Tokyo-listed NYK bagged JPY 43.0bn ($346m) in the three months to the end of June, beating the JPY 10.2bn of a year ago.
Its performance was stronger than forecast with operating profit of JPY 17.46bn beating the JPY 14.33bn consensus.
“In conditions surrounding the shipping industry, the introduction of new built tonnage in the container shipping business exerted extremely strong supply pressure, driving down spot freight rates on some routes to unprecedentedly low levels,” its quarterly report said.
“Amid
