Nippon Yusen Kaisha (NYK) has cut its full-year earnings forecast after falling to a loss in the first quarter.

The giant Japanese shipowner said the net deficit to 30 June was JPY 12.78bn ($123.64m), from a profit of JPY 43.06bn in the same period a year ago.

Revenue contracted to JPY 470.75bn against JPY 588.7bn, while it logged an operating deficit of JPY 10.96bn