Japan’s leading shipper warns of $1.8bn hit to H1 income

Japan’s biggest shipper by sales Nippon Yusen (NYK Line) has warned that it will book a $1.8bn write-down in its first-half income as a result of the declining value of container ships and other assets. Weaker trade globally, particularly to and from China, has impacted freight rates. Many ships are idle.

NYK Line said it might have to revise full-year financial forecasts and would be reconsidering  planned dividend payments. H1 earnings will be reported in full at the end of October.