Inui Global Logistics Co.,Ltd.
9308・Standard Market・Marine Transportation
Business
Inui Global Logistics Co., Ltd. operates across three segments: the Ocean Shipping Business (approximately 77% of net sales), centered on international cargo transport via handy-size bulk carriers; the Warehousing & Transport Business, covering general warehousing, document storage, and moving services; and the Real Estate Business, which holds company-owned properties in the Katsudoki/Tsukishima area of Tokyo. The current corporate structure was formed in 2014 through the business integration of the former Inui Steamship Co. (founded 1904) and the former Inui Warehouse Co. (founded 1925), and the company is listed on the Standard Market of the Tokyo Stock Exchange. A distinctive feature of the company is its business portfolio, which offsets the volatility of shipping market conditions with the stable earnings from its real estate and warehousing operations. For FY2026 (ending March 2026), consolidated net sales were ¥33,636 million, and total assets were ¥78,698 million.
Business Model
In the Ocean Shipping Business, the company combines freight revenue from self-operated and chartered vessels with ship lending income from other companies, generating returns according to market conditions. The Real Estate Business generates stable cash flow with profit margins exceeding 50% from Rental Apartments and offices in the Kachidoki and Tsukishima areas, providing the financial foundation to continue vessel investments even during downturns in the shipping market. The Warehousing & Transport Business complements this with stable revenue from storage and transport services tailored to logistics needs.
Company Strengths
Rental real estate in the Kachidoki and Tsukishima areas has a fair value of ¥93,848 million against a book value of ¥10,353 million, representing a substantial gap. Using these unrealized gains as collateral, the company executes ultra-long-term asset-backed loans and financing that utilizes unrealized real estate gains. It possesses a unique financial structure that enables stable procurement of vessel investment funds even during downturns in the shipping market.
As of the end of FY2026 (ending March 2026), total operating days for owned and chartered vessels combined reached 10,332 days (utilization rate of 98%), transporting a wide range of commodities including lumber, cement, fertilizer, and grain. The fleet was expanded through the completion of newly built vessels including KEN FOREST and KEN OLIVE, and segment assets of the Ocean Shipping Business increased to ¥43,932 million.
The segment profit margin of the Real Estate Business is extremely high at 50.5% (net sales of ¥3,933 million, profit of ¥1,986 million), with the company owning proprietary properties in the prime central Tokyo locations of Kachidoki and Tsukishima. High occupancy is being maintained against the backdrop of favorable conditions in the Rental Apartments and office markets within Tokyo's 23 wards, contributing to the stabilization of earnings across the group as a whole.
ENVALITH's Perspective
Performance Trend
Revenue peaked during the 2022 and 2023 shipping boom, fell sharply in FY2024, and has been on a gradual recovery trend since, reaching ¥33,636 million in FY2025 (+5.9% YoY). Operating profit, however, deteriorated again in FY2026 (ending March 2026), falling to ¥2,158 million (-41.0% YoY). External factors weighing on earnings included a slump in the ocean shipping market (handy vessels) and a pause in yen depreciation (average rate of ¥149.99/USD versus ¥152.84 in the prior period). In addition, an increase in depreciation expenses (¥4,003 million) associated with the completion of newly built vessels has become a structural cost-increasing factor. In the Real Estate Business, revenue declined (-8.1%) due to the closure of Plaza Katsudoki, and an impairment loss of ¥425 million was recorded. For FY2027 (ending March 2027), assuming a market recovery and continued yen depreciation (¥157/USD), the company forecasts a substantial recovery in operating profit to ¥4,552 million.
Growth Strategy
Under the medium-term plan "Ashita mo Genki," the company is pursuing growth through three pillars: expansion of the ocean shipping fleet, real estate redevelopment, and stabilization of the warehousing business
The increase in operating days from newly built vessels completed and brought into service during the previous and current consolidated fiscal years has raised the proportion of higher-unit-price freight revenue. The company continued fleet development, investing ¥3,967 million in property, plant and equipment acquisitions. It aims to expand earnings against the backdrop of a medium- to long-term outlook for tightening supply-demand conditions for Handy-size vessels.
Following the change from a redevelopment plan to a renovation plan, an impairment loss on construction in progress was recognized as an extraordinary loss (FY2026, ending March 2026). The effect of eliminating depreciation and other costs due to the building's closure, along with new earnings contributions expected after renovation, are anticipated. Rental apartment and office market conditions in the Tsukishima and Kachidoki areas are expected to continue performing favorably.
Warehousing storage balances trended above the same period of the previous year, with increased volume in the Moving Services Business also contributing. Segment profit for FY2026 (ending March 2026) grew steadily to ¥393 million (up 13.0% year on year). In response to the societal challenge of labor shortages, the company is promoting the creation of a safe and rewarding working environment, aiming to stabilize its business foundation.
Last updated: July 19, 2026