Kawasaki Kisen Kaisha (K Line) saw its previous year's profit completely erased as it posted a net loss in the financial year ended 31 March 2012, Seatrade Asia online reports.
The Japanese shipping company recorded a full year net loss of JPY41.35bn ($516.02m) compared to a net profit of JPY30.6bn in the previous year.
The Tokyo-listed company blamed the losses on the global economic slowdown, the appreciation of the Japanese yen against the US dollar, rising bunker fuel costs and weak shipping freight rates.
However K Line expects its container and dry bulk business sectors to improve this year with cost cutting measures.
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