NYK president Tadaaki Naito has sounded a warning that the company must change or risk dying out.
In a speech to staff marking its 133rd anniversary, he said: "We have reached the limits of the traditional business model.
"I feel that our group is currently facing a situation more challenging than anything it has faced in the past.
"If we continue to rely on outside forces under the belief that we will be OK continuing the current business as long as the market recovers, I feel the company will not survive."
