Foreign exchange rate and fuel oil price volatility risk
First written in FY2016. 20 of 36 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-08-04.
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- FY2026Annual average appreciation of the yen and decline in fuel oil pricesAnnual report
「Exchange rate (¥/US$) 153 150 −3 −¥3.2 billion Fuel oil price (US$/MT) 610 528 −82 −¥100 million」
The annual average exchange rate moved toward a stronger yen from ¥153 to ¥150, having a negative impact of ¥3.2 billion on ordinary profit. Fuel oil prices fell from US$610/MT to US$528/MT, with a negative impact of ¥100 million. - FY2026-H1Stronger yen and lower fuel oil pricesAnnual report
「Exchange rate (¥/US$) (6-month average) 153.89 146.18 −7.71 (−5.0%) Fuel oil price (US$/MT) (6-month average) 627 547 −80 (−12.8%)」
The average exchange rate moved toward a stronger yen from ¥153.89 to ¥146.18 year on year, while fuel oil prices fell from US$627/MT to US$547/MT. Exposure to fluctuations in exchange rates and fuel oil prices continued. - FY2025Annual impact of yen depreciation and slightly lower fuel oil pricesAnnual report
「Exchange rate (¥/US$) 144 153 9 ¥22.5 billion Fuel oil price (US$/MT) 620 610 −10 −¥0 billion」
The average exchange rate moved toward a weaker yen from ¥144 to ¥153, having a positive impact of ¥22.5 billion on ordinary profit. Fuel oil prices fell slightly from US$620/MT to US$610/MT. - FY2025-H1WorsenedAnnual report
「Exchange rate (¥/US$) (6-month average) 139.93 153.89 13.96 (10.0%) Fuel oil price (US$/MT) (6-month average) 605 627 21 (3.5%)」
The average exchange rate moved toward a weaker yen from ¥139.93 to ¥153.89 year on year, while fuel oil prices also rose from US$605/MT to US$627/MT. Exposure to fluctuations in exchange rates and fuel oil prices increased simultaneously. - FY2024Annual impact of yen depreciation and lower fuel oil pricesAnnual report
「Exchange rate (¥/US$) 135 144 9 ¥14.2 billion Fuel oil price (US$/MT) 769 620 −149 ¥900 million」
The average exchange rate moved toward a weaker yen from ¥135 to ¥144, having a positive impact of ¥14.2 billion on ordinary profit. Meanwhile, fuel oil prices fell from US$769/MT to US$620/MT, with an impact of ¥900 million. - FY2024-Q3Continued yen depreciation and lower fuel oil pricesAnnual report
「Exchange rate (¥/US$) (9-month average) 135.70 142.86 7.16 (5.3%) Fuel oil price (US$/MT) (9-month average) 808 619 −189 (−23.4%)」
The 9-month average exchange rate moved toward a weaker yen from ¥135.70 to ¥142.86 year on year, while fuel oil prices fell 23.4% from US$808/MT to US$619/MT. Exposure to fluctuations in exchange rates and fuel oil prices continued. - FY2024-Q2Continued yen depreciation and lower fuel oil pricesAnnual report
「Exchange rate (¥/US$) (6-month average) 131.56 139.93 8.37 (6.4%) Fuel oil price (US$/MT) (6-month average) 850 605 −245 (−28.8%)」
The 6-month average exchange rate moved toward a weaker yen from ¥131.56 to ¥139.93 year on year, while fuel oil prices fell from US$850/MT to US$605/MT. Exposure to fluctuations in exchange rates and fuel oil prices continued. - FY2024-Q1Continued yen depreciation and lower fuel oil pricesAnnual report
「Exchange rate (¥/US$) (3-month average) 126.49 135.81 9.32 (7.4%) Fuel oil price (US$/MT) (3-month average) 821 609 −212 (−25.8%)」
The average exchange rate moved toward a weaker yen year on year, while fuel oil prices fell from US$821/MT to US$609/MT. Exposure to fluctuations in exchange rates and fuel oil prices continued. - FY2023WorsenedAnnual report
「Exchange rate (¥/US$) 112 135 23 ¥71.7 billion Fuel oil price (US$/MT) 551 769 218 −¥1.2 billion」
The average exchange rate moved toward a weaker yen from ¥112 to ¥135, while fuel oil prices rose from US$551/MT to US$769/MT. Exposure to fluctuations in exchange rates and fuel oil prices remained significant. - FY2023-Q3WorsenedAnnual report
「Exchange rate (¥/US$) (9-month average) 110.97 135.70 24.73 (22.3%) Fuel oil price (US$/MT) (9-month average) 521 808 286 (54.9%)」
The 9-month average exchange rate moved ¥24.73 toward a weaker yen year on year, while fuel oil prices rose 54.9% to US$808/MT, increasing exposure to fluctuations in exchange rates and fuel oil prices. - FY2023-Q2WorsenedAnnual report
「Exchange rate (¥/US$) (6-month average) 109.90 131.56 21.67 (19.7%) Fuel oil price (US$/MT) (6-month average) 497 850 353 (71.1%)」
The average exchange rate moved toward a weaker yen year on year, while fuel oil prices rose 71.1% from US$497/MT to US$850/MT. Exposure to fluctuations in exchange rates and fuel oil prices increased. - FY2023-Q1WorsenedAnnual report
「Exchange rate (¥/US$) (3-month average) 109.80 126.49 16.69 (15.2%) Fuel oil price (US$/MT) (3-month average) 479 821 342 (71.5%)」
The 3-month average exchange rate moved ¥16.69 toward a weaker yen year on year, while fuel oil prices rose 71.5% to US$821/MT, increasing exposure to fluctuations in fuel costs and exchange rates. - FY2022WorsenedAnnual report
「Exchange rate ¥106/US$ ¥112/US$ ¥6/US$ ¥2.35 billion Fuel oil price US$363/MT US$551/MT US$188/MT −¥320 million」
The average fuel oil price rose from US$363/MT to US$551/MT, increasing exposure to fluctuations. The weaker yen had a positive impact of ¥2.35 billion, while higher fuel oil prices had a negative impact of ¥320 million. - FY2022-Q3WorsenedAnnual report
「Exchange rate (¥/US$) (9-month average) ¥106.14 ¥110.97 ¥4.83 (4.6%) Fuel oil price (US$/MT) (9-month average) US$347 US$521 US$175 (50.4%)」
The 9-month average fuel oil price rose 50.4% year on year from US$347/MT to US$521/MT, increasing exposure to fluctuations in fuel costs. The exchange rate moved toward a weaker yen. - FY2022-Q2WorsenedAnnual report
「Exchange rate (¥/US$) (6-month average) ¥106.82 ¥109.90 ¥3.07 (2.9%) Fuel oil price (US$/MT) (6-month average) US$353 US$497 US$144 (40.8%)」
Fuel oil prices rose 40.8% year on year from US$353/MT to US$497/MT, increasing exposure to fluctuations in fuel costs. The exchange rate was ¥109.90/US$. - FY2021RestatedAnnual report
「Exchange rate ¥109/US$ ¥106/US$ −¥3/US$ −¥710 million Fuel oil price US$467/MT US$363/MT −US$104/MT −¥610 million」
Although the average exchange rate moved toward a stronger yen and fuel oil prices fell, the company continued to disclose its exposure to the impact of exchange-rate and fuel-oil-price fluctuations on ordinary profit, as well as its hedging policy. - FY2021-Q3RestatedAnnual report
「Exchange rate (¥/US$) (9-month average) ¥109.05 ¥106.14 −¥2.91 (−2.7%) Fuel oil price (US$/MT) (9-month average) US$445 US$347 −US$99 (−22.1%)」
The average exchange rate moved toward a stronger yen year on year, while fuel oil prices fell, continuing to indicate exposure to fluctuations in exchange rates and fuel oil prices. - FY2021-Q2Stronger yen and lower fuel oil pricesAnnual report
「Exchange rate (¥/US$) (6-month average) ¥109.18 ¥106.82 −¥2.36 (−2.2%) Fuel oil price (US$/MT) (6-month average) US$440 US$353 −US$87 (−19.9%)」
Although the average exchange rate moved toward a stronger yen year on year, fuel oil prices fell 19.9%. Exposure to exchange rates and fuel oil prices continued. - FY2020-Q3RestatedAnnual report
「Exchange rate (¥/US$) (9-month average) ¥110.80 ¥109.05 −¥1.75 (−1.6%) Fuel oil price (US$/MT) (9-month average) US$454 US$445 −US$9 (−1.9%)」
The 9-month average exchange rate moved toward a stronger yen year on year, while fuel oil prices fell to US$445/MT. Exposure to fluctuations in exchange rates and fuel oil prices continued. - FY2020-Q2RestatedAnnual report
「Exchange rate (¥/US$) (6-month average) ¥109.48 ¥109.18 −¥0.30 (−0.3%) Fuel oil price (US$/MT) (6-month average) US$437 US$440 US$3 (0.7%)」
The yen strengthened slightly year on year, while fuel oil prices rose 0.7%, continuing to indicate exposure to fluctuations in exchange rates and fuel oil prices. - FY2020-Q1WorsenedAnnual report
「Exchange rate (¥/US$) (3-month average) ¥108.10 ¥110.73 ¥2.63 (2.4%) Fuel oil price (US$/MT) (3-month average) US$414 US$443 US$29 (7.0%)」
Although the average exchange rate moved toward a weaker yen year on year, fuel oil prices rose 7.0% from US$414/MT to US$443/MT, and cost exposure continued and increased. - FY2019WorsenedAnnual report
「Fuel oil price US$349/MT US$450/MT US$101/MT △¥280 million」
The average fuel oil price rose from US$349/MT to US$450/MT, negatively affecting ordinary profit. The exchange rate was ¥111/US$, unchanged from the previous year. - FY2019-Q3WorsenedAnnual report
「Exchange rate (¥/US$) (9-month average) ¥111.68 ¥110.80 △¥0.88 (△0.8%) Fuel oil price (US$/MT) (9-month average) US$336 US$454 US$118 (35.3%)」
Fuel oil prices rose 35.3% year on year to US$454/MT. Yen appreciation and higher fuel costs continued, and higher fuel costs also contributed to the recording of a loss in the car carrier business. - FY2019-Q2WorsenedAnnual report
「Exchange rate (¥/US$) (6-month average) ¥111.20 ¥109.48 △¥1.72 (△1.5%) Fuel oil price (US$/MT) (6-month average) US$324 US$437 US$113 (34.8%) Total vehicle cargo movements continued to increase gradually overall, except for shipments to the Middle East, where the economic recovery was delayed, and within Europe, where sales declined due to emissions and fuel-efficiency regulations. The Group’s vehicle transportation volume also increased, but revenue declined year on year and a loss was recorded due to higher fuel costs, deteriorating operating efficiency and other factors.」
The 6-month average fuel oil price rose 34.8% year on year, and higher fuel costs emerged in actual results as a decline in revenue and a loss in the car carrier business. The exchange rate also moved toward yen appreciation year on year. - FY2019-Q1WorsenedAnnual report
「Exchange rate (¥/US$) (3-month average) ¥111.48 ¥108.10 △¥3.38 (△3.0%) Fuel oil price (US$/MT) (3-month average) US$326 US$414 US$88 (27.2%)」
The exchange rate moved toward yen appreciation year on year, while fuel oil prices rose 27.2%. Surging fuel oil prices emerged as a factor behind higher costs and deteriorating performance. - FY2018WorsenedAnnual report
「Exchange rate ¥109/US$ ¥111/US$ ¥2/US$ depreciation ¥1.6 billion Fuel oil price US$265/MT US$349/MT US$84/MT increase △¥6.8 billion」
The period benefited by ¥1.6 billion from yen depreciation, while fuel oil prices rose by US$84/MT, resulting in a negative impact of ¥6.8 billion on ordinary profit. - FY2018-Q3RestatedAnnual report
「Exchange rate (¥/US$) (9-month average) ¥106.92 ¥111.68 ¥4.76 (4.5%) Fuel oil price (US$/MT) (9-month average) US$244 US$336 US$92 (37.5%)」
Year on year, the 9-month average exchange rate moved toward yen depreciation and fuel oil prices rose 37.5%, continuing to indicate exposure to fluctuations in exchange rates and fuel oil prices. - FY2018-Q2Yen depreciation and higher fuel oil pricesAnnual report
「Exchange rate (¥/US$) (6-month average) ¥107.31 ¥111.20 ¥3.89 (3.6%) Fuel oil price (US$/MT) (6-month average) US$226 US$324 US$97 (43.0%)」
The average exchange rate moved toward yen depreciation year on year, while fuel oil prices rose 43.0%. A foreign exchange gain of ¥2,869 million was recorded, while exposure to higher fuel oil costs was indicated. - FY2018-Q1WorsenedAnnual report
「Although the coastal shipping market remained sluggish and costs increased in domestic shipping due to higher fuel oil prices, revenue increased year on year and the business returned to profitability as a whole by securing stable transportation volumes.」
Fuel oil prices in the first quarter rose year on year, affecting domestic shipping through higher costs. However, the business as a whole returned to profitability by securing stable transportation volumes. - FY2017RestatedAnnual report
「The exchange rate changed from ¥121/US$ to ¥109/US$, representing a ¥12/US$ appreciation of the yen, with an impact of △¥3.1 billion on ordinary profit. The fuel oil price changed from US$295/MT to US$265/MT, a decline of US$30/MT, with an impact of ¥2.2 billion.」
The negative impact of yen appreciation on earnings emerged in the results, while the positive impact of lower fuel oil prices was also reported. - FY2017-Q3WorsenedAnnual report
「Exchange rate (¥/US$) (9-month average) ¥121.58 ¥106.92 △¥14.66 (△12.1%) Fuel oil price (US$/MT) (9-month average) US$325 US$244 △US$81 (△24.8%)」
The 9-month average exchange rate moved toward yen appreciation, from ¥121.58 in the same period of the previous year to ¥106.92. Fuel oil prices declined, but the downward pressure on earnings from yen appreciation continued. - FY2017-Q2WorsenedAnnual report
「Exchange rate (¥/US$) (6-month average) ¥121.76 ¥107.31 △¥14.45 (△11.9%)」
The 6-month average exchange rate moved toward yen appreciation, from ¥121.76 in the same period of the previous year to ¥107.31, and a foreign exchange loss of ¥8,514 million was recorded during the cumulative period. - FY2017-Q1WorsenedAnnual report
「Although our Group worked to improve profitability through measures such as more efficient vessel deployment and to reduce operating costs, performance deteriorated year on year due in part to the recording of a foreign exchange loss as the yen appreciated, as well as extraordinary losses associated with structural reforms.」
The average exchange rate in the first quarter changed from ¥120.97/US$ to ¥111.12/US$, reflecting yen appreciation, and a foreign exchange loss of ¥7,786 million was recorded. - FY2016MaterialisedAnnual report
「The impact of exchange rates and fuel oil prices on ordinary profit was as follows. The exchange rate changed from ¥109/US$ to ¥121/US$, while the fuel oil price changed from US$541/MT to US$295/MT.」
A foreign exchange loss of ¥7,369 million was recorded, while the decline in fuel oil prices had a ¥41.8 billion impact on ordinary profit. Measures to address volatility included forward foreign exchange contracts, futures transactions and fuel oil swaps.