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NYK Revises Outlook On Greatly Improved Demand

Nippon Yusen Kabushiki Kaisha decided to revise our full-year consolidated financial forecast and dividend forecast for the fiscal year ending March 31, 2021 (hereinafter referred to as “the current fiscal year”) announced on November 5, 2020. In addition, non-operating income was recorded in the third quarter.

1. Revisions to the Consolidated Forecast for the Current Fiscal Year (April 1, 2020 – March 31, 2021)

Reason for the revision:

In the Liner Trade, supply and demand remained tight due to greatly exceeding expectations on transportation demand, and this led to better than expected results at OCEAN NETWORK EXPRESS PTE. LTD. (hereinafter referred to as “ONE”). In the Air Cargo Transportation segment, the bottom line improved resulting from the tight supply and demand balance caused by the ongoing space supply shortage. Also, in the Logistics segment, the bottom line was supported by the strong performances in the air freight forwarding and logistics businesses. Based on these factors, we have revised the full-year forecast up as described above.

(Note 1) The financial forecasts shown above were announced on November 5, 2020. On December 24, 2020, it was announced as under review.
(Note 2) Bunker oil price is on average basis for all the major fuel grades including VLSFO.
(Note 3) The financial forecasts shown above are based on available information and certain assumptions deemed reasonable by management at the time of preparing this announcement. Accordingly, NYK Line makes no guarantee of these forecasts being realized, as actual results may differ widely owing to various factors.

2. Revision of the Dividend Forecast for the Current Fiscal Year

Reason for the revision;

Based on the full-year consolidated forecast for the current fiscal year announced today, after comprehensively considering our financial condition and return of profits to shareholders, we have revised the forecast year-end dividend up to JPY 110.00 per share.

(Note 4) This forecast was announced on November 5, 2020.

3. Recording Gain on Equity Method Investment in ONE
Given the continued strong performance of ONE, a gain on equity in earnings of unconsolidated subsidiaries and affiliates of about JPY 37.8 billion from ONE was recorded in the third quarter as non-operating income. In addition, in total through the end of the third quarter of the current fiscal year, gain on equity in earnings of unconsolidated subsidiaries and affiliates of about JPY 65.5 billion in total from ONE has been recorded as non-operating income on this third quarter consolidated financial statement announced today.
Source: NYK Line

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