Asia/Pacific News
NYK Line, K-Line Return to Profit in FY 2012
Nippon Yusen Kabushiki Kaisha [TYO:9101] (NYK Line) says it is beginning a "company-wide bunker-saving campaign" as both it and fellow Japanese shipping line Kawasaki Kisen Kaisha [TYO:9107] (K-Line) report a return to profitability in the fiscal year ended March 31, 2013.
"The container vessel, dry bulk carrier, and VLCC performance are all expected to be impacted by the ongoing slump in shipping market," NYK line said.
In response, the company announced the bunker-saving campaign, along with efforts to rationalise its liner trade services and optimise ship operations, and the addition of a liquefied natural gas vessel in its tanker division.
For the 2012 fiscal year, NYK Line reports revenues of ¥1,997 billion ($20.5 billion), up 4.9 percent from the previous year, and a profit of ¥18.8 billion ($193 million), compared with a loss of ¥72.8 billion ($748 million) in FY 2012.
K-Line, meanwhile, reported a profit of ¥10.7 billion ($110 million) on revenues of ¥1,135 billion ($11.7 billion), compared with a loss of ¥41.4 billion ($425 million) on revenues of ¥972 billion ($10 billion) in FY 2011.
The company said a decline in the value of the yen and conversion effects between the yen and the U.S. dollar helped its results.
The third of the "big three" Japanese shipping companies, Mitsui O.S.K. Lines [TYO:9104] (MOL) recorded a net loss of ¥178.8 billion ($1.9 billion) for the year, as it enacted structural reforms.
