NS UNITED KAIUN KAISHA, LTD.
9110・Prime Market・Marine Transportation
Business
NS United Kaiun Kaisha, Ltd. is a shipping group specializing in steel-related marine transport, with Nippon Steel Corporation as its other affiliated company. The group operates on two pillars: Ocean Shipping Business (approximately 90% of consolidated net sales) and Domestic Shipping Business (approximately 10%). In its ocean shipping operations, the company operates bulk carriers (Capesize, Panamax, and Handy types), small coastal vessels, and VLGCs (large LPG carriers), transporting iron ore, coal, grain, LPG, and other cargo on a global scale. In its domestic shipping operations, it transports power-related cargo such as coal and biomass, steel raw materials, and LNG/LPG within Japanese coastal waters. The group, comprising 67 subsidiaries and 5 affiliated companies, conducts shipping business and shipping-related operations across the entire group, and has a transport track record spanning over 70 years since its founding in 1950.
Business Model
The company positions long-term and medium-to-long-term transport contracts with major customers, including its primary shipper Nippon Steel, at the core of its earnings, securing stable cash flow while suppressing risks from market fluctuations. On top of this, it builds a structure to increase earnings by capturing high-margin cargo in the spot market and improving vessel deployment efficiency through third-country transport. Vessels are procured through a combination of company-owned ships and chartered vessels from shipowners, allowing the company to maintain its fleet without excessively increasing interest-bearing debt. The planned sale of aging vessels, along with the recognition of gains on sale as part of asset replacement, also functions as part of earnings management.
Company Strengths
Nippon Steel Corporation is an other affiliated company, and sales to the company for FY2026 (ending March 2026) reached ¥104,420 million (44.2% of total sales). Stable revenue through long-term and medium-to-long-term transport contracts underpins performance, and the company has a contract structure capable of maintaining a certain level of revenue even amid market fluctuations.
As of the end of FY2026 (ending March 2026), the equity ratio was 63.2% (improved from 56.5% in the previous period), and the Net DER stood at -0.01x, achieving a virtually debt-free state. Against interest-bearing debt of ¥63,602 million, cash and cash equivalents secured were ¥65,625 million. The interest coverage ratio was 25.6x, indicating an extremely high level of financial soundness.
In ocean shipping, the company owns and operates multiple vessel types including bulk carriers and VLGCs, while in domestic shipping, it handles domestic transport through bulk carriers and tankers. By combining specialization and comprehensive capabilities in both ocean and domestic shipping, the company has built a system capable of consistently meeting the diverse transport needs of shippers. In FY2026 (ending March 2026), segment profit for domestic shipping reached ¥5,041 million, a 27.3% increase year on year.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥250,825 million in FY2023 (ending March 2023), declined in FY2024 (ending March 2024), recovered in FY2025 (ending March 2025), and then declined again to ¥229,784 million in FY2026 (ending March 2026), mainly due to yen appreciation (average exchange rate of ¥150.33/US$, a 1.6% year-on-year appreciation). Meanwhile, operating profit remained roughly flat at ¥20,529 million, up 1.5% year on year. Ordinary profit rose to ¥21,046 million (up 10.7% year on year), supported by an increase in foreign exchange gains and derivative gains. Profit attributable to owners of parent reached ¥24,095 million (up 29.4% year on year), the highest level in the past five fiscal years, driven by the recording of a ¥7,037 million gain on sale of fixed assets. The equity ratio stood at 63.2%, and net assets per share were ¥7,943.82, indicating that the financial base continues to strengthen steadily.
Growth Strategy
Aiming for sustainable growth through ESG-driven management, transition to next-generation fuel vessels, and capture of new transport demand
Steadily executing the planned sale of aging vessels as originally scheduled. In FY2026 (ending March 2026), recorded vessel sale proceeds of ¥7,712 million and gain on sale of fixed assets of ¥7,037 million. Vessels (net) decreased from ¥145,085 million to ¥132,547 million, while construction in progress stood at ¥15,395 million, reflecting continued investment in newbuildings.
In anticipation of the IMO's mid-term measures for greenhouse gas emission reductions (including GFI regulations) and the expanding application of environment-related systems such as EU-ETS, the company is promoting the transition to next-generation fuel vessels. It aims to strengthen competitiveness through the introduction of vessels equipped with hybrid propulsion systems powered by natural gas-only engines.
Capturing growth in electric power-related cargo transport volume, including bauxite transport demand from West Africa and biomass-related cargo. In the Domestic Shipping Business for FY2026 (ending March 2026), transport volume of electric power-related cargo exceeded the initial plan, achieving both revenue and profit growth.
Continuing stable shareholder returns based on a consolidated dividend payout ratio standard of 30%. Annual dividend for FY2026 (ending March 2026) was ¥310 (versus ¥240 in the previous period), with a payout ratio of 30.3%. The forecast for FY2027 (ending March 2027) is ¥295. The company is progressing with repayment of long-term borrowings (from ¥70,737 million to ¥48,014 million), strengthening its financial base with an equity ratio of 63.2%.
Last updated: July 19, 2026