TAMAI STEAMSHIP CO., LTD.
9127・Standard Market・Marine Transportation
Business
Tamai Steamship Co., Ltd., founded in 1932, is a mid-tier shipping company listed on the Tokyo Stock Exchange Standard market. The group, which includes 4 consolidated subsidiaries, operates across three segments: Ocean-going Shipping Business, Coastal Shipping Business, and Real Estate Leasing Business. The Ocean-going Shipping Business is the core business, accounting for approximately 79% of operating revenue, operating ocean-going dry bulk vessels centered on 4 long-term chartered vessels held by its Liberian subsidiary, T.S. Central Shipping Co., Ltd. Its main customers are Nippon Light Metal (aluminum hydroxide transport, 35.3% of sales) and Zen-Noh (grain transport, 15.9% of sales). In the Coastal Shipping Business, subsidiary Daishi Marine handles crew staffing and ship management, while the Real Estate Leasing Business, in which Motoyama Pine Crest Co., Ltd. holds rental real estate, functions as a segment supplementing stable earnings.
Business Model
In the Ocean-going Shipping Business, medium- to long-term Contracts of Affreightment (COA) with companies such as Nippon Light Metal and Zen-Noh serve as the revenue base, and revenue is maximized by allocating a portion of controlled vessels to Short-term Chartering (Spot & Time Charter) depending on market conditions. The Coastal Shipping Business secures stable revenue through time chartering of two owned vessels and income from crew staffing. The Real Estate Leasing Business complements fluctuations in shipping market conditions with fixed rental income. Capital expenditure funds are procured through long-term borrowings from financial institutions, with operating cash flow serving as the source for reinvestment.
Company Strengths
The company continues to hold an aluminum hydroxide transport contract with Nippon Light Metal (a long-term relationship dating back to the capital alliance in 1959) and a grain transport contract with Zen-Noh. In FY2026 (ending March 2026), revenue from Nippon Light Metal was ¥1,808 million (35.3% of sales), an increase from the previous period. The long-term COA contracts function as a support for revenue during periods of market fluctuation.
Subsidiary Daishi Marine employs young crew members with an average age of 33 and carries out planned development based on the MLIT-certified "Japanese Vessel and Seafarer Securing Plan." Amid worsening crew shortages and an aging workforce across the coastal shipping industry as a whole, the company's system for securing and training young crew members constitutes a unique competitive advantage that is difficult for competitors to replicate in a short period.
In June 2025, the newly built vessel "TJ PELICANS" was completed, expanding the company's self-owned ocean-going fleet from 3 vessels (159,126 DWT) to 4 vessels (217,754 DWT), an increase of approximately 37% from the previous period. The vessel is an environmentally-compliant ship that adopts EEDI Phase 3 standards ahead of schedule, with total capital investment of ¥2,754,600 thousand. The expansion of vessel capacity has strengthened transport capability and the revenue base.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥6,735 million in FY2022 and has declined for five consecutive periods, reaching ¥5,122 million in FY2026 (down 5.0% year on year). Operating profit has also continued its downward trend, falling from ¥1,542 million in FY2022 to ¥657 million in FY2026. Net income of ¥2,096 million in FY2025 was boosted by a gain on sale of fixed assets of ¥2,034 million (extraordinary income), and although FY2026 recorded a gain on sale of investment securities of ¥553 million, net income fell sharply to ¥774 million. As an external factor, the ocean-going dry bulk market remained firm during the January–March 2026 quarter, supported by concentrated shipments in US-China soybean trade and ton-mile effects from routes via the Cape of Good Hope, but rising vessel costs associated with the completion of newly built vessels squeezed profits. For FY2027 (ending March 2027), revenue is expected to increase, but operating profit and net income are projected to decline further.
Growth Strategy
Sustainable growth led by ocean-going shipping through new vessel deployment, expansion of long-term contracts, and enhanced shareholder returns
A newbuild vessel was completed in June 2025, strengthening the transport capacity of the Ocean-going Shipping Business. Vessels (net) expanded from ¥4,516 million in the previous fiscal year to ¥8,080 million in the current fiscal year. The company aims to expand acquisition of long-term and medium-to-long-term transport contracts utilizing the new vessel and improve operating profitability.
The company continues to implement efficient vessel allocation through route selection and reduced ballast voyages in response to geopolitical risks such as the Russia-Ukraine war, the situation in the Middle East, and the blockade of the Strait of Hormuz. This aims to reduce market volatility risk and improve operating profitability.
A new return policy combining a consolidated dividend payout ratio of 30% or more with a minimum annual dividend of ¥80 per share has been introduced. Interim dividends will begin from FY2027 (ending March 2027), with an annual dividend of ¥80 (interim ¥40, year-end ¥40) forecast. The company aims to balance sustainable growth investment with shareholder returns.
The company continues to develop young crew members, effectively utilizing personnel by switching crew members who have completed time chartering assignments to staffing for other companies and ship management operations for other companies' vessels. This has resulted in an increase in other shipping business revenue (from ¥52 million in the previous fiscal year to ¥139 million in the current fiscal year).
Last updated: July 19, 2026