Tokai Kisen Co., Ltd.
9173・Standard Market・Marine Transportation
Marine Transportation Business
Core segment centered on scheduled passenger and cargo routes connecting the Tokyo Islands and the mainland
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (external customers) | ¥2,851 million (Q1 FY2026 (ending December 2026) cumulative) | ¥2,822 million (Q1 FY2025 (ending December 2025) cumulative) | ↑ |
| Operating income | ¥14 million (Q1 FY2026 (ending December 2026) cumulative) | ¥55 million (Q1 FY2025 (ending December 2025) cumulative) | ↓ |
| Number of passengers | 157 thousand (Q1 FY2026 (ending December 2026)) | 146 thousand (Q1 FY2025 (ending December 2025)) | ↑ |
| Cargo volume transported | 72 thousand tons (Q1 FY2026 (ending December 2026)) | 70 thousand tons (Q1 FY2025 (ending December 2025)) | ↑ |
| Other revenue (subsidies, etc.) | ¥240 million (Q1 FY2026 (ending December 2026) cumulative) | ¥253 million (Q1 FY2025 (ending December 2025) cumulative) | ↓ |
Business Details
This is the core segment of the Tokai Kisen Group, primarily engaged in the scheduled passenger and cargo route business connecting the Tokyo Islands (Izu Islands and Ogasawara) with the mainland. The Group also operates a Tokyo Bay excursion business. Subsidiaries included in this segment are Izu Shichito Kaiun, Tokai Ship Service, Tokai Marine Service and other shipping agencies, Tokai Technical Service, and Ogasawara Kaiun. This is the most important segment, accounting for approximately 86% of the Group's total net sales.
Recent Overview
Both passenger and cargo volumes increased, but operating income declined sharply due to higher costs
In Q1 FY2026 (ending December 2026), the passenger segment performed well due to inviting influencers to Oshima's "Camellia Festival" and combined tours with the Izu region, resulting in a 7.5% year-on-year increase in the number of passengers. The cargo segment also saw a 2.9% year-on-year increase in transport volume due to an increase in construction-related items bound for Hachijojima. On the other hand, increases in ship repair costs and personnel expenses weighed on profits, causing operating income to decline sharply from ¥55 million to ¥14 million.
Key Products
Growth Drivers
- Strengthening the capture of individual and group customers through package tickets and tie-ups with travel agency tours
- Acquiring younger and new customers through digital marketing such as influencer engagement
- Boosting cargo volume by actively securing orders for construction-related cargo
- Improving cargo transport quality and collection efficiency through the use of refrigerated and chilled containers
- Supplementing revenue through subsidy income (other revenue)
- Revenue contribution during the peak passenger season in Q3 (summer), including the Tokyo Bay Suzumi-bune and cruises
Risks
- Gradual decline in cargo transport volume due to population decline in the Tokyo Islands
- Passenger transport volume not recovering to pre-pandemic levels
- Profit pressure from rising costs such as ship repair expenses and personnel costs
- Operational disruptions and reduced transport volume due to weather and marine risks (e.g., typhoons)
- Risk of operational constraints and reduced service frequency due to stricter management of crew working hours
- Limited spillover of nationwide inbound demand growth to the Tokyo Islands
- Additional cost burden associated with strengthening safety management systems
Last updated: May 15, 2026