The markedimprovement came despite the company being hit by a JPY5.32bn extraordinaryloss for one of its subsidiaries.

Revenue at Japan’s largest shipowner was up almost 18% year-on-year to JPY2.2 trillion.

NYK said revenue at its liner arm increased 15.2% to JPY 617.4bn, while operating income inched up 1.3% to JPY 3.8bn.

Bulk shipping, which includes tankers and bulkers, saw revenue rise nearly 20% to JPY 164bn.