Decline in domestic dry bulk freight rates due to COVID-19
First written in FY2021-Q1. 5 of 9 entries say "Mitigated", first in FY2022. Latest entry: FY2025.
The whole theme swung hardest in 2023: 2 of 11 companies on the "Worse" side.
1 other company's latest entry also says "Mitigated".
- FY2025MitigatedAnnual report
「Operating revenue was ¥992 million, up ¥32 million, or 3.4%, from the previous fiscal year, as transport volumes and per-unit freight rates rose in the dry bulk division and charter fees increased in the tanker division.」
In the domestic shipping business, higher transport volumes and per-unit freight rates, together with higher charter fees, lifted operating revenue 3.4%, easing the earnings pressure from lower freight rates and transport volumes during the pandemic. - FY2024-Q3MitigatedAnnual report
「Operating revenue was ¥726 million, up ¥13 million, or 2.0%, from the third quarter of the previous fiscal year, as transport volumes increased in the dry bulk division and charter fees rose in the tanker division.」
Higher domestic dry bulk transport volumes and higher charter fees in the tanker division lifted operating revenue in the domestic shipping business 2.0% year on year. The earnings pressure from lower freight rates and transport volumes during the pandemic is easing. - FY2024-Q1MitigatedAnnual report
「Operating revenue increased due to higher charter fees, reaching ¥243 million, up ¥3 million, or 1.6%, from the first quarter of the previous fiscal year.」
In the domestic shipping business, higher charter fees lifted operating revenue 1.6% year on year, partly offsetting the previous earnings pressure from declines in freight rates and cargo volumes. - FY2023-Q1MitigatedAnnual report
「Operating revenue in the dry bulk business increased partly because higher freight rates and bunker surcharges took hold, reaching ¥240 million, up ¥15 million, or 6.7%, from the first quarter of the previous fiscal year.」
For domestic dry bulk freight rates, which had previously declined due to COVID-19, higher freight rates and the broader application of bunker surcharges helped offset the revenue pressure, with operating revenue for the domestic shipping business rising 6.7% year on year. - FY2022MitigatedAnnual report
「Operating revenue rose substantially to ¥930 million because a vessel owned by the Company and completed in February 2021 operated throughout the year, compared with ¥796 million in the previous fiscal year. Although vessel expenses, including depreciation and crew costs, increased as the fleet expanded, the substantial increase in operating revenue resulted in operating income of ¥39 million, compared with an operating loss of ¥11 million in the previous fiscal year.」
In the domestic shipping business, which had declined during the COVID-19 pandemic, operating revenue increased to ¥930 million due in part to the full-year operation of the vessel completed in February 2021, and operating results turned from a loss of ¥11 million to a profit of ¥39 million. - FY2021WorsenedAnnual report
「In the domestic dry bulk division, transport volumes declined and freight rates fell due to the impact of COVID-19, while charter fees increased because, in addition to 1 vessel owned by the Company, the Company newly placed 1 vessel owned by another company on a time charter. Operating revenue for the domestic shipping business as a whole was ¥796 million, down ¥12 million, or 1.6%, from the previous fiscal year.」
The decline in domestic dry bulk transport volumes and freight rates due to COVID-19 was reflected in annual results. Although higher charter fees provided a partial offset, revenue from the domestic shipping business declined 1.6%. - FY2021-Q3RestatedAnnual report
「In the domestic dry bulk division, transport volumes and freight rates fell sharply due to the impact of COVID-19, while charter fees increased because the Company newly placed 1 vessel owned by another company on a time charter. Operating revenue for the domestic shipping business as a whole was ¥596 million, up ¥0 million, or 0.2%, from the third quarter of the previous fiscal year.」
While the decline in transport volumes and freight rates due to COVID-19 continued, higher charter fees from placing 1 vessel owned by another company on a time charter provided an offset, and operating revenue for the domestic shipping business rose 0.2% year on year. - FY2021-Q2Higher charter fees partly offset continued freight-rate declinesAnnual report
「In the domestic dry bulk division, transport volumes and freight rates fell sharply due to the impact of COVID-19, while charter fees increased because the Company newly placed 1 vessel owned by another company on a time charter. Operating revenue for the domestic shipping business as a whole was ¥396 million, up ¥8 million, or 2.1%, from the second quarter of the previous fiscal year.」
Although COVID-19 caused a sharp decline in domestic dry bulk transport volumes and freight rates, the increase in charter fees from newly placing 1 vessel owned by another company on a time charter provided an offset, and operating revenue for the domestic shipping business as a whole rose 2.1% year on year. - FY2021-Q1First statedAnnual report
「Freight rates for domestic dry bulk cargo fell sharply due to the impact of COVID-19. Operating revenue for the domestic shipping business as a whole was ¥192 million, down ¥7 million, or 3.8%, from the first quarter of the previous fiscal year.」
The sharp decline in domestic dry bulk freight rates due to COVID-19 was explicitly identified for the first time as a factor behind the decline in operating revenue in the domestic shipping business.