The Japanese conglomerate had the depreciation of the yen to thank for earnings of JPY 400m ($4m), overturning an operating loss of JPY 6.3bn in the same period of 2012.

Ship sales fell to JPY 103.8bn from JPY 132.6bn as the company handed over only five vessels compared to 14 in the first half last year.

However the longer term outlook for the segment is brighter as orders jumped to five ships worth JPY 109.1bn