OPERATING REVIEW --- 2025H
  • The dry bulk market came under pressure in the first half
    • U.S. tariff policy uncertainty
    • rising regional conflicts
    • the operating margin of the total fleet was 12%
  • Exchange rate volatility (JPY/CHF/TWD)
    • recognized a foreign exchange loss of USD 9.2m
  • Fleet renewal
    • 4 vessels were sold
    • recognized a disposal gain of USD 12.6m
STRATEGIES
  • Careful assessment of new investment opportunities
  • Keeping diversification of vessel type, including wet sector
  • Flexible chartering approach on the volatile market
  • Deepen relationship with current charterers while broadening business with new partners
  • Diversification of financing channel and optimizing of financial structure
  • Continuous fleet renewal to comply with tightening global environmental regulations