NYK profit jumps eight-foldNYK profit jumps eight-fold

Profit in the nine-month period ended 31 December 2013 came up to JPY28.3bn ($276.7m), a surge from JPY3.1bn in the same period of the previous financial year.

Revenue during the period also rose 17% year-on-year to JPY1.65trn, NYK announced.

“Regarding the environment surrounding the shipping industry, although a strong sense of uncertainty continued to reign, positive signs also began to emerge,” NYK said in a statement.

“In the container shipping division, freight rates declined overall due to continued deliveries of ultra large containerships and further deterioration of the supply-demand imbalance. Freight rates did not, however, fall below previous lows,” it commented.

“In the dry bulk carrier division, from summer there were signs that the supply-demand gap was shrinking for some types of vessels, and in conjunction with higher seasonal demand, the shipping markets for dry bulk carriers and tankers surged.”

NYK forecast a 2014 full year profit of JYP30bn compared to a gain of JPY18.8bn in the previous year.