Dry Bulk Business

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Dry Bulkers (excluding Steaming Coal Carrirers)

We operate one of the world's major dry bulker fleets, which includes iron ore and coking coal carriers, general cargo carriers, wood chip carriers, and steaming coal carriers. We strive to ensure strong, sustainable earnings growth through an optimum balance of mid- and long-term contracts and spot contracts. We also continue to be proactive in technological development geared towards reducing the environmental burden of large-scale iron ore carriers.


Business Performance of FY2017 2nd Quarter

Consolidated Revenues Breakdown (Results in FY2015)In the Capesize bulker market, after having temporarily reached US$20,000 per day at the end of March, the market rate continued to fall, thereby declining to the level of US$6,000 per day in July due partly to the prolonged impact of a cyclone in eastern Australia and the downturn of spot market for cargo from Brazil. However, in September the market rate once again reached US$20,000, amid a scenario where Pacific round-voyage rates increased amid an upturn in iron ore and steel prices along with rebounding freight rates from Brazil since late July, which also extended to Atlantic round-voyage rates amid more upbeat shipowner sentiment. The Panamax market has endured a stretch of repeated ups and downs since mid-June after having previously weakened from May to mid-June subsequent to having increased to the level of US$12,000 per day in mid-April. However, the rate has improved to US$10,000 per day on average in the second quarter amid renewed upward momentum brought about by active grain cargo movements from the east coast of South America beginning in late July. The Handymax market has been heading higher since July, boosted by an increase in Chinese coal imports and an upturn in Indian post-monsoon coal imports amid a tightening vessel supply and demand balance due to increased ton-mile demand.

Facing such market conditions, the dry bulker division increased its ordinary profit year on year largely due to ongoing efforts to reduce costs, in addition to a more upbeat market.

Highlights & Strategy

Highlights & Strategy by Operating Segment - from Annual Report
Annual Report 2017: Dry Bulk Business-Dry BulkersPDFPDF(77KB)

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