Nippon Yusen lifts annual outlook after bumper H1

TOKYO, Oct 29 (Reuters) - Nippon Yusen KK (9101.T: Quote, Profile, Research, Stock Buzz), Japan's biggest shipping line, lifted profit forecasts for a second time this year after first-half income jumped 86 percent on an expanded fleet and unprecedented demand in the dry bulker market.

Nippon Yusen said it now expected net profit for the year to March to climb 71 percent to 111 billion yen, up 11 percent from a previous forecast in July and topping an average estimate of 105 billion yen from 10 analysts.

It also hiked its full-year dividend target by a third to 24 yen from an earlier estimate of 18 yen.

It also said non-shipping divisions -- logistics, terminal harbour transport and cruises -- all managed to increase earnings.

For the April-September period, net profit soared to 55 billion yen from almost 30 billion yen.

Its operating profit margin improved to 7.2 percent from 4.5 percent a year earlier as the company reined in costs and expenses despite surging oil prices.

Rivals Mitsui O.S.K (9104.T: Quote, Profile, Research, Stock Buzz) and Kawasaki Kisen Kaisha Ltd (9107.T: Quote, Profile, Research, Stock Buzz) will report first-half earnings on Tuesday.