Sluggish Demand in the Merchant Vessel and Fisheries Markets and Declining Sales in the Marine Equipment Business
First written in FY2017-Q1. 11 of 34 entries say "Mitigated", first in FY2019-Q1. Latest entry: 2026-10-09.
Furuno Electric moved to the "Worse" side of this theme in 2016, 5 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 5 of 14 companies on the "Worse" side.
6 other companies' latest entry also says "Mitigated".
- 2026-10-09MitigatedRevision of earnings forecasts
「主力の舶用事業において堅調な市場環境を背景に販売が想定を上回って推移しており、通期業績は期初予想を上回る見通しです。」
従来記載されていた舶用市場の需要低迷・減収リスクに対し、今回の開示では主力舶用事業の市場環境を堅調と説明している。 - FY2027-H1Commercial marine demand remains strong, fisheries are sluggish, and pleasure boats show signs of bottoming outAnnual report
「New vessel orders have continued at almost the same pace as in the record year of 2007, and shipbuilders’ order backlogs have continued to grow. The market for fisheries remained generally sluggish. In the pleasure boat market, demand, particularly for small and midsize boats in North America, had remained sluggish amid high loan rates for boat purchases and elevated prices, but signs of bottoming out have recently emerged.」
While new vessel orders and shipbuilders’ order backlogs remained high in the commercial marine market, the fisheries market was sluggish. Demand for pleasure boats showed signs of bottoming out. - 2026-10-06Mitigateds.minkabu.jp
「With foreign exchange rates generally tracking as assumed, sales to the commercial vessel market in the marine equipment business outperformed expectations. This was due in part to expanded shipbuilding capacity, driven by high levels of outstanding orders at Chinese shipbuilders, which brought shipbuilding schedules forward.」
Shipbuilding capacity expanded amid high levels of outstanding orders at Chinese shipbuilders, resulting in commercial vessel sales exceeding expectations. - 2026-10-06MitigatedRevision of earnings forecasts
「In the merchant ship market, construction capacity has expanded against a backdrop of high levels of work on hand at Chinese shipbuilders, and our product sales progressed above initial expectations as shipbuilding schedules were brought forward.」
Against the risk of weak demand in the merchant ship market and lower revenue in the marine business, the company reported that sales exceeded initial expectations due to high levels of work on hand at Chinese shipbuilders and earlier shipbuilding schedules. - FY2026-H1Fewer new merchant vessel orders and a high level of construction activity; strong fishing demand in Asia; sluggish pleasure boat demandAnnual report
「Amid uncertainty over the outlook for vessel demand, the number of new orders for new vessels declined from previous levels. Even so, demand for alternative-fuel vessels to reduce GHG (greenhouse gas) emissions remained strong, and shipbuilders’ order backlogs continued to increase and remained high. In the fishing market, demand in Asia remained strong.」
In the commercial marine market, the number of new orders for new vessels declined, while demand for alternative-fuel vessels and shipbuilders’ order backlogs remained high. Fishing demand was strong in Asia. - FY2025-H1Commercial marine demand remains high, while fishing and pleasure boat markets are weakAnnual report
「Demand for alternative-fuel vessels to reduce GHG (greenhouse gas) emissions increased, and shipbuilders maintained high levels of orders and order backlogs. In the fishing market, demand in Europe was weak, while domestic demand continued to recover. In the pleasure boat market, demand growth slowed, particularly for small and mid-sized boats in North America.」
The market picture varied by segment: demand for alternative-fuel vessels and shipbuilders’ orders and order backlogs remained high in the commercial marine market, European fishing demand was weak, domestic fishing demand was recovering, and demand for small and mid-sized boats in North America was slowing. - FY2025-Q1Commercial marine demand and order backlog high, fishing and pleasure boat markets weakAnnual report
「Against this economic backdrop, in the commercial marine market related to the Group, ship prices remained high due to soaring material and labor costs and lower shipyard construction capacity caused by labor shortages and other factors, but demand for alternative-fuel vessels as a response to efforts to reduce GHG (greenhouse gas) emissions increased, and shipbuilders maintained high levels of orders and order backlogs. In the fishing market, demand in Japan was recovering, but the market remained weak because demand in Europe was sluggish. In the pleasure boat market, demand growth slowed, particularly for small and mid-sized boats in North America.」
In the commercial marine market, shipyard constraints and high costs continued, while demand for alternative-fuel vessels and shipbuilders’ orders and order backlogs remained high. The fishing market was affected by weak European demand, and growth in the pleasure boat market slowed, particularly for small and mid-sized boats in North America. - FY2024RestatedAnnual report
「Although the environment for new vessel orders remained weak due to persistently high vessel prices resulting from soaring material and labor costs, and lower shipyard construction capacity caused by labor shortages and other factors, the order backlog remained high. Demand in the fishing market remained firm in Japan, North America and Europe. Demand in the pleasure boat market remained strong in North America and Europe.」
The weak new vessel order environment, high order backlog and firm fishing and pleasure boat demand continued from the previous quarter. - FY2024-Q3Weak new vessel order environment, high order backlog, firm overseas demandAnnual report
「Although the environment for new vessel orders remained weak due to persistently high vessel prices resulting from soaring material and labor costs, and lower shipyard construction capacity caused by labor shortages and other factors, the order backlog remained high. Demand in the fishing market remained firm across overseas regions.」
Specific factors behind the weak new vessel order environment were identified as material and labor costs, shipyard labor shortages and lower construction capacity. Meanwhile, the order backlog remained high and fishing demand was firm. - FY2024-Q2RestatedAnnual report
「Although the environment for new vessel orders remained weak, the order backlog stayed high. Demand in the fishing market remained firm, particularly in Europe. Demand in the pleasure boat market remained strong in North America and Europe.」
The environment for new vessel orders remained weak, but the order backlog was high, while fishing and pleasure boat demand remained firm or strong. - FY2024-Q1New vessel order environment remains weak, but order backlog is high and fishing and pleasure boat demand is firmAnnual report
「In the commercial marine market, the environment for new vessel orders remained weak due to higher vessel prices resulting from surging steel prices and other factors, but the order backlog remained high. Demand in the fishing market remained firm, particularly in Europe. Demand in the pleasure boat market remained strong in North America and Europe.」
While the description of the new vessel order environment remained weak, the order backlog stayed high, and demand for fishing vessels in Europe and pleasure boats in North America and Europe was described as firm or strong. - FY2023-Q3New vessel order environment remains weak, while demand for alternative-fuel vessels continuesAnnual report
「In the commercial marine market, the environment for new vessel orders remained weak, but demand for alternative-fuel vessels such as LNG-fueled vessels increased. Demand in the fishing market remained firm in all regions. In the pleasure boat market, demand increased steadily in the Americas and Europe.」
The description of the new vessel order environment changed from the recovery trend seen through the previous quarter to weakness, while demand for alternative-fuel vessels such as LNG-fueled vessels, fishing demand in all regions and pleasure boat demand in the Americas and Europe remained firm. - FY2023-Q2Add rising demand for alternative-fuel vesselsAnnual report
「The recovery trend in the environment for new vessel orders continued, and demand for alternative-fuel vessels, particularly LNG-fueled vessels, is increasing.」
As the recovery trend in the commercial marine new vessel market continued, growing demand for alternative-fuel vessels such as LNG-fueled vessels became more apparent. - FY2023-Q1MitigatedAnnual report
「In the commercial marine market, the recovery trend in the environment for new vessel orders continued, while retrofit demand remained firm, particularly in Europe. In the fishing market, demand remained firm in Japan and Asia and increased in the Americas and Europe.」
The disclosure cited recovery in the commercial marine new vessel order environment, firm retrofit demand, particularly in Europe, and firm or increasing fishing demand, further weakening the risk of sluggish demand. - FY2022-Q3MitigatedAnnual report
「Revenue from the marine business was ¥52,293 million, up 12.9% year on year. Segment profit was ¥2,983 million, up 287.3% year on year, due largely to strong sales in Europe.」
Against a backdrop of recovery in the commercial marine new vessel order environment, recovering European retrofit demand and expanding North American pleasure boat sales, the marine business posted higher revenue and a significant increase in profit. The risks of weak demand and lower marine business revenue were further reduced. - FY2022-Q2MitigatedAnnual report
「In the commercial marine market, the environment for new vessel orders showed signs of recovery, while the recovery in retrofit demand in Europe continued. Demand in the fishing market remained stable, and demand in the pleasure boat market continued to expand, particularly in North America.」
The environment for commercial marine new vessel orders began to show signs of recovery, while the recovery in European retrofit demand and the recovery or expansion of fishing and pleasure boat demand, particularly in North America, continued. - FY2022-Q1MitigatedAnnual report
「Regarding conditions in the main markets related to the Group, demand for retrofits in Europe recovered in the commercial marine market. Demand in the fishing market remained stable, while demand for equipment installations in the pleasure boat market continued to expand, particularly in North America.」
European demand for commercial marine retrofits recovered, while fishing demand remained stable. Growth in pleasure boat demand, particularly in North America, also continued, further reducing the risk of weak demand in the commercial marine and fishing markets. - FY2021Weak commercial marine demand continues, limited impact on fishing, pleasure boat demand expandsAnnual report
「In the commercial marine market, demand for new vessel construction remained weak, while upfront investment in autonomous navigation and compliance with environmental regulations began in earnest. In the fishing market, the impact of lower demand due to COVID-19 was limited. Demand for equipment installations in the pleasure boat market continued to expand, particularly in North America, compared with before the pandemic.」
Demand in the commercial marine market remained weak, while the decline in fishing-related demand was considered limited. Demand for pleasure boats continued to expand beyond pre-pandemic levels, particularly in North America. - FY2021-Q3Recovery trend continues, but revenue and profit declineAnnual report
「In the marine business, both the commercial marine and fishing markets continued to recover gradually from the downturn in the first quarter. As a result, revenue from the marine business was ¥46,299 million, down 8.3% year on year. Segment profit was ¥770 million, down 59.0% year on year, due to the impact of lower revenue.」
The commercial marine and fishing markets continued to recover from the first-quarter downturn, but marine business revenue fell 8.3% and segment profit fell 59.0%, with lower revenue and profit continuing. - FY2021-Q2Continued declines in revenue and profit; project delays showing signs of resolutionAnnual report
「In the marine business, projects were postponed due to the impact of temporary shipyard closures and other measures taken by countries in response to COVID-19, but delays are now gradually being resolved.」
It explained that projects were postponed due to shipyard closures and other measures taken in response to COVID-19, while delays are now gradually being resolved. Cumulatively, the marine business posted lower revenue and lower profit, with revenue down 10.5% year on year and segment profit down 63.4%. - FY2021-Q1WorsenedAnnual report
「In the marine business, sales to both the merchant shipping and fishing markets declined due to the impact of stagnating economic activity associated with measures taken by countries to address the novel coronavirus disease. As a result, marine business revenue was ¥15.054 billion, down 12.3% year on year.」
Stagnating economic activity associated with measures to address the novel coronavirus disease caused both demand and sales in the merchant shipping and fishing markets to decline, resulting in lower marine business revenue. - FY2020-Q3Marine business revenue up, profit down; narrower decline in profitAnnual report
「In the marine business, revenue declined in Europe due to foreign exchange effects, while sales of equipment for new merchant vessels increased in Japan and Asia. As a result, marine business revenue was ¥50.486 billion, up 5.1% year on year, and segment profit was ¥1.881 billion, down 36.4%.」
Although revenue continued to decline in Europe due to foreign exchange effects, revenue increased on higher sales for new merchant vessels in Japan and Asia. Profit continued to decline, but the rate of decline in segment profit narrowed from 45.5% in the previous quarter to 36.4%. - FY2020-Q2MitigatedAnnual report
「In the marine business, revenue declined in Europe due to foreign exchange effects, while sales of equipment for new merchant vessels increased in Japan and Asia. As a result, marine business revenue was ¥34.874 billion, up 5.3% year on year, and segment profit was ¥1.547 billion, down 45.5%.」
Although revenue declined in Europe due to foreign exchange effects, the marine business recorded revenue growth on increased sales for new merchant vessels in Japan and Asia. The risk of sluggish demand and declining marine business revenue was partially reduced, but profit declined. - FY2020-Q1RestatedAnnual report
「The newbuilding market, centered on Japan and Asia, showed signs of bottoming out, while the replacement market, centered on Europe, remained firm. Sales to the fishing market also increased in Japan and Asia.」
Signs that the newbuilding market had bottomed out, the firmness of the replacement market and increased fishing market sales continued, reaffirming the trend toward a reduction in the risk of sluggish demand and declining marine business revenue. - FY2019MitigatedAnnual report
「The newbuilding market, primarily in Japan and Asia, showed signs of bottoming out, while the replacement market, centered on Europe, remained firm. Sales to the fishing market also increased overseas, particularly in Europe. As a result, marine business revenue was ¥66.558 billion, up 5.0% year on year, and segment profit was ¥3.923 billion, up 404.8%.」
The newbuilding market showed signs of bottoming out, while the replacement and fishing markets were firm or growing. The marine business returned to revenue and profit growth, reducing the risk of sluggish demand and declining revenue. - FY2019-Q3RestatedAnnual report
「Demand for newbuildings in the merchant shipping market remained low but continued to show signs of recovery. Demand in the pleasure boat market also continued to recover, primarily for small boats.」
The merchant shipping market remained low but continued to recover, while the pleasure boat market continued to show signs of recovery, primarily for small boats. The marine business also recorded revenue growth due to increased overseas sales to the merchant shipping and fishing markets. - FY2019-Q2MitigatedAnnual report
「Demand for newbuildings in the merchant shipping market remained low but continued to show signs of recovery. Demand in the pleasure boat market also continued to recover, primarily for small boats.」
Demand in the merchant shipping market remained low but continued to recover, while sales to the merchant shipping and fishing markets increased in the marine business, further weakening the risk of sluggish demand and declining marine business revenue. - FY2019-Q1MitigatedAnnual report
「Demand in the merchant shipping market remained low despite showing signs of recovery. Demand in the pleasure boat market continued to recover, primarily for small boats.」
Demand in the merchant shipping market remained low but was described as being on a recovery trend. Sales to the merchant shipping and fishing markets also increased, weakening the previously identified risk of sluggish demand and declining marine business revenue. - FY2018-Q3Marine business revenue up, profit down; divergent regional trendsAnnual report
「In the marine business, sales to the fishing market increased in Japan and Asia. Sales to the merchant shipping market increased in Europe but declined in Asia and were flat in Japan. As a result, marine business revenue was ¥47.444 billion, up 3.0% year on year, and segment profit was ¥999 million, down 23.8%.」
Sales to the fishing market and to the European merchant shipping market increased, while sales to the Asian merchant shipping market declined. The marine business as a whole saw revenue growth but a decline in profit. - FY2018-Q2RestatedAnnual report
「In the marine business, sales to the merchant shipping market declined, primarily in Japan and Asia. Meanwhile, sales to the fishing market declined in Europe but increased in Japan, Asia and other regions outside Europe. As a result, marine business revenue was ¥31.887 billion, down 2.8% year on year, and segment profit was ¥1.015 billion, down 37.7%.」
The pattern of declining merchant shipping revenue and regional increases and decreases in fishing market revenue continued. The marine business as a whole saw declines in both revenue and profit, while fishing market revenue continued to increase outside Europe. - FY2018-Q1Continued decline in merchant shipping revenue; recovery in the fishing market by regionAnnual report
「In the marine business, sales to the merchant shipping market declined, primarily in Japan and Asia. Meanwhile, sales to the fishing market declined in Europe but increased in Japan, Asia, North America and other regions outside Europe. As a result, marine business revenue was ¥15.436 billion, down 3.6% year on year, and segment profit was ¥177 million, down 61.9%.」
Revenue from the merchant shipping market continued to decline, while fishing market revenue increased in Japan, Asia and North America outside Europe, resulting in divergent regional trends. The marine business as a whole saw declines in both revenue and profit. - FY2017-Q3WorsenedAnnual report
「In the marine business, sales to the merchant shipping market remained solid in Japan but struggled overseas. Sales to the fishing market declined in all regions. Sales to the pleasure boat market also declined in North America and Europe, the core markets, due partly to the impact of the stronger yen. As a result, marine business revenue was ¥46.069 billion, down 16.6% year on year, and segment profit was ¥1.311 billion, down 55.3%.」
In addition to declining overseas sales to the merchant shipping and fishing markets, sales to the pleasure boat market declined in North America and Europe. The declines in marine business revenue and segment profit were quantified. - FY2017-Q2WorsenedAnnual report
「In the marine business, overseas sales to the merchant shipping market declined, primarily in Asia, partly due to the impact of the stronger yen. Sales to the fishing market also declined in all regions, primarily in Asia. As a result, marine business revenue was ¥32.789 billion, down 14.7% year on year, and segment profit was ¥1.629 billion, down 30.9%.」
The decline in overseas sales to the merchant shipping and fishing markets continued, with the rates of decline in marine business revenue and segment profit also disclosed. - FY2017-Q1First statedAnnual report
「While demand for newbuildings in the merchant shipping market remained sluggish, the Group actively pursued the development of growth markets and sales expansion. Although revenue increased in the industrial business, sales to the merchant shipping and fishing markets declined in the core marine business.」
For the core marine business, the report notes both stagnant market demand and declining sales to the merchant shipping and fishing markets.