Feature, Freight News, Logistics, Sea

NYK Raises Outlook on Energy, Dry Bulk Lifts

[ August 7, 2026   //   Gary Burrows ]

NYK Line reported sharply higher first-quarter revenue and profit and raised its full-year forecast as stronger dry bulk and energy markets offset weaker earnings in container shipping, automotive transportation and logistics.

For the three months ended June 30, revenue increased 21.1 percent year over year to ¥727.7 billion, or about US$4.55 billion. Operating profit rose 69.8 percent to ¥57.7 billion, or US$361 million, while profit attributable to shareholders climbed 33.5 percent to ¥67.1 billion, or US$420 million. The U.S. dollar conversions use NYK’s average quarterly exchange rate of ¥159.89 to US$1. 

Dry bulk recorded one of the strongest improvements. Revenue increased 28.7 percent to ¥174.9 billion, or about US$1.09 billion, while recurring profit swung from a ¥2.8 billion loss a year earlier to ¥19.4 billion, or US$122 million. NYK said freight markets were significantly stronger across vessel classes, while the weaker yen and fuel-related valuation effects also supported results. 

Energy revenue rose 38.8 percent to ¥66.8 billion, or US$418 million, and recurring profit nearly doubled to ¥24.0 billion, or US$150 million. NYK said the closure of the Strait of Hormuz pushed the VLCC market to historically high levels, while longer voyages and increased North American exports tightened supply in the VLGC and petrochemical tanker markets. LNG carrier earnings remained stable under medium- and long-term contracts. 

The Liner Trade business produced higher revenue but lower profit. Revenue increased 5.9 percent to ¥47.2 billion, or US$295 million, while recurring profit fell to ¥10.0 billion, or US$63 million, from ¥12.1 billion. NYK said higher container freight rates and solid demand were offset by increased fuel costs following the Hormuz closure. Ocean Network Express recorded higher revenue but lower profit, contributing about ¥1.3 billion, or US$8 million, to NYK’s equity earnings.  

The Logistics business reported a 46.4 percent increase in revenue to ¥271.2 billion, or US$1.70 billion, but swung to a ¥2.4 billion, or US$15 million, recurring loss. Air freight forwarding benefited from strong Asia-Pacific demand, but ocean forwarding margins were squeezed as procurement costs increased faster than selling prices. NYK also cited weaker volumes in some contract logistics markets and acquisition-related expenses in Europe. 

Automotive revenue rose 12.7 percent to ¥144.3 billion, or US$903 million, but recurring profit declined 41.7 percent to ¥16.9 billion, or US$105 million. Higher fuel costs, port congestion and longer routes caused by the Hormuz closure outweighed stable vehicle volumes and favorable currency effects. 

NYK raised its full-year revenue forecast by 10.6 percent from its previous guidance to ¥2.88 trillion, or about US$18.0 billion. It now expects operating profit of ¥185 billion, or US$1.16 billion, and net profit attributable to shareholders of ¥240 billion, or US$1.50 billion. The forecast assumes the Strait of Hormuz remains closed through September and that vessels continue routing around the Cape of Good Hope to avoid the Suez Canal for the remainder of the fiscal year. 

The company also raised its planned annual dividend to ¥240 per share from the previous ¥200 forecast.

Tags: NYK Line