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 2010 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 FY2009>
A decrease in crude steel production after the Lehman Shock caused a notable 24% and 30% decrease year on year in Japan and Europe, respectively, in iron ore imports in 2009. Despite this, the crude steel production volume in China, which already represented 38% of the global output in 2008, rose 13% year on year thanks to government economic stimulus measures, with iron ore imports rising 41%. As a result, the China import increase was the main driver in the 7% increase year on year (approx. 900 million tons) in the worldwide iron ore cargo trade during 2009. On the ship supply side, 2009 featured the startup of new shipyards in China, South Korea and other countries that delivered 112 new Cape-size bulkers within that year, a great leap from the 40 to 60 ships annually delivered in past years....more