Japan’s largest ocean shipping lines saw Q2 profits decline due to the U.S. tariff war, cutting their 2025 forecast. Ocean Network Express reported a 24% revenue drop to $4.46 billion and a 86% net profit decrease to $285 million. EBITDA fell to $881 million, and EBIT to $282 million.

Despite initial profits in 2024, Japan’s K Line, MOL, and NYK joint venture faced a decline in profits. The carriers revised full-year EBIT down to $250 million and profit to $310 million. Container volume increased by 1% but revenue per TEU unit dropped by 24.8% y/y.

Chief Executive Jeremy Nixon highlighted ONE’s resilience in a challenging market. The carriers expect negative EBIT and profit in the second half y/y. The U.S. trade war impacted trans-Pacific volumes, with a 2.6% decline eastbound and a 26.7% decrease westbound. Asia-Europe volumes showed growth.

Vessel utilization rates on the eastbound trans-Pacific route fell from 100% to 91% y/y. The carriers are cautious about the full year due to market dynamics. Revenue per TEU unit decreased 24.8% y/y. The carriers will continue to optimize their fleet to meet market demands.

Read more at Yahoo Finance.: Japan’s ocean lines face profit decline amid tariff impact