Japan’s Iino Kaiun has reported a significant increase in both sales and profits thanks mostly to improved rates in the dry bulk and chemical tanker market.

Tokyo Stock Exchange listed Iino said that in the first quarter, to the end of June 2022, its net sales increased 42.3% to ¥335.8bn ($2.52bn), from ¥236bn in the same period last year.

Operating profit increased 288.5%