We operate the world's largest fleet of dry bulkers, including iron ore and coking coal carriers, general cargo carriers, wood chip carriers, steaming coal carriers, and heavy lifters. In fiscal year 2009 and beyond, we continue to offer a wide variety of vessels to meet an ever-changing economic and business climate, and shifting demands. We also strive to ensure strong, sustainable earnings growth by reaching an optimum balance of mid- and long-term contracts and spot contracts.

<Business Performance during FY2008>
The worldwide seaborne trade of iron ore during 2008 totaled about 840 million tons, an 8% increase from 2007, with China�fs import volume making up about 440 million tons of this total, a 16% increase. Revenue and profits for the first half of the fiscal year reached new heights, thanks to the rise in freight rates in response to increasing cargo traffic. The average rate for four Cape-size routes marked a record high of $234,000/day in June, but the market showed a steep drop as the economic crisis worsened. By early December, it had slackened to $2,300/day, but we are now seeing signs of a recovery. As a result, profits for the second half of FY2008 in this sector declined drastically, although the full year showed solid results due to the strong performance in the first half of the fiscal year....more