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NYK posts 66.7pc profit hike to US$195 million as sales rise 8pc
JAPAN's biggest shipping company, NYK, has posted a 66.7 per cent year-on-year net profit increase for the six months ending September 30 to JPY20 billion (US$195 million), drawn on revenues of JPY1.17 trillion, which increased eight per cent.
"The main reasons for the difference were the steady growth of the liner trade, yen depreciation and lower bunker costs, and income from asset sales," said NYK.
Operating income was up nearly 40 per cent to JPY27.9 billion. NYK's line trade revenue increased 13 per cent to JPY344 billion in the first six months of the fiscal year.
"In the container shipping division, although cargo volumes rose overall, freight rates declined due to the delivery and deployment of ultra-large containerships, mainly on European routes, which prompted a shift of older large vessels to other routes and caused a continued oversupply," NYK said.
"The environment surrounding the shipping industry was generally characterised by soft freight rates caused by an excess supply of vessels.
"In response, the NYK Group strove to further reduce fleet and operational expenses by rationalising assignments and further enhancing the fleet," said the NYK statement.
"The main reasons for the difference were the steady growth of the liner trade, yen depreciation and lower bunker costs, and income from asset sales," said NYK.
Operating income was up nearly 40 per cent to JPY27.9 billion. NYK's line trade revenue increased 13 per cent to JPY344 billion in the first six months of the fiscal year.
"In the container shipping division, although cargo volumes rose overall, freight rates declined due to the delivery and deployment of ultra-large containerships, mainly on European routes, which prompted a shift of older large vessels to other routes and caused a continued oversupply," NYK said.
"The environment surrounding the shipping industry was generally characterised by soft freight rates caused by an excess supply of vessels.
"In response, the NYK Group strove to further reduce fleet and operational expenses by rationalising assignments and further enhancing the fleet," said the NYK statement.
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