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
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