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The worst hit was the Nippon Yusen Kabushiki Kaisha (NYK Line) which saw a net loss of JPY 265.7 billion at the end of the year, compared to a net income of JPY 18.2 billion reported in the previous fiscal year, MANA correspondent reported.

The company’s revenues for the period were down to JPY 1.92 trillion from JPY 2.27 trillion reported a year earlier, while its operating loss stood at JPY 18 billion, compared to an operating income of JPY 48.9 billion seen in the fiscal year 2016.

Although the overall freight rate market showed a gentle recovery from the historically low levels at the beginning of the year 2016, business performance

declined year on year, NYK Line’s compatriot Kawasaki Kisen Kaisha (K Line) said.

On the back of such business environment seen in the shipping industry, K Line informed that its loss widened during the year, reaching JPY 139.4 billion, compared to a loss of JPY 51.4 billion seen in the period ended March 31, 2017.

Additionally, K Line said that its revenues for the year dropped to JPY 1.03 trillion from JPY 1.24 trillion, while it reported an operating loss of JPY 46 billion, compared to an operating income of JPY 9.4 billion in fiscal year 2016.

“In the containership business, cargo movements shifted to an upward trend in the second-half of the fiscal year, mainly in the East-West services; however not sufficient to recover the slump in the freight market at the beginning of the fiscal year and loss increased year-on-year,” K Line said.

The dry bulk market has also lifted out of the historically low levels at the start of the year and “is on a course for recovery.

Out of Japan’s Big Three shipping firms, MOL was the only to end the fiscal year with a net income, despite a decrease in its revenues.

Namely, the shipping firm’s net income stood at JPY 5.2 billion.

While the company’s operating profit reached JPY 2.5 billion, remaining almost the same as a year earlier, MOL’s revenues dropped to JPY 1.5 trillion from JPY 1.71 trillion in the respective periods.