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NYK reports flat nine months profit

NYK reports flat nine months profit
Nippon Yusen Kaisha (NYK) reported a nine-month net profit of $268.9m for the period ended 31 December 2014.

The net profit of JPY28.4bn ($268.9m) was almost exactly the same as year before when the Japanese shipowner reported a net profit of JPY28.3bn. NYK reported nine month revenues of JPY1.78trn up from JPY1.65trn in the same period a year earlier.

Commenting on the results NYK said: “Marine cargo movement increased on the whole in the shipping industry, and although unit costs for fuel oil fell in association with the decrease in oil prices, the deep-rooted pressure on supply capacity remained, mainly in container and dry bulk vessels, and the severe business environment continued.”

NYK upped its full year profit forecast by 14.3% to JPY40bn. “In terms of projections going forward, we believe that the fall in fuel oil prices and movements toward a weaker yen will be factors that improve profit,” NYK said.

However, there are some dampening factors such as the US West Coast dockworkers dispute. “Although demand is currently robust in the container shipping division, congestion at North America’s West Coast ports is continuing, and we are projecting the impact of scheduling delays associated with this to increase costs.”