The liner downturn was blamed by Malaysia's MISC as it saw profit before tax fall some 34% to RM1.59bn (US$452.3m) in the year ended 31 March, despite overall revenue climbing 21.8% to RM15.8bn.
"The result was commendable despite the global economic downturn and grim outlook for container shipping industry," said a company statement.
MISC, which has sizeable tanker, offshore and LNG assets, said the decline of box rates due to vessel oversupply would keep the group's financial performance under pressure this year.
