JAPAN's second largest carrier NYK Line has adjusted its forecast results for the fiscal year 2012 ending March 31, expecting the net profit to rise to JPY6 billion (US$65.8 million) from previously estimated net gain of JPY1 billion, said the company statement.

But the operating profit for fiscal year 2012 from April 1, 2012 to March 31, 2013 is expected to drop to JPY19 billion from previous forecast of JPY28 billion, drawn on a revised revenue forecast of JPY1.88 trillion, the same as the previous projection. Also, estimated recurring profit has also been reduced to JPY15.5 billion from previous forecast of JPY20 billion made on October 31, 2012.

The world's 13th largest carrier said the global economy is recovering and the yen has continued to devalue since mid-November 2012. However, the industry is still beset with high bunker prices and deteriorating overcapacity problem.

Looking ahead, the carrier said it "expects this severe business environment to continue." So it will take actions to cut more operational expenses and vessel capacity by "slow steaming, laying up and scrapping vessels".