Mitsui OSK Lines has seen its third-quarter net profit slump by almost 60% on the back of continued weakness in the liner market.

The Japanese shipowner said net income for the three months ended 31 December 2023 was ¥52.8bn ($357.6m) against the ¥121.7bn seen 12 months ago.

The weaker result came despite the company reporting its strongest quarterly revenue for the financial year at ¥1.22