NYK's Q2 2025 revenues drop due to tariff impacts
Nippon Yusen Kabushiki Kaisha (NYK) recently published its financial results for the second quarter of 2025.
NYK's revenues for Q2 2025 totalled JPY600.926 billion (US$4.07 billion), a decrease from JPY651.714 billion (US$4.42 billion) for the same period last year.
Operating profit also decreased, ending at JPY37.788 billion (US$260 million) compared to JPY65.878 billion (US$450 million) in Q2 2024.
Q2 2025 segment revenues totalled JPY129.9 billion (US$880 million) for dry bulk (JPY163.2 billion/US$1.11 billion in Q2 2024); JPY44.5 billion (US$300 million) for container shipping (same total in Q2 2024); JPY128 billion (US$870 million) for automotive transport (JPY138.3 billion/US$940 million in Q2 2024); and JPY54.1 billion (US$370 million) for tankers (JPY46.6 billion/US$320 million in Q2 2024).
NYK said that, amid a continued increase in shipping capacity following the delivery of new vessels, the container shipping division experienced a sharp decline and subsequent surge in the transport demand originating from China, affected primarily by tariff policies in the US and China. Market levels fluctuated significantly while freight rates were lower throughout the quarter year on year.
At the company's terminals in Japan, handling volumes increased year on year.
In the automotive transport business, with the continued strong demand, the number of vehicles transported remained at the same level year on year. However the business was affected by a decrease in revenues due to the stronger yen against the US dollar compared to the previous year as well as higher costs due to inflation.
NYK's energy business overall increased both revenues and profits year on year. Very large crude carrier market levels increased year on year, reflecting what NYK said are unstable movements including a temporary spike due to geopolitical tensions in the Middle East despite a decline in mid-May due to a softening of supply-and-demand conditions.
Very large gas carrier market levels temporarily fell sharply in April due to concerns about a decline in transportation demand caused by the US tariff policy and other factors. While the market subsequently showed a recovery trend due to the deferral of the application of tariffs and other factors, it declined year on year.
Petrochemical market levels declined year on year due to a slowdown in cargo movements resulting from a decrease in demand for petroleum products caused by an economic slowdown and other factors.
For the LNG carrier division, the results were steady on support from long-term contracts that generate stable earnings, according to NYK.
The floating production storage and offloading business recorded a one-off profit as a new project launched operations. Shuttle tankers also operated steadily.
NYK's bunker fuel sales business remained weak due to lower bunker oil prices and a decrease in sales volume. As for the cruise business, the cruise ship Asuka II completed a round-the-world cruise, while expenses in preparation for the launch of the operations of Asuka III were recorded. As a result of these, NYK's other businesses segment reported decreased revenues and profits year on year.
