Three major shipping companies to revise upward their full-year earnings forecasts

The three major Japanese shipping companies (NYK Line, MOL, and Kawasaki Kisen Kaisha) have all revised upward their full-year forecasts for the fiscal year ending March 31, 2022 in their consolidated financial results for the first quarter of the fiscal year ending March 31, 2022, predicting that their strong performance will contribute to the full-year results. This is attributed to strong transportation rents backed by tight supply and demand as the stagnation in economic activity caused by the spread of the new coronavirus infection has run its course and the resumption of business activity, especially in Europe, the U.S. and Asia, is becoming more pronounced.