipping market, an upswing in spot freight rates stalled somewhat as the total supply of tonnage remained at similarly high levels as the previous year,” it said.
“Nevertheless, shipping traffic was brisk on the back of robust demand for container shipments. In the dry bulk shipping market, although excess tonnage still exists, market conditions improved owing to steady shipping traffic and the increased imports of iron ore to China.
“Among the Group’s non-shipping businesses, the Logistics segment faced a sluggish market due to persistently high cost prices, while the Air Cargo Transportation segment benefited from busy shipping traffic overall.”
NYK Line also commented on the improvement seen in its Other Business Services segment that included bunker sales operations; but did not provide on the exact figures.
“In the Other Business Services segment, although the cruise ship occupancy rate remained at the same level as the previous fiscal year in the cruise business, other businesses performed strongly, including the bunker oil sales business.
“As a result, both revenues and profit increased compared with the same period of the previous fiscal year.”
Manifold Times earlier reported NYK Line, together with Kawasaki Kisen Kaisha (“K” Line) and energy firms Chubu Electric Power and Toyota Tsusho Corporation started discussions to form a joint liquefied natural gas (LNG) business.
Related: Japanese shipping, energy firms mull LNG bunkering business
Published: 5 February, 2018
VLSFO supply improves with replenishments in Vancouver; prompt VLSFO and LSMGO readily available in Houston area; VLSFO supply tight for prompt dates in Santos.
Move is ‘first step’ in demonstrating how firm will digitalise its service offerings to customers in the future.
‘We still see circumstances where a product is ‘off-spec’ and the holder of the fuel is then trying to move it back ‘on-spec’ through the use of appropriate additive technology,’ says spokesman.
Zanzibar-registered tanker was believed to transfer diesel from a tanker lorry; MMEA discovered two tanker lorries with an oil pump and a 500 metre hose suspected of being used for illegal oil transfer.
Panellists covered several marine fuel related topics including bunker fuel quality testing, COVID-2019, and long term storage of VLSFOs experienced during the first 100-day period.
ABI Singapore LSFO 0.5%S is ‘perfectly suited’ to the needs of the marine industry because it represents the most active and liquid part of market, says Argus CEO.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
