NYK is carrying out a huge share cancellation as part of its drive to return cash to shareholders.
The giant Japanese shipowner has been on a mammoth stock buyback spree since last summer.
It said it had acquired 49.1m shares since board authorisation was given in August.
On 30 April, it will retire 49.17m shares worth ¥204bn ($1.32bn) based on a market cap of ¥2.12trn on Friday.
This is equivalent to a 9.64% slice of the 510m shares in issue.
The number of shares will drop to 461m after the cancellation.
In November, NYK said it had passed the halfway mark in its quest to repurchase up to ¥200bn of its own stock on the Tokyo Stock Exchange.
Directors have a mandate to acquire up to 85m shares or 16.7% of the company, but only until 30 April.
The share closed at ¥4.153 on Friday, up 1.5%.
NYK said in February that it expects the crisis in the Red Sea to boost its bottom line in the fiscal fourth quarter.
Hope for profit growth
The shipowner’s liner arm posted a ¥1.1bn loss for the three months to 31 December, its third quarter, versus a profit of ¥161.5m in the same quarter a year earlier.
NYK now forecasts that the division will post a ¥14.6bn profit in the fourth quarter, taking its full-year profit to an estimated ¥60bn.
“Cargo traffic is gradually recovering, but it will likely take some time for a full-scale recovery to occur,” it said in its results statement.
“Although new ships continue to enter service, the demand for space has increased recently due to the impact of the situation in the Red Sea.”
