Japan’s NYK Line has reported a ¥1trn ($7.6bn) profit for financial year 2021, up 624% on the previous year.

Revenues also increased by 41.8%, from ¥1.6trn in financial year 2020, to ¥2.2trn in 2022.

Its Singapore-based joint venture liner subsidiary Ocean Network Express (ONE) was by far the biggest contributor to its profit, adding ¥734bn in recurring profit to NYK’s bottom line.

“In the container shipping division, while the robust shipping demand remained ongoing, there was little improvement in the overall supply chain disruptions caused by Covid-19, resulting in strong markets throughout the year,” NYK said.

NYK’s bulk shipping division, which includes dry bulk, tanker, car carrier and gar carrier segments, also performed well recording ¥139.1bn reoccurring profit in 2021, up 120% on the previous year.

Looking forward NYK said it expects its dry bulk business to remain firm although, in the tanker segment, the VLCC and VLGC markets are likely to continue to be weak.

NYK is also forecasting the liner markets and profits will settle down. “The robust demand mainly in North America ongoing from the current fiscal year will settle down and the situation will gradually normalise from the second half,” NYK Line predicted.

It is also forecasting lower levels of profitability for the company next year. “Profit is expected to be lower on increased revenue in the next consolidated fiscal year, but the business results are expected to remain at a favourable level.”