Economy

Top shipping firms log record profits

Yomiuri Shimbun file photo
Yokohama Port

Jiji Press

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.