Nippon Yusen Kabushiki Kaisha(NYK Line)
9101・Prime Market・Marine Transportation
Business
Nippon Yusen Kabushiki Kaisha (NYK Line), founded in 1885, is one of Japan's largest integrated shipping companies. Built around five core segments—Liner Trade Business (ONE, Equity Method), Logistics Business, Automotive Business, Dry Bulk Business, and Energy Business—it operates a wide range of businesses spanning container transport, crude oil, LNG, and LPG tankers, pure car carriers, and dry bulk carriers, as well as a global 3PL business through Yusen Logistics. Consolidated net sales for FY2026 (ending March 2026) totaled ¥2,423,689 million. Major customers include global resource majors, automakers, trading companies, and energy companies, and the company plays a role as a lifeline enterprise supporting the world's logistics and energy infrastructure.
Business Model
The main revenue sources are freight rates, charter hire, terminal usage fees, and logistics service fees. In the Energy Business and Automotive Business, stable earnings are secured through long-term contracts and time charters, while the Dry Bulk Business and Liner Trade Business (ONE, Equity Method) capture market-linked earnings. The Logistics Business (Yusen Logistics) is structured to accumulate value-added earnings through an integrated ocean, land, and air network, diversifying market volatility risk through a multi-pronged portfolio.
Company Strengths
Through the equity-method application of OCEAN NETWORK EXPRESS PTE. LTD. (ONE), a joint venture with Kawasaki Kisen Kaisha and Mitsui O.S.K. Lines, the company recorded equity in earnings of affiliates of ¥20,178 million in FY2026 (ending March 2026). This gives it a unique revenue structure that allows it to benefit from container shipping market conditions while limiting direct operational risk.
The Energy Business segment assets stand at ¥1,395,640 million, the largest of all segments. The number of tankers operated increased significantly from 45 vessels in the previous period to 84 vessels. LNG Carriers secure stable earnings backed by medium- to long-term contracts, while FPSO and shuttle tankers also operate stably. The combination of large asset scale and long-term contracts underpins earnings.
With NYK Line Logistics as a wholly owned subsidiary, the company operates comprehensive sea, land, and air logistics on a global scale. External customer revenue for the Logistics Business in FY2026 (ending March 2026) was ¥801,751 million. In December 2025, the company acquired the healthcare logistics business of the European Walden Group (42 companies across 12 European countries), expanding its business foundation in high-value-added fields.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue came to ¥2,423,689 million (down 6.4% year on year), operating profit was ¥138,601 million (down 34.3%), and profit attributable to owners of the parent was ¥211,750 million (down 55.7%). As an external factor, equity-method investment income from ONE plunged from ¥293,388 million to ¥85,016 million due to the decline in container freight rate conditions, which was the main driver behind the 57.0% year-on-year decrease in recurring profit to ¥211,135 million. The Air Transportation Business saw a substantial revenue decline due to the deconsolidation of Nippon Cargo Airlines in August 2025. Meanwhile, the Energy Business achieved higher revenue and profit against the backdrop of heightened tensions in the Middle East. For FY2027 (ending March 2027), the company forecasts revenue of ¥2,605,000 million (up 7.5% year on year), operating profit of ¥145,000 million (up 4.6%), recurring profit of ¥185,000 million (down 12.4%), and net profit of ¥195,000 million (down 7.9%), indicating an outlook of higher revenue but lower profit. Profit attributable to owners of the parent over the past five fiscal years has been: FY2022 ¥1,009,105 million → FY2023 ¥1,012,523 million → FY2024 ¥228,603 million → FY2025 ¥477,707 million → FY2026 ¥211,750 million, reflecting a structure that continues to swing significantly in line with ONE's market conditions.
Growth Strategy
Advancing portfolio sophistication through three-pronged investment in logistics, energy, and decarbonization
In FY2026 (ending March 2026), the company acquired and consolidated Movianto International B.V., a healthcare logistics business in the European region. Goodwill balance in the Logistics Business surged to ¥227,942 million. In FY2027 (ending March 2027), profit levels are expected to decline year-on-year due to recognition of goodwill amortization and other expenses, but the company aims to establish a stable earnings base for European healthcare logistics.
The number of operating tankers is planned to increase substantially from 45 vessels in the previous fiscal year to 84 vessels, with further expansion of earnings scale expected through the completion of 10 tankers and 4 LNG Carriers currently under construction. Operations of a new FPSO have also commenced, achieving both stable earnings from mid- to long-term contracts and earnings expansion during periods of rising market conditions.
Owned Capesize vessels increased from 21 vessels in the previous fiscal year to 28 vessels in the current fiscal year, with fleet renewal to be achieved through the completion of 9 Capesize vessels, 6 Handysize vessels, and 2 conventional project cargo carriers currently under construction. With market conditions expected to remain firm across all vessel types, profit levels are expected to rise in FY2027 (ending March 2027).
The share exchange between Nippon Cargo Airlines Co., Ltd. and ANA Holdings Inc. was completed effective August 1, 2025, resulting in the deconsolidation of the Air Transportation Business. A loss on share exchange of affiliated company shares of ¥7,057 million was recognized, but the strategic realignment was carried out to concentrate management resources on the core businesses of shipping, logistics, and energy.
A minimum dividend floor of ¥200 per share has been set, targeting a consolidated dividend payout ratio of 40%. For FY2026 (ending March 2026), an annual dividend of ¥230 will be paid, including a commemorative dividend of ¥25 for the company's 140th anniversary (total dividends of ¥95,066 million, payout ratio of 45.6%). Share buybacks (total amount of approximately ¥150,000 million) based on the May 2025 Board of Directors resolution are to be completed by April 30, 2026, with all repurchased shares to be retired. An annual dividend of ¥200 is planned for FY2027 (ending March 2027).
Last updated: July 19, 2026