I would like to report our financial results for the third quarter of fiscal year (FY) 2009.

Business Performance and Dividend

Consolidated financial performance for the third quarter of FY2009 (from April 1 to December 31, 2009) showed ¥985.4 billion in revenues, ¥2.3 billion in operating income, ¥3.8 billion in ordinary income, and ¥2.2 billion in net income, continuing the steep drop in profits compared to the same period of FY2008. However, we returned to black ink after posting deficits for the first half of the year. Consolidated ordinary income for the third quarter (October-December) totaled ¥13.8 billion, up from ¥1.5 billion for the second quarter (3 months). (Please refer to the graph "Consolidated Quarterly Financial Results" at the end.)

For the entire fiscal year, we made an upward revision in our forecast, anticipating an increase of ¥50 billion in revenue and ¥3 billion in operating, ordinary, and net income. We currently project consolidated revenue of ¥1,350 billion, consolidated ordinary income of ¥13 billion, and consolidated net income of ¥5 billion.

Assuming we achieve the forecasts above, we plan to pay a year-end dividend of ¥3 per share for FY2009.

Business Climate

The world economy is entering into a recovery phase, with growth in the U.S., Europe, and other advanced economies inching into positive territory; meanwhile developing countries such as China and India saw continue growth and served as the engine for the world's economy, despite fears of a second bottom. In the dry bulker market, that for Capesize bulkers fell into the doldrums in the second quarter, showed improvement from the third quarter, and then went sky-high, topping out in the $90,000 to $100,000 range temporarily in November. But the market fell again in December, demonstrating a market environment with volatile rate fluctuations. Meanwhile, business was basically favorable for all ship sizes, from Panamax on down. The tanker market remained stagnant, marking a record low, partially caused by a large number of new-built vessels launched and stagnation in the withdrawal of single-hull vessels. Nevertheless, this market has now stayed firm since the beginning of 2010. The product tanker and LPG carrier markets also remained stagnant as demand for petroleum products slowed. A full-scale recovery in the car carrier market is expected to take more time due to effects of the yen's appreciation and shifting to local manufacture, even though unit sales are increasing due to purchase incentives in Europe and the United States. In step with global economic recovery, containership cargo trade started increasing gradually on almost all routes in the beginning of the third quarter.

Under the prevailing business climate, we implemented our cost reduction project, while securing stable revenue from long-term contracts, and obtained market-sensitive revenue from spot contracts. Eventually, we were able to post black ink overall for the first three quarters (nine months) of FY2009.

Despite an appreciating yen, increasing bunker prices and other causes for concern, we expect that the following positive factors will improve our performance as compared with the previously announced figures. These include a continuingly strong dry bulker market backed by robust demand for iron ore and coal imports in China, an improvement in tanker markets due to improving demand for petroleum products and scrapping of single-hull VLCCs as well as the bottoming out and recovery of the global economy improving container cargo trade and further restoring freight rates.

We will continue our utmost efforts, backed by the strength of our entire group, to make the MOL Group an excellent and resilient organization that leads the world shipping industry. We thank you for your support and look forward to your continued cooperation.