# NYK profits more than double as shipping markets strengthen - **Source:** https://pelavox.com/nyk-profits-more-than-double-as-shipping-markets-strengthen/ - **Publisher:** pelavox. (The voice of shipping) - **Author:** Helena Pierce - **Published:** 2026-11-06T17:00:00+00:00 - **Updated:** 2026-11-05T10:05:30+00:00 - **Section:** Business / Company Results - **Type:** News - **Topics:** Container Shipping, Dry Bulk, Financial Results, Freight Rates, Japan, LNG Shipping, Logistics, Maritime Markets, Nippon Yusen Kabushiki Kaisha, NYK Line, Ocean Network Express, ONE, Shipping Earnings, Strait of Hormuz, Tankers, VLCC, VLGC Nippon Yusen Kabushiki Kaisha (NYK Line) reported a sharp increase in earnings for the six months ended 30 September 2026, supported by stronger container freight rates, improved dry bulk markets and higher returns from its energy transportation businesses. Consolidated revenue increased 27.3% year on year to ¥1.51 trillion, compared with ¥1.18 trillion in the corresponding period of 2025. Operating profit rose 91.9% to ¥114.9 billion, while recurring profit increased 79.8% to ¥213.3 billion. Profit attributable to owners of the parent company more than doubled to ¥203.5 billion, from ¥98.3 billion a year earlier. The results cover the first half of NYK’s fiscal year ending 31 March 2027. The Japanese shipping group benefited from higher freight rates across several vessel segments, although the continued closure of the Strait of Hormuz also increased operating costs and disrupted established trade routes. ### ONE earnings strengthen container shipping performance NYK’s Liner Trade business recorded revenue of ¥95.1 billion, up 5.7% year on year, while recurring profit increased to ¥97.9 billion from ¥33.3 billion. The improvement was primarily driven by container shipping, where strong demand, particularly on North American routes, and port congestion tightened available capacity and supported freight rates. Ocean Network Express (ONE), in which NYK holds an equity interest, made a substantial contribution to the group’s results. NYK recognised ¥80.5 billion in equity-method earnings from ONE during the six-month period. According to NYK, higher container freight rates more than offset the impact of increased fuel costs associated with the closure of the Strait of Hormuz. However, the company’s Japanese terminal operations recorded lower handling volumes compared with the previous year. ### Dry bulk and tanker markets support earnings NYK’s Dry Bulk business generated revenue of ¥360.8 billion, an increase of 29.2% year on year, while recurring profit reached ¥29.7 billion, compared with a loss of ¥1.5 billion in the previous period. The company attributed the recovery to significantly stronger freight markets across vessel categories, alongside the effects of exchange rate movements and fuel price developments. The Energy business also benefited from substantial changes in maritime trade patterns. Revenue increased 39.9% to ¥137.0 billion, while recurring profit rose to ¥45.4 billion from ¥30.3 billion. NYK reported particularly strong conditions in the very large crude carrier (VLCC) market, with freight rates reaching historically elevated levels following the disruption of shipping through the Strait of Hormuz. In the very large gas carrier (VLGC) segment, LPG exports to India and Southeast Asia increasingly shifted from the Middle East towards North America. Petrochemical shipments to Asia and Europe also experienced changes in origin, with more cargo moving from North America. These longer transportation distances tightened vessel availability and supported freight markets. LNG carrier operations remained relatively stable, supported by medium- and long-term contracts, while offshore activities continued to contribute to the group’s performance. ### Logistics revenue grows but profitability weakens Despite the strong consolidated results, NYK’s Logistics business reported weaker profitability. Revenue increased 46.7% year on year to ¥558.8 billion, but the business recorded a recurring loss of ¥0.8 billion, compared with a profit of ¥6.2 billion in the corresponding period of 2025. Air freight forwarding benefited from increased cargo volumes, particularly in the Asia-Pacific region, and maintained strong earnings growth. Ocean freight forwarding volumes also increased, although profitability declined because procurement costs rose faster than selling prices. Contract logistics faced lower handling volumes in certain regions, while goodwill amortisation and other costs associated with the acquisition of a European healthcare logistics business affected the division’s results. NYK’s Automotive business recorded revenue growth of 20.5% to ¥306.1 billion, but recurring profit declined to ¥35.1 billion from ¥49.0 billion. The company cited higher fuel costs, vessel charter expenses, port congestion and route adjustments associated with the Strait of Hormuz closure as factors weighing on vehicle carrier profitability. ### NYK maintains revised outlook and increases dividend NYK maintained its full-year financial forecast for the fiscal year ending 31 March 2027, following the upward revision announced on 29 October 2026. The company expects annual revenue of ¥3.0 trillion, operating profit of ¥210 billion, recurring profit of ¥335 billion and profit attributable to shareholders of ¥330 billion. The forecast assumes that the Strait of Hormuz will remain closed through the end of March 2027, while some voyages through the Suez Canal will gradually resume. Separately, NYK announced an increase in shareholder distributions. The board approved an interim dividend of ¥165 per share, up from the previous forecast of ¥120, with payment scheduled for 2 December 2026. The company also raised its forecast year-end dividend to ¥165 per share, bringing the expected annual dividend to ¥330 per share, compared with ¥230 for the previous fiscal year. The first-half results demonstrate how stronger freight markets and longer shipping distances have supported parts of NYK’s portfolio, even as geopolitical disruption and rising operating costs continue to weigh on other activities. --- Cite as: "NYK profits more than double as shipping markets strengthen", pelavox., 6 November 2026, https://pelavox.com/nyk-profits-more-than-double-as-shipping-markets-strengthen/