The Shibusawa Warehouse Co., Ltd.

Business Details

Comprised of five businesses: Warehousing Business (storage, cargo handling, distribution processing), Port Transportation Business (stevedoring, coastal cargo handling), Land Transportation Business (truck transportation), International Transportation Business (integrated international transportation, air cargo), and Other Logistics Business (Logistics Facility Leasing / Freight Forwarding). Key customer segments include beverages, food, pharmaceuticals, cosmetics, and e-commerce-related businesses, with growth strategy centered on expanding the domestic and overseas network of locations and promoting labor-saving and efficiency improvements through DX initiatives.

Recent Overview

Revenue increased but operating income declined 5.7% year on year due to upfront costs at new facilities and rising labor costs.

In the Logistics Business for FY2026 (ending March 2026), operating revenue was ¥73,968 million (up 1.8% year on year), securing revenue growth, but operating income declined to ¥3,663 million (down 5.7% year on year). Utilization at newly established facilities (in Narashino City and elsewhere) was temporarily sluggish in the first half, resulting in early recognition of fixed costs such as depreciation and rent. In addition, overall labor cost increases—including improved treatment for truck drivers and higher warehouse worker wage rates due to regional minimum wage revisions—pressured profits. By fiscal year-end, utilization at newly established facilities had recovered to roughly normal levels, and revenue contribution is expected from the next fiscal year onward. As a subsequent event, on May 11, 2026, the company resolved to acquire all shares of Meitetsu World Transport Co., Ltd.

Key Products

Growth Drivers

• Full-year revenue contribution from newly established facilities (Narashino City, Yokohama Honmoku Warehouse, Matsudo City expansion, Tochigi Prefecture hazardous materials warehouse) reaching full-scale operation
• Expanded revenue contribution from new contracted business, including full-year contribution from general medical device handling
• Commencement of new handling and expansion of existing volumes in beverages, food, cosmetics, pharmaceuticals, and e-commerce-related sectors
• Improved profitability through freight rate correction and appropriate fee collection triggered by the logistics "2024 problem"
• Optimization of business processes through DX promotion (operational sophistication and labor savings through technology utilization)
• Growth in import/export air cargo handling in international transportation and expansion of overseas subsidiary operations
• Expansion of business scope and network through the consolidation of Meitetsu World Transport Co., Ltd. as a subsidiary

Risks

• Risk that continued fixed cost burden from depreciation, rent, and other expenses will persist and pressure profits if utilization recovery at newly established facilities falls short of plan
• Deteriorating profitability due to structural increases in operating and labor costs and rising costs from normalizing payments to partner companies
• Difficulty in maintaining stable transportation and cargo handling operations due to driver shortages and labor shortages at warehouse sites
• Adjustment in export cargo volume due to U.S. protectionist trade policy (tariff increases) and sluggish Chinese economic conditions
• Impact on international transportation operations from prolonged geopolitical risk, causing supply chain disruption and freight rate volatility
• Risk of contract termination due to in-house handling and site reorganization by some customers
• Rising fuel and utility costs due to persistently high energy prices