Risks Related to Political, Economic and Social Conditions in Regions Worldwide

「The effective closure of the Strait of Hormuz, heightened geopolitical risks in the Middle East, including the situation in the Red Sea, the protracted Russia-Ukraine conflict and changes in US tariff policy may affect the Group through concerns over a slowdown in the global economy and changes in supply chains and logistics, including stagnation or declines in demand for maritime transport and deterioration in property market conditions.」

「The dry bulk shipping market weakened in early spring due to China’s sluggish economy and a decline in transport between China and the United States, but recovered from summer onward as grain exports from South America increased with higher production.」

「In China, signs of recovery emerged due to the effects of government economic stimulus measures and front-loaded exports ahead of US tariff increases. However, this did not lead to a full-fledged recovery because of a subsequent decline in exports and the sluggish property market.」

「During the interim consolidated accounting period under review, the global economy emerged from its stalled state, except in some regions including China, and recovered gradually overall against a backdrop including a slowdown in high inflation.」

「During the first nine months of the fiscal year under review, the global economy slowed as inflation reduced households’ real purchasing power and rebound demand in the services sector temporarily subsided.」

「During the first half of the fiscal year under review, the global economy showed signs of recovery in all but some regions, but generally slowed against a backdrop including continued monetary tightening.」

「During the first quarter of the fiscal year under review, the global economy showed signs of recovery in all but some regions, but signs of a slowdown intensified as inflation accelerated and global monetary tightening gathered pace.」

「While the global economy had been recovering from the impact of the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”), the pace of economic recovery slowed against a backdrop of high inflation resulting from the Russia-Ukraine situation and monetary tightening.」

「During the first half of the fiscal year under review, the global economy continued to recover gradually as restrictions on movement related to the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”) were eased in all but some regions. However, the risk of recession increased as global inflation advanced and monetary policy tightened.」

「During the first quarter of the fiscal year under review, the global economy recovered gradually despite inflation being accelerated by soaring energy and food prices resulting from the Russia-Ukraine situation. Personal consumption was supported by the establishment, particularly in Europe and the United States, of a policy of living with COVID-19 and by savings accumulated during the pandemic.」

「During the fiscal year under review, the global economy continued to be affected by the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”), while inflation accelerated sharply in both developed and emerging economies. Although uncertainty over the outlook increased after Russia invaded Ukraine at the end of the fiscal year, signs of economic recovery were seen in all but some countries.」

「During the first nine months of the fiscal year under review, the global economy showed signs of economic recovery from early autumn onward, except in some countries, despite the impact of a resurgence in infections caused by new variants of the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”).」

「During the first half of the fiscal year under review, the global economy continued to show signs of recovery, supported by progress in vaccination against the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”). However, as infections resurged, economic activity stagnated in some countries and regions through the summer.」

「During the first quarter of the fiscal year under review, the global economy showed signs of overall economic expansion, despite differences among countries and regions, as vaccination against the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”) progressed worldwide.」

「During the first nine months of the fiscal year under review, the global economy remained on a slowing trend as the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”) spread worldwide. Vaccinations began in some countries toward year-end, but measures to contain the spread of the pandemic were prioritised, particularly in many Northern Hemisphere countries, where outbreaks resurged and lockdowns were reintroduced. Meanwhile, maritime cargo movements, particularly container shipping, improved from the beginning of the period, supported by China’s early recovery on the back of aggressive economic measures and increased personal consumption demand in the United States.」

「During the first half of the fiscal year under review, the global economy recovered from the previous quarter as restrictions on economic activity were gradually lifted in many countries, supporting a recovery in personal consumption. However, as outbreaks repeatedly resurged after restrictions were eased and there was still no sign of the pandemic coming to an end, the economic recovery was generally gradual.」

「During the first quarter of the fiscal year under review, the global economy weakened further as the novel coronavirus disease (COVID-19; hereinafter, the “pandemic”) spread worldwide.」

「During the first 9 months of the fiscal year, the global economy generally showed an increasingly pronounced slowdown.」

「During the first 6 months of the fiscal year, the global economy showed an increasingly pronounced slowdown due to U.S. trade policy and weak economic conditions in various countries.」

「During the first quarter of the fiscal year, the global economy accelerated its slowdown due to trade issues and economic weakness in various countries, among other factors.」

「The global economy during the period recovered moderately overall, supported by the solid U.S. economy, but showed signs of losing momentum due to trade issues and slowdowns in the economies of various countries.」

「During the first 9 months of the fiscal year, the global economy recovered moderately, supported by the solid U.S. economy, but concern over trade issues and political conditions in various countries intensified, with signs that the recovery was losing momentum.」

「Amid increasingly heightened concern over trade friction stemming from U.S. trade policy」

「Amid growing concern over trade friction between the United States and China」

「During the first 9 months of the fiscal year, the global economy remained generally firm, with economies in developed countries, led by the United States, recovering moderately and emerging economies also showing signs of a pickup, despite heightened geopolitical risks in the Middle East and Far East.」

「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「The chemical tanker market faced the Qatar diplomatic crisis in the Middle East, but volumes of chemical products transported from the Middle East to Asia remained firm.」

「The Group's business activities extend across Asia, including Japan, the Middle East, Europe, North America and other regions, and may be affected by political, economic and social factors in each region.」