JAPAN's No 2 container shipping company Nippon Yusenm Kabushiki (NYK), ranked 12th in the world posted a 74.9 per cent annual net profit increase to JPY33.04 billion (US$322.2 million), drawn on revenues of $2.23 trillion, up 17 per cent.
"Although freight rates declined due to a worsening supply-demand imbalance amid deliveries of ultra large container vessels, diligent efforts were made to reduce cargo expenses and fuel consumption," said the NYK statement.
"NYK Line achieved a large reduction in costs while raising competitiveness by returning uneconomical vessels, introducing fuel efficient ultra large containerships and implementing measures to reduce ship operation and navigation costs," it said.
The NYK group worked to restore rates and improve profitability by reducing various costs through intensified slow steaming and other measures, including the disposal of older and less profitable vessels.
"The global economy continued its moderate recovery trend with higher stock prices around the world amid the US cautious easing of its monetary policy and other factors. Although the European economy remained stagnant, some economies in the region appeared to have bottomed out," said the NYK statement.
WORLD SHIPPING
30 April 2014 - 23:23
NYK profit up 74.9pc to US$322.2 million as revenue rises 17pc
JAPAN's No 2 container shipping company Nippon Yusenm Kabushiki (NYK), ranked 12th in the world posted a 74.9 per cent annual net profit increase to JPY33.04 billion (US$322.2 million), drawn on revenues of $2.23 trillion, up 17 per cent.
WORLD SHIPPING
30 April 2014 - 23:23
NYK profit up 74.9pc to US$322.2 million as revenue rises 17pc
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