Fixing freight and charter revenue through FFAs

「Under these conditions, the Group worked to reduce market fluctuation risk through futures transactions, stabilize revenue by securing long-term contracts, and reduce costs through more efficient vessel operations.」

「Under these conditions, the transport contracts secured during favourable market conditions by taking advantage of the timing, together with efforts to reduce market-related risk through futures transactions, supported earnings.」

「Under these conditions, the Group used futures transactions to fix revenue and limit the impact of market fluctuations on profitability, while working to stabilize revenue through long-term contracts and reduce costs through more efficient vessel operations.」

「Under these conditions, the Group used futures transactions to fix revenue and limit the impact of market fluctuations on profitability, while working to stabilize revenue through long-term contracts and reduce costs through more efficient vessel operations.」

「Under these conditions, the Group pursued measures to stabilize profitability, including securing long-term contracts, fixing revenue through futures transactions, reducing costs through more efficient vessel operations, and the early redelivery of high-cost chartered vessels.」

「To limit fluctuations in freight and charter income caused by market conditions, the company worked to lock in revenue in advance using futures transactions, including Freight Forward Agreements (FFAs), and the impact of improved market conditions was limited. It also recorded a loss in the second quarter on FFA transactions undertaken to address market fluctuations from the second half onward, reflecting differences in the timing of revenue and expense recognition, but this had no impact on the full-year earnings outlook.」