NS United Kaiun, the shipping arm of steel giant Nippon Steel Sumitomo Metals, has seen net income jump 17.7% to JPY 1.8bn ($16.14m) in the first quarter ended June 30 as the capesize market improved.
It noted that capesize rates had hit a low of $7,000 per day early in the quarter before recovering to $20,000 a day by June.
