NYK LINE, the second of Japan's Big Three, has posted a quarterly year-on-year net profit increase to JPY10.2 billion (US$99.8 million), drawn on revenues of JPY582.4 billion, up 11.6 per cent.
Despite positive results, the shipping line warned that the industry environment "remained severe due to the continued slump in freight rates caused by an excess supply of vessels".
"In response, the NYK Group strove to further reduce fleet and operational expenses by rationalising fleet assignments and reduce fuel costs," the company said.
NYK said containerised cargo volumes grew, but freight rates declined, a phenomenon blamed the deployment of ultra large containerships, which forced older large vessels to other routes, worsening the supply-demand balance.
MARKETS
01 August 2014 - 19:43
NYK quarterly net profit increases 11pc as revenues rise 11.6pc
NYK LINE, the second of Japan's Big Three, has posted a quarterly year-on-year net profit increase to JPY10.2 billion (US$99.8 million), drawn on revenues of JPY582.4 billion, up 11.6 per cent.
MARKETS
01 August 2014 - 19:43
NYK quarterly net profit increases 11pc as revenues rise 11.6pc
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