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Japanese shipping and logistics company NYK Line saw a 6.3% drop in its revenues to ¥2,423.6 billion (about US$15.4 billion) in fiscal year 2025 ending March 31, 2026
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It attributed the earnings decline to higher shipping capacity with the delivery of new vessels, a volatile freight market due to the impact of tariff policies and tensions in the Middle East, among other factors
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For the fiscal year 2026 forecast, NYK Line is looking at lower earnings in most segments due to continued geopolitical and trade disruptions as well as the absence of one-off profits
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For logistics, temporary costs are expected to occur with the recent acquisition of the Walden Group’s healthcare logistics businesses, but future gains are anticipated in the high-growth sector
Japanese shipping and logistics company NYK Line saw a 6.3% drop in its revenues to ¥2,423.6 billion (about US$15.4 billion) in fiscal year 2025 ending March 31, 2026.
In its financial highlights report released May 11, NYK Line attributed the earnings decline to higher shipping capacity with the delivery of new vessels, a volatile freight market due to the impact of tariff policies and tensions in the Middle East, among other factors.
It noted that Nippon Cargo Airlines (NHA) has been excluded from the consolidated subsidiaries following the completion of a share exchange involving its shares with ANA Holdings effective August 1, 2025.
The recurring profit was also down to ¥211.7 billion from ¥265.9 billion year-on-year.
The Liner Trade business posted the biggest drop to ¥49.7 billion, down by ¥224.5 billion. NYK is one of the three owners of Ocean Network Express Pte. Ltd. (ONE), which also reported a decline in revenues for the same fiscal year 2025.
READ: ONE records $16.6B revenue in 2025, net profit drops to $338M
Air Cargo Transportation also decreased to ¥2.1 billion from ¥21 billion.
Logistics income stood at ¥10.2 billion, down by ¥11.0 billion. This covers three segments:
- Air freight forwarding – Handling volumes remained in line with the previous fiscal year. Lower purchasing prices and the securing of spot cargoes lifted profit levels above the previous fiscal year;
- Ocean freight forwarding – Handling volumes remained firm, but profitability declined due to market volatility, and profit levels decreased year-on-year;
- Contract logistics – Uncertainty in the economic outlook, caused by tariff policies and other factors, resulted in a drop in handling volume with major customers. This led to a year-on-year decline in profit levels.
The NYK Group’s energy business – including very large crude carriers, very large gas carriers, liquefied natural gas, and offshore – propped up financial performance with recurring profit up by ¥8.2 billion to ¥54.4 billion.
2026 Forecast
For the fiscal year 2026 forecast, NYK Line is looking at a ¥49 billion recurring profit from Liner Trade, slightly lower than the previous year.
It said profit levels are expected to decline, assuming that rerouting via the Cape of Good Hope to avoid the Suez Canal continues throughout the year, and that costs will increase due to ongoing tensions in the Middle East.
For logistics, no profit is seen due mainly to contract logistics wherein profit levels are expected to decline year on year with the recording of goodwill amortization and other expenses associated with the acquisition of the healthcare logistics business in Europe conducted in fiscal year 2025.
NYK Group subsidiary Yusen Logistics Global Management Co., Ltd. announced on December 10, 2025 that Yusen Logistics (Europe) B.V has acquired all shares of Movianto International B.V., the Walden Group’s healthcare logistics businesses, including Eurotranspharma, Transpharma International, and Walden Digital.
The company said while temporary costs are expected to occur, these are considered strategic investments to strengthen medium- to long-term earnings capacity, and the entire NYK Group, including Yusen Logistics and its existing organizations, will seek to maximize the benefits of the acquisition.
“Despite amortization expenses, we will further strengthen healthcare logistics business — a high-entry barrier business with solid growth prospects — as one of key domains under the NYK Group’s business strategy to expand its stable logistics operations,” NYK Line said.
