Inui Global Logistics Co.,Ltd.
9308・Standard Market・Marine Transportation
Ocean Shipping Business (Logistics)
The core business, which is Inui Steamship's founding business and accounts for approximately 77% of net sales. Operates international cargo transport using handy-size bulk carriers.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment Net Sales (External Customers) | ¥25,747 million | ¥23,584 million | ↑ |
| Segment Operating Income | ¥747 million | ¥2,139 million | ↓ |
| Segment Assets | ¥43,932 million | ¥41,384 million | ↑ |
| Depreciation and Amortization | ¥3,285 million | ¥2,431 million | ↑ |
| Increase in Tangible and Intangible Fixed Assets (Capital Expenditures) | ¥2,992 million | ¥8,480 million | ↓ |
Business Details
The company conducts cargo transport via self-operated vessels chartered on time charter from subsidiaries or shipowners (industry peers), as well as time chartering out to charterers (industry peers). Consolidated subsidiary DELICA SHIPPING S.A. mainly handles time chartering to the Company. It transports bulk cargo such as timber, cement, fertilizer, grain, and slag worldwide, with multi-regional operations including New Zealand, Singapore, other parts of Asia, and Europe/US destinations. The average exchange rate for FY2026 (ending March 2026) was ¥149.99/US$ (prior period: ¥152.84).
Recent Overview
Segment income plunged 65.1% year on year to ¥747 million due to a combination of softening market conditions and increased depreciation from newly built vessels.
In FY2026 (ending March 2026), the handy-size bulk carrier market softened in the first half amid uncertainty in the international trade environment and concerns over sluggish cargo movement, showing signs of recovery in the third quarter before softening again after the new year. Operating days increased due to the contribution of newly built vessels that were completed and began operations in the prior and current consolidated fiscal years, and net sales rose ¥2,163 million (+9.2%) year on year to ¥25,747 million on higher freight revenue. However, segment income fell ¥1,392 million (-65.1%) year on year to ¥747 million, due to the impact of weak market conditions combined with increased depreciation associated with the completion of new vessels. The average exchange rate moved toward yen appreciation, at ¥149.99/US$ (prior period: ¥152.84).
Key Products
Growth Drivers
- Increase in operating days and freight revenue expansion driven by newly built vessels completed and put into operation in the prior and current consolidated fiscal years
- Medium- to long-term supply constraints on newly built handy-size vessels (limits on scrapping of aging vessels) and tightening supply-demand balance expected due to stricter environmental regulations
- Room for profitability improvement from an increasing share of higher-unit-price freight revenue relative to charter hire revenue
- Expectations for a recovery in Ocean Shipping Business market conditions in the FY2027 (ending March 2027) forecast (next-period earnings forecast: net sales of ¥41,570 million, operating income of ¥4,552 million)
- Boost to yen-denominated earnings from the next-period exchange rate assumption of ¥157.00/US$ (current period actual: ¥149.99)
Risks
- Risk of fluctuations in the handy-size vessel market (significantly weakened year on year in FY2026 (ending March 2026), with soft movement in the first half and after the new year)
- Foreign exchange risk (revenue is mainly denominated in US dollars, and yen appreciation directly pressures earnings)
- Risk of fluctuations in fuel oil prices (next-period forecast assumption of US$725.78/MT, a significant increase from the current period actual of US$515.26/MT)
- Geopolitical risk (uncertainty in the international trade environment due to prolonged Middle East tensions, US tariff policy, slowing Chinese economic growth, etc.)
- Risk of rising vessel operating costs due to stricter environmental regulations (energy-saving operation obligations, GHG regulations, etc.)
- Risk of expanding fixed cost burden due to increased depreciation associated with the completion of newly built vessels
- Vessel impairment risk (possibility of reduced recoverability of vessel book value amid deteriorating shipping market conditions)
Last updated: June 18, 2026