Namura Shipbuilding Co.,Ltd.
7014・Standard Market・Transportation Equipment
New Shipbuilding Business
The core segment of the Namura Group, responsible for the manufacture and sale of various vessels.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (Full Year FY2026, ending March 2026) | ¥125,643 million | ¥122,877 million | ↑ |
| Operating Income (Full Year FY2026, ending March 2026) | ¥28,630 million | ¥27,572 million | ↑ |
| Segment Assets (as of end of FY2026, ending March 2026) | ¥179,436 million | ¥137,881 million | ↑ |
| Order Backlog (as of end of FY2026, ending March 2026) | ¥422,073 million | ¥394,070 million | ↑ |
| Operating Margin (Full Year FY2026, ending March 2026) | 22.8% | 22.4% | ↑ |
| Average Exchange Rate for Sales (FY2026, ending March 2026) | ¥151.80/US$ | ¥150.00/US$ | ↑ |
Business Details
The Imari Plant (the Company) manufactures and sells various vessels, accounting for approximately 79% of Group net sales, making this the core business. While maintaining the Handy Bulk Carrier as its flagship product, the Company is promoting a transition to a product mix construction system combining higher value-added large vessels such as Large Bulk Carriers and VLGCs (Large LPG Carriers). It has also embarked on large-scale capital investment for the construction of Zero-Emission Vessels utilizing GX Economic Transition Bonds.
Recent Overview
Achieved higher sales and profit in the first year of the product mix transition toward larger vessels.
In FY2026 (ending March 2026), the Company completed 17 Handy Bulk Carriers and 4 Large Bulk Carriers, achieving both higher sales and profit, with net sales of ¥125,643 million (up 2.3% year on year) and operating income of ¥28,630 million (up 3.8% year on year). Although there was an impact from rising material and equipment prices and higher labor costs, cost reduction activities and the weaker yen trend contributed positively. The order backlog has grown to ¥422,073 million (up 7.1% year on year), and the next fiscal year will mark a full-scale transition period toward a product mix system combining continuous construction of Large Bulk Carriers with VLGC construction.
Key Products
Growth Drivers
- Higher order unit prices and expanded added value through the product mix transition toward Large Bulk Carriers, VLGCs, and other vessels
- Medium- to long-term sales outlook underpinned by an order backlog of ¥422,073 million (up 7.1% year on year)
- Boost to yen-denominated sales from the weaker yen trend (average sales rate of ¥151.80/US$)
- Ongoing effects of cost reduction activities integrating design, manufacturing, and procurement
- Strengthening of large-scale capital investment and Zero-Emission Vessel construction capability through utilization of GX Economic Transition Bonds
- Expansion of replacement demand for next-generation fuel vessels (VLGCs, ammonia carriers, etc.) due to tightening global GHG regulations
- Favorable market environment with the global new shipbuilding order backlog trending upward
Risks
- Risk of temporary decline in operating volume and deterioration in profitability during the transition period toward Large Bulk Carriers and environmentally compliant vessels
- Risk of increased costs due to soaring steel and material prices and rising labor costs
- Risk of intensifying competition due to expanding construction volume at Chinese shipyards
- Risk of construction delays and cost overruns due to the lengthening and increasing complexity of construction processes for new-fuel vessels
- Foreign exchange risk (since the majority of sales are denominated in US dollars, profitability deteriorates when the yen appreciates)
- Unique financial burden characteristics whereby 85% of costs are incurred by the time of launching, while only 30-40% of payment is received (particularly pronounced for large vessels)
- Impact on the shipping market and shipowner demand from geopolitical risks such as US high tariff policy and Middle East tensions
Last updated: June 19, 2026