NYK Lines Shipping Revenue Falls 36%

3 May 2010 (Last Updated May 3rd, 2010 18:30)

NYK Lines has reported a shipping revenue fall of 36.5% in 2009 due to a fall in global cargo shipments. The company said its container businesses also reported a loss of JPY55bn ($588m) during the year, double that of 2008. NYK posted a net loss of JPY17.7bn ($187.5m) for its fis

NYK Lines has reported a shipping revenue fall of 36.5% in 2009 due to a fall in global cargo shipments.

The company said its container businesses also reported a loss of JPY55bn ($588m) during the year, double that of 2008.

NYK posted a net loss of JPY17.7bn ($187.5m) for its fiscal year ended 31 March compared to a loss of JPY52.5bn ($556m) a year earlier.

NYK said its car carrier business recovered to 70% of its pre-crash level while its revenues fell by 32.5% and recurring profits fell by more than two-thirds to JPY36.6bn ($391m).

NYK’s contract logistics and forwarding business was also hit with revenues down 23.7%.