NYK's bulk shipping and liner segments were enough to pull the company's second quarter results out of the red.
The Japanese shipping giant reported Wednesday an $88m (¥9.5bn) profit for the second three months of 2019, the first quarter of NYK's fiscal year.
For the quarter, the company's liner trade segment posted $17.5m in recurring profit, 18.5% year-over-year growth, while bulk shipping recurring profit — consisting of dry bulk, gas and oil — came in at $84.7m.
Meanwhile, its logistics business broke even and its air cargo segment lost $14.7m.
For liner, the company said affiliate Ocean Network Express saw growth in overall liftings, slot utilization and freight rates.
"Although revenue declined year on year in the liner trade as a whole, the business performance greatly improved and a profit was recorded," the company said.
For bulk shipping, car transportation had a strong quarter, while the company scrapped bulkers and the sector continues to flounder.
Both LPG and LNG had solid quarters, NYK said, with long-term contracts for LNG generating "stable earnings."
"Although the market conditions improved compared to the previous fiscal year for VLCCs ... the improvement was limited due in part to the increased shipping capacity and the deterioration to shipping traffic resulting from an increase in regular maintenance at the oil refineries," the company said.
