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NYK declares yearly loss of US$2.39 million
JAPAN's NYK (Nippon Yusen Kaisha) Line, the world's eighth largest, and the biggest of the Big Three Japanese container carriers, posted a net loss of JPY265.7 billion (US$2.39 million) in the financial year ended March 31, 2017. The Japanese carrier made a profit of JPY18.2 billion in the previous year.
Revenue in the 2016 fiscal year amounted to JPN1.92 trillion, down 15.3 per cent.
"During the fiscal year under review, the maritime shipping market slumped to historic lows which greatly affected NYK's performance," said the statement accompanying the results.
"Freight rates remained low in the container shipping market, due to excess capacity, even though the gap between supply and demand narrowed due to the progress in scrapping vessels.
"The effects of the bankruptcy of a Korean shipping company along with increased shipping traffic led to an improvement in the balance of supply and demand.
"Market conditions appeared to gradually recover for transpacific and European shipping routes," the statement said.
"The balance of supply and demand also improved for Central, South and North American routes, but market conditions remained severe for routes in Asia," it said.
Revenue in the 2016 fiscal year amounted to JPN1.92 trillion, down 15.3 per cent.
"During the fiscal year under review, the maritime shipping market slumped to historic lows which greatly affected NYK's performance," said the statement accompanying the results.
"Freight rates remained low in the container shipping market, due to excess capacity, even though the gap between supply and demand narrowed due to the progress in scrapping vessels.
"The effects of the bankruptcy of a Korean shipping company along with increased shipping traffic led to an improvement in the balance of supply and demand.
"Market conditions appeared to gradually recover for transpacific and European shipping routes," the statement said.
"The balance of supply and demand also improved for Central, South and North American routes, but market conditions remained severe for routes in Asia," it said.
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