It has been pointed out that Japan's three major shipping companies should not be viewed as a single group. NYK Line is said to have a particularly large logistics business, Mitsui O.S.K. Lines is said to be built around energy transportation and real estate, and K LINE is viewed as providing insufficient disclosure of its segment breakdown.
Although the three companies are affected by macroeconomic conditions, their business structures are said to differ significantly. Izumida (泉田) has pointed out the importance of understanding each company's strategy in connection with the macroeconomic environment.
Logistics is said to account for an exceptionally large share of NYK Line's business, while energy transportation and real estate have been reported as distinctive core businesses for Mitsui O.S.K. Lines.
With regard to K LINE, disclosure of its segment breakdown is insufficient, making it difficult to assess the strengths of its business based solely on employee allocation data. When analyzing shipping stocks, attention should be paid not only to profit figures but also to the business structure, including which businesses generate those profits.
At the time of earnings announcements, it is considered important to check individually the trends in the segments on which each company is focusing.
The reference materials cited in this article include IR data books, securities reports and government materials, which are presented as the basis for the comparative analysis of the three companies.