Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you a link to reset your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you a link to reset password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil | Shipping

Grounded passenger flights boost Japan NYK's Apr-Jun air cargo demand by 63% on year

Agriculture | Grains | Shipping | Containers | Coronavirus

Containerized soybeans, wheat, and corn from the US to Southeast Asia on the rise

Shipping | Marine Fuels

Platts Bunkerworld


Singapore Crude Oil & Refined Products Forum 2020

Electricity | Electric Power

PG&E warns customers about potential power shutoffs due to hot, dry conditions

Grounded passenger flights boost Japan NYK's Apr-Jun air cargo demand by 63% on year

Tokyo — Japan's Nippon Yusen Kabushiki Kaisha or NYK Line's revenue from air cargo transportation surged 62.8% year on year to Yen 28.8 billion ($272.4 million) over April-June, the company said August 5, as the transportation of goods via passenger flights plunged due to pandemic-led restrictions on international travel.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The company said while it expects resuming international passenger flights will have some impact on the business in coming months, it expects cargo aircraft demand to remain firm for the rest of fiscal 2020-21 (April-March).

NYK Line's air cargo segment posted a profit of Yen 9.3 billion for the April-June quarter, rebounding from a loss of Yen 4.4 billion a year earlier, as it captured urgent transportation demand for personal protective and medical equipment during the coronavirus pandemic, the company said.

This came against the backdrop of reduced air cargo volumes, but was supported by higher freight rates following the suspension or cancellation of most international passenger flights as multiple countries imposed restrictions to contain the spread of the coronavirus pandemic in the quarter.

Low jet fuel prices were also a major contributor in reducing variable expenses over April-June, the company said, declining to elaborate on its aviation fuel consumption volumes.

The FOB Singapore jet fuel/kerosene price averaged $30.70/b over April-June, down $49.04/b or 61.5% on the year, according to S&P Global Platts data.

Supported by its air cargo segment, NYK Line reported a net profit of Yen 11.68 billion for the April-June quarter, up 27.8% on year, while its revenue fell 11.1% over the same period to Yen 361.2 billion due to a reduction in marine transport and sluggish shipping markets amid the pandemic.