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日本海事新聞ニュース Japan Maritime Daily Jun 12, 2025 (Thu)

‌【Interview】Mr. Idaka, President of Toko Kaiun Kaisha, on starategy of fleet management

Toko Kaiun Kaisha President Kensuke Idaka
 Toko Kaiun Kaisha (head office: Kobe City) has as its main business the transportation of steel pro ・・・ %E3%80%80%3Cb%3EToko+Kaiun%3C%2Fb%3E+Kaisha+%28head+office%3A+Kobe+City%29+has+as+its+main+business+the+transportation+of+steel+products+loaded+in+Japan+by+general+cargo+carriers+in+Asian+Waters+and+small+handy+bulkers.+How+will+the+company+formulate+its+growth+strategy+amid+the+ongoing+tariff+war+between+the+United+States+and+China+and+continued+uncertainty+over+Japan%E2%80%99s+steel+export+volumes%3F+We+asked+President+Kensuke+Idaka+about+his+outlook.+%3Cbr%3E%28Interviewer%3A+Azumi+Kashiwai%29+%3Cbr%3E%E3%80%80--I+would+like+to+ask+about+%3Cb%3EToko+Kaiun%3C%2Fb%3E+Kaisha%E2%80%99s+main+business+and+an+overview+of+its+fleet.+%3Cbr%3E%E3%80%80%E2%80%9COur+main+businesses+are+the+multipurpose+vessel+business+in+Asian+Waters+on+the+Far+East-Southeast+Asia+route%2C+and+trans-Pacific+trade+by+small+handy+bulkers%2C+handling+transportation+of+steel+products+to+North%2C+Central%2C+and+South+America%2C+as+well+as+grain+on+the+return+voyage.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COur+core+fleet%2C+including+both+our+own+vessels+and+long-term+chartered+vessels%2C+currently+consists+of+36+ships.+Of+these%2C+21+are+owned+by+the+company+and+15+are+long-term+chartered+vessels.+By+ship+type%2C+we+operate+25+twin+deckers+%28tweendecker%29+and+9+small+handy+bulkers+in+the+multipurpose+vessel+business+in+Asian+Waters%2C+as+well+as+two+small+PCTCs.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAs+for+newbuildings+owned+by+the+company%2C+we+have+only+one+small+handy+bulker+on+order%2C+scheduled+for+delivery+in+2027.+Fleet+renewal+progressed+as+fleet+development+was+completed+by+last+year.+A+series+of+newbuildings+ordered+before+the+rise+in+ship+prices+were+delivered+over+the+past+three+years%2C+and+by+contracting+several+newbuildings+with+shipowners%2C+the+fleet+has+been+revamped.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Transitioning+from+cargo+long+%3Cbr%3E%E3%80%80--What+is+your+approach+to+balancing+cargo+and+the+core+fleet%3F+%3Cbr%3E%E3%80%80%E2%80%9CUntil+about+10+years+ago%2C+our+core+fleet+was+small+compared+to+the+export+cargo+volume+we+secured%2C+so+about+70%25+of+the+cargo+was+transported+by+spot+charters+%E2%80%93+a+situation+known+as+%E2%80%99cargo+long.%E2%80%99+Although+we+might+be+able+to+reduce+chartering+costs+during+market+downturns%2C+our+profit+structure+was+unstable%2C+as+all+profits+were+wiped+out+in+2021%2C+when+spot+charter+rates+for+multipurpose+vessels+in+Asian+Waters+rose+to+%2420%2C000+per+day+and+for+small+handy+bulkers+to+%2440%2C000.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COver+the+past+three+years%2C+we+have+strengthened+our+core+fleet+and+shifted+toward+cost+stabilization.+As+a+result%2C+our+core+fleet+can+now+cover+80%25+of+the+cargo+volume.+By+keeping+reliance+on+spot+chartering+to+around+20%25%2C+we+have+been+able+to+establish+a+profit+structure+that+is+less+susceptible+to+market+fluctuations.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAnother+reason+for+shifting+away+from+cargo+long+is+the+difficulty+in+controlling+the+quality+of+vessels+chartered+on+the+spot+market.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+particular%2C+problems+caused+by+the+quality+of+the+crew+and+the+hull+are+more+likely+to+occur.+Once+a+problem+occurs%2C+a+heavy+burden+is+placed+on+recovery+work+such+as+arranging+a+replacement+vessel+and+rescheduling+the+shipping+plan.+We+decided+to+revamp+our+fleet+management+not+only+because+of+financial+issues+but+also+to+maintain+the+trust+of+our+customers.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CCurrently%2C+the+average+age+of+our+core+fleet%2C+excluding+several+of+our+own+vessels+that+are+about+to+be+sold%2C+has+been+reduced+to+five+years+or+less%2C+and+thanks+to+the+cooperation+of+each+shipowner%2C+problems+caused+by+ship+quality+have+become+less+likely.+Although+it+is+costly%2C+we+are+able+to+provide+stable+shipping+and+safe+transportation+without+causing+inconvenience+to+our+customers.+We+also+feel+that+there+are+significant+benefits+in+being+able+to+negotiate+freight+rates+with+customers+on+an+equal+footing.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Increase+in+shipments+to+Central+and+South+America+%3Cbr%3E%E3%80%80--I+would+like+to+hear+your+summary+of+fiscal+year+2024.+%3Cbr%3E%E3%80%80%E2%80%9CAlthough+the+results+did+not+reach+the+strong+performance+of+fiscal+years+2022-2023%2C+they+were+relatively+favorable+overall.+Cargo+volume+increased+by+600%2C000+tons+to+6.16+million+tons.+The+increase+in+shipments+of+steel+from+Japan%2C+our+mainstay%2C+to+Central+and+South+America+offset+the+decrease+in+shipments+to+Southeast+Asia.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+volume+of+steel+transported+to+Asia+decreased+by+15%25+from+the+previous+fiscal+year+to+1.6+million+tons.+The+sluggish+movement+of+steel+sheets+for+automobiles+was+due+to+stagnation+in+automobile+production+and+sales+in+Southeast+Asia.+In+addition+to+slowing+demand+in+Thailand+and+Indonesia%2C+the+rise+of+Chinese+EV+%28electric+vehicle%29+manufacturers+in+various+Southeast+Asian+countries+has+also+had+an+impact.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CMeanwhile%2C+the+volume+of+steel+transported+by+small+handy+bulkers+from+Japan+to+North%2C+Central%2C+and+South+America+increased+by+30%25+to+1.8+million+tons.+In+particular%2C+shipments+to+Mexico+were+strong%2C+likely+due+to+a+robust+US+economy+and+a+last-minute+surge+in+demand+ahead+of+the+Trump+administration%E2%80%99s+tariffs%2C+which+led+to+increased+automobile+production+and+steel+procurement.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAside+from+steel+transportation%2C+shipments+of+used+construction+machinery+from+Japan+to+Southeast+Asia+by+small+PCTCs+and+twin+deckers+increased+by+20%25+from+the+previous+year.+Strong+construction+demand+and+infrastructure+development+in+Vietnam+and+the+Philippines+boosted+shipments+of+used+excavators+and+bulldozers+from+Japan.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+putting+considerable+effort+into+this+field%2C+and+by+constantly+assigning+two+small+PCTCs%2C+we+are+increasing+the+frequency+of+ship+deployment+at+general+ports+across+Japan%2C+such+as+Tomakomai%2C+Yokohama%2C+Nagoya%2C+Kobe%2C+Osaka%2C+and+Hakata.+Cargo+that+cannot+be+handled+by+PCTCs+is+allocated+to+multipurpose+vessels+in+Asian+Waters%2C+enabling+us+to+respond+promptly+to+our+customers%E2%80%99+diverse+transportation+needs.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Concerns+about+US+steel+consumption+%3Cbr%3E%E3%80%80--What+are+the+effects+of+US+tariffs+and+port+dues%3F+%3Cbr%3E%E3%80%80%E2%80%9CSince+March%2C+an+additional+25%25+tariff+has+been+imposed+on+steel+products+bound+for+the+United+States+among+our+transported+cargo.+A+25%25+tariff+had+already+been+imposed+since+the+first+Trump+administration%2C+but+until+now%2C+imported+steel+from+Japan+was+subject+to+exemption+measures+such+as+a+quota+of+up+to+1.25+million+tons+per+year.+However%2C+since+March%2C+these+exemption+measures+have+been+eliminated.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CFurthermore%2C+from+June+4%2C+the+US+government+raised+the+additional+tariffs+on+steel+and+aluminum+to+50%25.+We+transport+about+40%25+of+the+steel+products+from+Japan+to+the+US%2C+but+when+the+25%25+tariff+was+imposed+in+March%2C+steel+products+that+were+difficult+to+procure+domestically+in+the+US+continued+to+be+imported+from+Japan%2C+so+there+was+no+significant+change+in+transportation+volume.+The+increase+to+50%25+has+also+caused+steel+prices+in+the+US+to+rise%2C+and+if+an+economic+downturn+occurs+due+to+higher+costs+or+US+consumers+hold+back+on+purchases%2C+it+is+expected+to+impact+steel+consumption+in+the+US.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CHandysize+vessels+on+Latin+American+routes+will+also+be+affected+by+the+tariffs.+Last+year%2C+steel+exports+to+Mexico+were+strong%2C+and+we+handled+50%25+of+the+steel+exported+from+Japan%2C+but+if+Mexican+automobile+production+slows+down+due+to+tariffs%2C+there+are+concerns+that+demand+for+steel+and+parts+shipments+will+also+decrease.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CRegarding+the+USTR+%28United+States+Trade+Representative%29+port+dues%2C+our+fleet+was+excluded+as+a+result+of+the+revision+in+April.%E2%80%9C+%3Cbr%3E%E3%80%80--How+is+the+situation+regarding+biomass+cargo+on+the+return+voyage%3F+%3Cbr%3E%E3%80%80%E2%80%9CWith+an+increase+in+customers+who+are+newly+starting+operations+as+power+generation+companies%2C+as+well+as+with+the+expansion+of+our+core+fleet%2C+the+volume+of+return+cargo+transport%2C+mainly+biomass%2C+grew+to+1.2+million+tons+in+fiscal+year+2024%2C+a+30%25+increase+compared+to+fiscal+year+2023.+Although+biomass+freight+rates+alone+are+not+highly+profitable+due+to+competition+among+shipping+companies%2C+by+having+cargo+bound+for+Japan%2C+we+have+improved+the+efficiency+of+round-trip+shipping+and+increased+overall+profitability.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Steel+surplus+continues+%3Cbr%3E%E3%80%80--How+do+you+view+the+market+for+multipurpose+vessels+in+Asian+Waters%3F+%3Cbr%3E%E3%80%80%E2%80%9CJapanese+steelmakers+are+maintaining+their+policy+of+not+discounting+steel+products+and+are+holding+firm+on+sales+prices+to+improve+profitability.+Meanwhile%2C+Chinese+manufacturers+are+expanding+steel+exports+against+a+backdrop+of+stagnant+domestic+demand%2C+and+Vietnam+is+also+seeking+to+increase+exports+to+North+and+Central+America+as+well+as+within+Asia.+In+other+words%2C+the+sense+of+surplus+in+the+steel+market+is+likely+to+continue%2C+and+it+is+not+an+environment+in+which+Japan%E2%80%99s+exports+will+grow+actively.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COn+the+other+hand%2C+in+recent+years%2C+Japanese+operators+%28shipping+companies%29+have+been+leasing+multipurpose+vessels+in+Asian+Waters+to+Chinese+shipping+companies+on+a+time-charter+basis%2C+and+there+have+been+situations+where+they+have+earned+charter+fees+above+a+certain+level.+In+other+words%2C+as+Japanese+steel+exports+slow+down%2C+shipments+loaded+in+China+are+increasing%2C+and+with+Japanese+operators%E2%80%99+vessels+also+participating+in+these+shipments%2C+a+market+structure+has+emerged+in+which+the+charter+market+is+maintained+at+a+certain+level.%E2%80%9C+%3Cbr%3E%E3%80%80--What+about+efforts+for+triangular+transportation+within+Asia+that+do+not+involve+Japan%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+not+currently+engaged+in+such+activities.+Within+Asia%2C+the+scale+of+logistics+is+small%2C+with+cargo+lots+remaining+at+around+1%2C000+tons.+It+is+quite+difficult+for+Japanese+shipping+companies%2C+given+their+cost+structure%2C+to+frequently+operate+vessels+within+the+region+like+public+bus+services%2C+repeatedly+loading+and+unloading+cargo.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CSteel+products+loaded+in+Vietnam+and+heading+for+the+United+States+and+Mexico+have+also+been+increasing%2C+but+foreign+shipping+companies%2C+such+as+South+Korean+ones%2C+are+actively+handling+these+shipments%2C+so+there+is+little+room+for+Japanese+operators+to+make+inroads.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+The+issue+of+smaller+lot+sizes+%3Cbr%3E%E3%80%80--How+do+you+foresee+the+long-term+demand+for+steel+shipments+loaded+in+Japan%3F+%3Cbr%3E%E3%80%80%E2%80%9CThe+volume+of+steel+exported+from+Japan+to+Southeast+Asia+is+currently+about+10+million+tons+per+year%2C+of+which+our+company+transports+about+2+million+tons.+Even+if+Japanese+exports+shrink+in+the+future%2C+we+believe+there+will+still+be+a+certain+volume+of+cargo+sufficient+for+our+company+to+survive.+If+we+continue+to+provide+stable+transportation+by+properly+securing+new+vessels+and+human+resources%2C+we+can+continue+to+contribute+to+Japan%E2%80%99s+steel+exports.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CEven+now%2C+as+a+common+issue+in+the+industry%2C+the+lot+sizes+of+steel+shipments+from+Japan+have+been+getting+smaller.+Before+the+coronavirus+pandemic%2C+a+single+steel+mill+could+provide+enough+cargo+to+fully+load+one+multipurpose+vessel+in+Asian+Waters%2C+but+in+the+past+one+to+two+years%2C+due+in+part+to+the+steel+pricing+strategies+of+various+steel+manufacturers%2C+shipments+have+become+smaller+in+lot+size.+It+will+likely+be+necessary+to+make+efforts+to+consolidate+such+small-lot+cargoes+across+the+boundaries+of+shipping+companies+and+manufacturers.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Freight+rates+above+a+certain+level+%3Cbr%3E%E3%80%80--The+price+of+new+vessels+remains+high%2C+and+a+cost+gap+has+appeared+between+newbuilding+prices+and+the+charter+market.+%3Cbr%3E%E3%80%80%E2%80%9CWe+do+not+expect+newbuilding+prices+to+fall+from+this+point+onward.+Steel%2C+hatch+covers%2C+engines%2C+and+cranes+are+all+rising+in+price%2C+and+with+the+labor+shortage%2C+it+is+becoming+more+difficult+to+secure+personnel%2C+so+labor+costs+are+also+increasing.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+rise+in+new+shipbuilding+prices+will+increasingly+weigh+heavily+on+shipowners+and+operators+as+increased+costs.+To+make+the+multipurpose+vessel+business+in+Asian+Waters+sustainable%2C+it+is+necessary+to+pass+on+the+increased+costs+to+freight+rates.+Against+this+background%2C+over+the+past+few+years%2C+we+have+been+carefully+explaining+to+shippers+who+require+multipurpose+vessels+in+Asian+Waters+that+a+certain+level+of+freight+rates+is+necessary+to+maintain+the+supply+chain.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+recent+years%2C+the+number+of+high-quality+Japanese-built+multipurpose+vessels+in+Asian+Waters+has+been+decreasing%2C+as+new+orders+for+such+ships+were+almost+completely+halted+during+the+prolonged+recession+following+the+Global+Financial+Crisis.+Shippers+always+want+to+reduce+transportation+costs+to+improve+business+profitability%2C+but+if+that+is+the+only+focus%2C+the+future+of+the+supply+chain+will+become+uncertain.+We%2C+together+with+shippers+and+shipowners%2C+want+to+overcome+these+difficult+times+through+cooperation.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Managing+21+vessels+in-house+%3Cbr%3E%E3%80%80--What+is+your+vessel+management+system%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+manage+all+21+of+our+own+vessels+in-house%2C+and+our+exclusive+manning+company+in+the+Philippines+has+a+crew+of+about+600.+We+have+a+ship+management+center+at+our+Kobe+headquarters%2C+and+out+of+our+approximately+10+marine+engineers%2C+four+are+Filipino+and+stationed+there.%E2%80%9C+%3Cbr%3E%E3%80%80--How+are+you+securing+human+resources%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+have+not+had+much+difficulty+in+recruiting+personnel.+The+turnover+rate+is+also+low%2C+and+we+hire+new+graduates+as+well+as+those+in+their+first+to+third+year+of+employment+every+year.+I+believe+that+people+who+have+joined+us+from+various+industries+find+working+at+our+company+rewarding+when+compared+to+other+industries+and+companies.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAiming+to+make+the+company+even+more+rewarding%2C+we+have+been+significantly+revising+our+internal+salary+system+since+the+year+before+last.+The+main+aim+is+to+reward+employees+who+make+significant+contributions+and+have+a+positive+impact+on+those+around+them%2C+regardless+of+age+or+experience.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+also+enhancing+our+welfare+benefits+to+improve+employee+satisfaction+at+our+company.+This+will+become+the+driving+force+that+leads+to+future+contributions.+An+organization+where+members+can+inspire+each+other+will+generate+new+ideas+and+be+able+to+overcome+hardships.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80Kensuke+Idaka+graduated+from+the+Faculty+of+Economics%2C+Seijo+University+in+2001+and+joined+%3Cb%3EToko+Kaiun%3C%2Fb%3E+Kaisha.+After+being+appointed+as+Director+and+General+Manager+of+the+Sales+Department+in+2012+and+serving+other+positions+thereafter%2C+he+became+Vice+President+in+2020.+He+has+held+his+current+position+since+2022.+He+is+47+years+old+and+from+Tokyo.+%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3EDisclaimer%3A+The+English+translations+provided+through+this+service+are+the+result+of+translations+made+by+The+Japan+Maritime+Daily+or+automatically+and+mechanically+translated+by+The+Japan+Maritime+Daily+using+an+automated+translation+system+provided+by+a+third+party+after+certain+processing+of+the+Japanese+content+licensed+by+the+third+party.+In+terms+of+the+English+translation%2C+The+Japan+Maritime+Daily+and+MarineNet+Co.%2C+Ltd.+make+no+warranty+or+burden+of+any+kind%2C+express+or+implied%2C+including+its+accuracy%2C+reliability%2C+validity+or+fitness+for+a+particular+purpose.+MarineNet+Users+should+fully+understand+that+this+service+uses+an+automated+translation+system+that+automatically+and+mechanically+recognizes+and+analyzes+information+and+produces+results.+The+users+should+understand+the+above+conditions+before+using+this+service.%3Cbr%3E%3Cbr%3E%E5%85%8D%E8%B2%AC%E4%BA%8B%E9%A0%85%EF%BC%9A%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%82%92%E4%BB%8B%E3%81%97%E3%81%A6%E6%8F%90%E4%BE%9B%E3%81%95%E3%82%8C%E3%82%8B%E8%8B%B1%E8%A8%B3%E3%81%AF%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%BD%9C%E6%88%90%E3%81%99%E3%82%8B%E3%81%8B%E3%80%81%E5%8F%88%E3%81%AF%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8B%E3%82%89%E4%BD%BF%E7%94%A8%E8%A8%B1%E8%AB%BE%E3%82%92%E5%8F%97%E3%81%91%E3%81%9F%E6%97%A5%E6%9C%AC%E8%AA%9E%E3%81%AE%E3%82%B3%E3%83%B3%E3%83%86%E3%83%B3%E3%83%84%E3%82%92%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%B8%80%E5%AE%9A%E3%81%AE%E5%87%A6%E7%90%86%E3%82%92%E8%A1%8C%E3%81%A3%E3%81%9F%E4%B8%8A%E3%81%A7%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8C%E6%8F%90%E4%BE%9B%E3%81%99%E3%82%8B%E8%87%AA%E5%8B%95%E7%BF%BB%E8%A8%B3%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0%E3%82%92%E5%88%A9%E7%94%A8%E3%81%97%E3%81%A6%E8%87%AA%E5%8B%95%E7%9A%84%E3%83%BB%E6%A9%9F%E6%A2%B0%E7%9A%84%E3%81%AB%E7%BF%BB%E8%A8%B3%E3%81%97%E3%81%9F%E7%B5%90%E6%9E%9C%E3%81%A7%E3%81%82%E3%82%8A%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%80%81%E3%83%9E%E3%83%AA%E3%83%B3%E3%83%8D%E3%83%83%E3%83%88%E3%81%AF%E3%80%81%E5%BD%93%E8%A9%B2%E8%8B%B1%E8%A8%B3%E3%81%AB%E9%96%A2%E3%81%97%E3%81%A6%E3%80%81%E3%81%9D%E3%81%AE%E6%AD%A3%E7%A2%BA%E6%80%A7%E3%80%81%E4%BF%A1%E9%A0%BC%E6%80%A7%E3%80%81%E5%A6%A5%E5%BD%93%E6%80%A7%E5%8F%8A%E3%81%B3%E7%89%B9%E5%AE%9A%E7%9B%AE%E7%9A%84%E3%81%B8%E3%81%AE%E9%81%A9%E5%90%88%E6%80%A7%E3%82%92%E5%90%AB%E3%82%81%E3%80%81%E6%98%8E%E7%A4%BA%E5%8F%88%E3%81%AF%E9%BB%99%E7%A4%BA%E3%81%AB%E3%82%82%E3%80%81%E3%81%84%E3%81%8B%E3%81%AA%E3%82%8B%E4%BF%9D%E8%A8%BC%E3%82%82%E3%81%97%E3%81%BE%E3%81%9B%E3%82%93%E3%80%82%E3%83%9E%E3%83%AA%E3%83%B3%E3%83%8D%E3%83%83%E3%83%88%E3%83%A6%E3%83%BC%E3%82%B6%E3%83%BC%E3%81%AF%E3%80%81%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%81%8C%E3%80%81%E8%87%AA%E5%8B%95%E7%9A%84%E3%81%8B%E3%81%A4%E6%A9%9F%E6%A2%B0%E7%9A%84%E3%81%AB%E6%83%85%E5%A0%B1%E3%82%92%E8%AA%8D%E8%AD%98%E3%83%BB%E5%88%86%E6%9E%90%E3%81%97%E3%81%A6%E7%B5%90%E6%9E%9C%E3%82%92%E5%87%BA%E5%8A%9B%E3%81%99%E3%82%8B%E8%87%AA%E5%8B%95%E7%BF%BB%E8%A8%B3%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0%E3%82%92%E4%BD%BF%E7%94%A8%E3%81%97%E3%81%9F%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%81%A7%E3%81%82%E3%82%8B%E3%81%93%E3%81%A8%E3%82%92%E5%8D%81%E5%88%86%E3%81%AB%E7%90%86%E8%A7%A3%E3%81%97%E3%81%9F%E4%B8%8A%E3%81%A7%E3%80%81%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%82%92%E5%88%A9%E7%94%A8%E3%81%99%E3%82%8B%E3%82%82%E3%81%AE%E3%81%A8%E3%81%97%E3%81%BE%E3%81%99%E3%80%82%3Cbr%3E



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