Nippon Yusen Kabushiki Kaisha(NYK Line)
9101・Prime Market・Marine Transportation
Liner Trade Business
Container shipping and terminal business centered on equity-method income from ONE
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment revenue (external customers + internal, FY2026 (ending March 2026)) | ¥180,938 million | ¥180,424 million | — |
| Segment profit (ordinary income basis, FY2026 (ending March 2026)) | ¥49,793 million | ¥274,366 million | ↓ |
| Equity-method investment income (Liner Trade Business segment, FY2026 (ending March 2026)) | ¥20,178 million | ¥249,060 million | ↓ |
| Segment assets (end of FY2026 (ending March 2026)) | ¥1,438,937 million | ¥1,469,103 million | ↓ |
| Depreciation and amortization (FY2026 (ending March 2026)) | ¥8,439 million | ¥9,018 million | ↓ |
| External customer revenue (FY2026 (ending March 2026)) | ¥174,639 million | ¥174,412 million | — |
Business Details
Operates ocean-going cargo shipping, ship chartering, container terminal operations, port cargo handling, and tugboat services. The majority of earnings consist of equity-method investment income from OCEAN NETWORK EXPRESS PTE. LTD. (ONE), an equity-method affiliate. The segment also holds domestic terminal and tugboat operations under its umbrella, covering the entire container transportation value chain. In FY2026 (ending March 2026), ONE's profit level fell substantially below the prior year due to a decline in freight market conditions, causing segment profit to decrease significantly year on year.
Recent Overview
ONE's profit fell sharply amid weak freight markets, and segment profit declined 81.8% year on year
Liner Trade Business segment profit for FY2026 (ending March 2026) was ¥49,793 million, a substantial decrease from ¥274,366 million in the prior year (down 81.8% year on year). In addition to increased vessel supply from newbuilding completions, freight market conditions moved unstably due to the impact of tariff policies and Middle East tensions, causing ONE's profit level to fall below the prior year. Domestic terminal cargo volume also decreased year on year. Overall, the segment posted higher revenue but lower profit. Note that consolidated equity-method investment income (attributable to ONE) sharply declined to approximately ¥19,000 million, from approximately ¥247.1 billion equivalent in the prior year.
Key Products
Growth Drivers
- Tightening supply-demand effect from continued use of the Cape of Good Hope route due to Suez Canal diversion (expected to continue in FY2027 (ending March 2027))
- Medium- to long-term stabilization of ONE's freight rate levels and expansion of cargo volume
- Recovery in domestic container terminal cargo volume
- Support for container transportation demand from resilient global cargo movement
Risks
- Oversupply of vessel capacity from newbuilding completions and further downward pressure on freight market conditions
- Decline in cargo movement due to geopolitical risks such as US-China tariff policy (profit levels expected to decline further in FY2027 (ending March 2027))
- Increased costs from continued Middle East tensions (higher costs associated with use of the Cape of Good Hope route)
- Erosion of yen-denominated earnings from yen appreciation (including equity-method income from ONE)
- Structural risk of ONE's business performance directly affecting segment profit (high dependence on equity-method income)
- Risk of supply-demand easing associated with normalization of the Red Sea situation
Last updated: June 16, 2026