Japanese big three shipping companies Mitsui O.S.K. Lines (MOL), Nippon Yusen Kabushiki Kaisha (NYK Line) and Kawasaki Kisen Kaisha (K Line) have resumed their string of losses now summed up in their full yearly reports for the fiscal year ending March 31, 2016.

The worst hit was Mitsui OSK Lines (MOL) which booked a full-year loss of JPY170.4bn (USD1.5bn) mainly due to extraordinary loss resulting from business structural reforms in the fourth quarter.

MOL's revenue fell 5.8% year-on-year to JPY1.8tn against JPY1.7tn.

For the remainder of the fiscal year 2016, the company expects the world economy to resume its recovery but at a gentle pace, forecasting its return to profit targeting JPY20bn in profit and JPY1.5tn in revenue.

With dry bulk market expected to resume being in the dumps along with severe environment in the container shipping market, MOL said it would continue with its stringent cost reduction measures, focusing in particular on structural reforms in the dry bulk and container shipping businesses.

MOL's counterpart K Line also closed the year in the red with JPY51.1bn ( USD457m) net loss.

As a result of severe market conditions, operating revenues for the fiscal year were JPY1.2tn, while operating income was JPY9.427bn down 80.4% year-on-year.

The losses were also ascribed to business structural reform aimed at reducing the risk of exposure to market conditions and further accelerating the reduction of fleet scale, focused on small- and medium-size vessels, in the dry bulk business.

For the fiscal year ending March 31, 2017, K Line is projecting operating revenues of JPY1,100bn, operating income of JPY17bn and net loss of JPY35bn.

Finally, NYK's net profit hit JPY18.2bn (USD167m) versus JPY47bn, a full-year net profit drop by 61.7%.

The company's revenue for the full year dropped by 5.4% to JPY2.4tn and its operating income was down by 26% year-on-year.

"Despite an extraordinary income from the sale of North American-based Crystal Cruises, NYK Line recorded an extraordinary loss from impairment losses on dry bulk carriers, which contributed to a year-on-year decrease in net income attributable to owners of the parent company of JPY 29.3 billion, or 61.7%," said the company.

In the fiscal year ending March 31, 2017, the management of NYK Line expects its operating environment to remain extremely challenging. Although cargo volume is projected to increase in the container shipping market, the oversupply of tonnage is forecast to persist due to the entry osaf newly built ultra-large container ships, and spot freight rates are expected to remain stagnant.

In the dry bulk transport market, while steady growth is projected, the market is expected to weaken as newly built tanker vessels are launched.

Management forecasts solid performances by the group's car transport business as well as its LNG and offshore businesses. Strong results are also expected in the logistics segment as well.

As a result, revenue and income are forecast to decrease year on year in the current fiscal year, with net profit reaching JPY15bn and revenues totaling in JPY2.1tn.