Mitsui O.S.K. Lines, Ltd.
9104・Prime Market・Marine Transportation
Dry Bulk Business
A market-sensitive business that operates global ocean cargo transport through the ownership and operation of dry bulk vessels
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue | ¥400,321 million | Not disclosed | — |
| Segment profit (ordinary income basis) | ¥13,961 million | Not disclosed | — |
| Segment assets | ¥565,205 million | Not disclosed | — |
| Depreciation | ¥15,775 million | Not disclosed | — |
| Increase in tangible and intangible fixed assets (capital expenditure) | ¥53,173 million | Not disclosed | — |
Business Details
Centered on Mitsui O.S.K. Dry Bulk Ltd., MOL CAPE (SINGAPORE) PTE. LTD., GEARBULK HOLDING AG and 86 other companies, the segment owns and operates dry bulk vessels across diverse vessel types including Capesize, Panamax, and small-size bulkers. It focuses primarily on transporting resources and agricultural products such as iron ore, coal, grain, and bauxite, responding to shipper needs through a global sales network. Gearbulk Holding AG, which became a consolidated subsidiary in FY2024 (ending March 2025), brought the Open Hatch Vessel Business under the segment's umbrella as well.
Recent Overview
This correction was only a reclassification between B/S account items, with no change to Dry Bulk Business performance figures
The correction to the earnings report dated May 21, 2026 corrected a misclassification error between the accounts "Land" (¥502,097 million → ¥460,049 million) and "Other intangible fixed assets" (¥88,160 million → ¥130,208 million) on the consolidated balance sheet, with no change to total fixed assets or total assets. There is no impact on performance figures such as revenue, segment profit, or assets for the Dry Bulk Business segment, and the KPIs in the existing report remain unchanged.
Key Products
Growth Drivers
- Incorporation of the Open Hatch Vessel Business and expansion of business scale through the consolidation of Gearbulk Holding AG
- Capturing new and expanding cargo demand such as biofuel, grain, fertilizer, and scrap iron amid the progress of a decarbonized/low-carbon society
- Expected recovery in demand for transport to the United States as Brazilian pulp becomes exempt from US tariffs
- Improved profitability through contracts for project cargo transport
- Enhanced competitiveness through strengthened deployment of environmentally responsible vessels contributing to GHG emission reductions
Risks
- Risk of reduced cargo movement of iron ore, coal, etc. and market softening due to sluggish domestic demand in China
- Risk of shipment stagnation due to seasonal factors such as Brazil's rainy season and Australian cyclones
- Expansion of fixed cost burden due to increased depreciation associated with the consolidation of Gearbulk Holding AG
- Risk of deterioration in specific cargo markets, such as a downturn in the wood chip carrier market
- Risk of reduced yen-denominated earnings due to exchange rate fluctuations (yen appreciation)
Last updated: June 23, 2026