ONE boosts NYK, K Line, MOL earnings outlooks

October 25, 2021 - Halifax, Canada - One Hangzhou Bay container ship is assisted by tugboats nearing port in Halifax Harbour.

The performance of container carrier Ocean Network Express (ONE) has led owners Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha, Ltd. (K Line), and Mitsui O.S.K. Lines, Ltd. (MOL) to positively revise their fiscal year 2022 outlooks.

The Japanese owners are forecasting surging financial figures partially as a result of ONE – which has been able to “exceed expectations” despite ongoing supply chain difficulties.


  • MOL has boosted its net profit outlook by a staggering 40 per cent since its last announcement on 28 April. Net income expectations for full fiscal year 2022 (1 April 2022 to 31 March 2023) have risen to ¥700,000,000,000 ($5.04 billion) up from ¥500,000,000,000 ($3.60 billion) forecast just three months prior.
  • For the full year ending 31 March 2023, NYK revised its recurring profit forecast from ¥760,000,000,000 ($5.48 billion) to ¥1,040,000,000,000 ($7.50 billion) – a 37 per cent increase.
  • K Line noted a 14 per cent increase in its operating revenue from ¥780,000,000,000 ($5.62 billion) to ¥890,000,000,000 ($6.41 billion) for its fiscal year ending 31 March 2023.

In outlining the drivers behind the soaring numbers, NYK wrote: “The forecast at the beginning of the current fiscal year assumed a decline in demand related to general consumer goods considering lockdowns in China, the turmoil of the situation in Russia and Ukraine, and the acceleration of global inflation.

“In the Liner Trade business, a gradual decrease in cargo volume and a certain level of decline in spot freight rates were factored in. However, amid ongoing supply chain disruptions, we expect the profit of our equity method affiliate OCEAN NETWORK EXPRESS PTE. LTD. to exceed expectations due to the continuing favourable market conditions resulting from robust shipping demand and other factors.”

READ: K Line rolls out AI-based cybersecurity platform

For NYK, In the Air Cargo Transportation business and Logistics business, overall profitability has improved, supported by solid demand.

All parties expect their drybulk and wider bulk shipping businesses to improve profitability, and therefore, the financial forecasts have been revised upward.

In November last year carrier ONE predicted a net profit of almost $12 billion for the fiscal year.

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