Mitsui O.S.K. Lines Reports Strong Results on Firmer Freight Markets

Dry Bulk Business In the Capesize bulker market, which consists of large bulkers, the vessel supply-demand balance tightened due to firm shipments of iron ore from Western Australia and Brazil and bauxite from West Africa, as well as the spread of slow steaming amid concerns over fuel supplies arising from the uncertain situation in the Middle East, and market conditions rose from April onward. Although the vessel supply-demand balance temporarily eased in June, it tightened again from July onward, against the backdrop of increased vessel congestion at Chinese ports due to typhoons and other factors, and market conditions remained at high levels.

For Panamax and smaller bulkers, which consist of medium-sized and small bulkers, market conditions remained firm, supported by transport demand for South American grain, coal in the Pacific region, and steel products from the Far East. Although the vessel supply-demand balance temporarily eased during the summer, market conditions subsequently remained firm, supported by a tightening of the vessel supply-demand balance, mainly in the Pacific region.

In the open-hatch vessel business of our consolidated subsidiary, Gearbulk Holding AG, profitability improved due to firm transport demand for the pulp, as well as the highly profitable project cargo transport.

Accordingly, the Dry Bulk Business recorded an increase in profit compared to the previous fiscal year.

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