NYK Line has joined rival Mitsui OSK Lines in posting a huge decline in first-half profit as it contends with the slump in the liner market.
The Tokyo-listed shipowner posted a recurring profit of ¥159.2bn ($1.06bn), which was down ¥606bn from the corresponding period last year.
“In the container shipping division, despite summer typically being the period of seasonally strong demand, cargo demand was weak due to the impact of inflation and higher interest rates mainly in the US and Europe and high inventories in North America,” NYK Line said.
