Society

Japanese shippers post record profits as freight fees rise

May 09 (NHK) - Japan's three biggest shipping companies have reported record net profits for the latest business year. That was on the back of rising freight fees and a weaker yen.

NYK Line said on Monday that its net profit surpassed one trillion yen for the first time ever in the year that ended in March. That is equal to about 7.7 billion dollars and a surge of 624 percent in yen terms from the previous year.

Profit at Mitsui O.S.K. Lines was around 5.4 billion dollars, up 687 percent. Kawasaki Kisen Kaisha reported 4.9 billion dollars, a jump of 491 percent.

The three companies said freight charges have risen globally due to disruptions in logistics amid the coronavirus pandemic. They also said the weak yen helped push up profits.

An executive at NYK Line said the outlook for freight charges is uncertain due to the impact of Russia's invasion of Ukraine. But he said he expects they will remain high for the first half of the current business year.

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