Top shipping firms log record profits
13:14 JST, May 11, 2022
TOKYO (Jiji Press) — Japan’s three major shipping companies have reported record consolidated net profits for the year ended March as transportation prices soared on logistics disruptions and stay-at-home demand linked to the coronavirus pandemic.
Their net profits for fiscal 2021 jumped six to eight times from the previous year.
But Nippon Yusen K.K., Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd. expect their profits to fall about 30% in fiscal 2022, with the price rise seen halting from around the second half of the year.
In fiscal 2021, profits surged at a container ship operator jointly owned by the three companies thanks to the higher transportation prices, boosting the trio’s performances.
Net profits shot up 7.2-fold to ¥1,009.1 billion at Nippon Yusen, topping ¥1 trillion for the first time. The bottom line jumped 7.9-fold to ¥708.8 billion at Mitsui O.S.K. Lines and 5.9-fold to ¥642.4 billion at Kawasaki Kisen.
Revenue grew 41.8% to ¥2,280.7 billion at Nippon Yusen, 28% to ¥1,269.3 billion at Mitsui O.S.K. Lines and 21% to ¥756.9 billion at Kawasaki Kisen.
"Business" POPULAR ARTICLE
-
Japan, U.S., Philippines to Strengthen Nickel Supply Chains; Reduce Reliance on China for Critical Minerals
-
Shinkansen to Have Private Rooms by FY 2026, JR Tokai Announces
-
Survey: 80% Worried About Recognizing AI as Patent Inventor; Respondents Fear Increase in Unverified Inventions
-
Ride-Sharing Services Start in Tokyo; Kanagawa, Aichi, Kyoto, Others To Follow Suit
-
Japan’s Docomo To Sell Contactless Smart Rings; Users Can Make Payments at the Wave of a Hand
JN ACCESS RANKING
- M6.0 Earthquake Hits Japan’s Tohoku Region; Fukushima, Iwate, Miyagi Prefectures Observe 4 on Japanese Scale With No Risk of Tsunami
- China Mutes Memorialization of Reformer Hu Yaobang; Memories Could Spark Critique of Xi Administration
- Shinkansen Services Suspended After Man ‘Searches for Phone’ on Tracks; Disruption Affects About 14,000 Passengers
- U.S. 7th Fleet officer Arrested on Suspicion of Stealing Sushi, Sashimi, Chicken at Kanagawa Shopping Mall; Suspect Caught Mid-Meal
- UNRWA Director Describes Catastrophic Destruction in Gaza; Says Relief Trucks Robbed, ‘People’s Hearts Destroyed’