日本海事新聞ニュース Japan Maritime Daily Nov 25, 2025 (Tue)

Interview: Iino Lines President Otani on the 2025 H2 Outlook

Yusuke Otani, President of Iino Lines

　--Consolidated ordinary profit for the April-September 2025 period was 6.5 billion yen, down 26% fr ・・・ 続きはログインして下さいnext %E3%80%80--Consolidated+ordinary+profit+for+the+April-September+2025+period+was+6.5+billion+yen%2C+down+26%25+from+the+same+period+last+year.+%3Cbr%3E%E3%80%80%E2%80%9CThe+main+reason+is+the+softening+of+the+market+for+chemical+tankers%2C+our+main+business.+This+was+due+to+a+decline+in+demand+for+petrochemical+products%2C+caused+by+a+slowdown+in+demand+due+to+China%E2%80%99s+economic+slowdown+and+increased+uncertainty+due+to+U.S.+tariff+policies.+China+is+increasing+its+domestic+production+of+petrochemical+products.+Due+to+sluggish+domestic+demand%2C+inventory+is+piling+up%2C+which+is+also+affecting+cargo+movements.+The+strong+yen+was+also+a+factor.%E2%80%9C+%3Cbr%3E%E3%80%80--The+company+has+revised+its+consolidated+ordinary+profit+forecast+for+the+fiscal+year+ending+March+2026+upward+to+12.5+billion+yen+%28down+28%25+from+the+previous+period%29.+%3Cbr%3E%E3%80%80%E2%80%9CWe+expect+profits+to+improve+for+VLGCs+%28Very+Large+LPG+%EF%BC%9Cliquefied+petroleum+gas%EF%BC%9E+Carriers%29+and+dry+bulk+carriers.+In+the+first+half+of+the+year%2C+due+to+the+US-China+tariff+issue%2C+the+export+destination+of+VLGC+cargo%2C+which+had+been+flowing+from+the+United+States+to+China%2C+has+shifted+to+India+and+Southeast+Asia.+China+has+switched+from+US+products+to+Middle+Eastern+products.+This+has+led+to+longer+transport+distances+and+tightened+the+supply+and+demand+for+tonnage.+We+expect+the+market+to+remain+firm+in+the+second+half+of+the+fiscal+year%2C+with+limited+supply+of+new+ships+and+an+expected+increase+in+cargo+supply.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+dry+bulk+shipping+market+remained+strong+in+the+first+half+of+the+fiscal+year+as+grain+exports+from+South+America+continued+longer+than+usual.+Although+the+second+half+of+the+fiscal+year+is+expected+to+be+somewhat+weaker+due+to+continued+sluggish+demand+in+China%2C+we+expect+the+market+to+remain+relatively+resilient.%E2%80%9C+%3Cbr%3E%E3%80%80--What+is+the+outlook+for+the+chemical+tanker+market%3F+%3Cbr%3E%E3%80%80%E2%80%9CSpot+freight+rates+have+softened+since+hitting+record+highs+in+the+first+half+of+FY+2024%2C+but+remain+at+historically+high+levels+even+now.+We+expect+the+current+level+to+be+maintained+in+the+second+half+of+the+fiscal+year.+I+do+not+expect+an+economic+recovery+in+China+because+the+supply+of+new+ships+is+limited+this+fiscal+year+and+the+inflow+of+product+tankers+is+also+expected+to+be+limited.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+market+for+crude+oil+tankers+and+product+tankers+is+polarized+between+the+normal+fleet+and+the+dark+fleet+engaged+in+sanctioned+business.+As+India+and+China+cut+back+on+imports+of+Russian+petroleum+products+and+increase+imports+from+other+countries%2C+demand+for+conventional+fleets+is+rising%2C+supporting+the+market.+If+this+pattern+continues%2C+it+is+unlikely+that+there+will+be+any+inflow+into+the+chemical+tanker+market.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Concerns+about+a+proliferation+of+regional+regulations+%3Cbr%3E%E3%80%80--The+International+Maritime+Organization+%28IMO%29+has+postponed+deliberations+on+adopting+med-term+measures+toward+net-zero+GHG+%28greenhouse+gas%29+emissions.+%3Cbr%3E%E3%80%80%E2%80%9COur+ultimate+goal+of+net+zero+by+2050+remains+unchanged%2C+and+what+we+need+to+do+will+remain+fundamentally+the+same.+We+will+steadily+implement+measures+that+will+lead+to+the+reduction+of+GHG+emissions.+However%2C+I+think+there+will+be+some+impact.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThere+is+a+possibility+that+countries+and+regions+outside+of+Europe+will+also+introduce+their+own+environmental+regulations.+If+there+are+too+many+regional+regulations%2C+shipping+companies+will+be+exhausted+from+having+to+deal+with+them.+Transportation+costs+will+also+rise%2C+placing+a+greater+burden+on+shippers.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+impact+on+the+shipping+market+is+also+a+concern.+Some+ships+have+been+ordered+in+anticipation+of+the+introduction+of+global+GHG+regulations.+If+the+expected+demand+for+freight+transport+does+not+pick+up%2C+that+could+flood+other+markets+and+drag+prices+down.%E2%80%9C+%3Cbr%3E%E3%80%80--FY+2025+is+the+final+year+of+the+current+medium-term+management+plan.+How+is+the+progress%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+will+likely+achieve+most+of+our+non-financial+targets.+The+GHG+reduction+rate+is+also+steadily+progressing+towards+the+2030+target.+Financial+targets+for+FY+2023+and+FY+2024+were+significantly+higher+than+planned.+Although+the+FY+2025+figure+is+likely+to+fall+slightly+short+of+the+plan%2C+the+target+will+be+achieved+on+average+over+the+three+years.+We+will+continue+to+strive+for+efficient+vessel+allocation+and+cost+control+so+that+we+can+reach+our+target+in+FY+2025+as+well.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CRegarding+the+planned+investment+of+100+billion+yen+over+three+years%2C+things+are+not+going+as+planned+due+to+factors+such+as+market+ship+prices%2C+customer+circumstances%2C+and+shipyard+circumstances%2C+but+there+is+a+good+prospect+for+90%25+of+the+plan.+It+is+the+chemical+tanker+sector+that+we+feel+we+are+not+doing+enough+in.+We+will+consider+specific+investments+intensively+in+the+second+half+of+the+fiscal+year.%E2%80%9C+%3Cbr%3E%E3%80%80--Will+the+new+ships+be+dual-fuel+ships%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+would+like+to+increase+the+number+of+dual-fuel+ships+that+can+use+new+fuels+that+have+a+lower+environmental+impact+than+conventional+fuels.+Methanol+is+a+promising+new+fuel+for+chemical+tankers.+Since+methanol+is+available+at+most+loading+ports%2C+it+works+well+with+chemical+tankers.+We+operate+methanol+dual-fuel+methanol+carriers+and+have+accumulated+knowledge+and+know-how.+We+have+also+decided+to+order+a+methanol+dual-fuel+VLCC+%28Very+Large+Crude+Carrier%29.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Multiple+stable+profits+%3Cbr%3E%E3%80%80--What+will+be+the+themes+of+the+next+medium-term+plan%2C+which+begins+in+FY+2026%3F+%3Cbr%3E%E3%80%80%E2%80%9CThe+next+mid-term+plan+will+be+formulated+through+discussions+at+the+board+of+directors+meeting%2C+including+outside+directors%2C+as+well+as+through+the+active+input+provided+by+young+employees.+The+opinions+of+our+investors+are+also+considered.+I+want+the+young+people+who+will+lead+the+next+generation+to+see+the+medium-term+plan+as+something+that+concerns+them+personally.+The+theme+has+not+yet+been+decided%2C+but+I+think+the+three+key+points+will+be+growth+and+human+resources+strategy%2C+shareholder+and+investor+relations+%28capital+policy%29%2C+and+the+environment.%E2%80%9C+%3Cbr%3E%E3%80%80--Will+you+continue+to+aim+for+growth+based+on+both+the+shipping+and+real+estate+businesses%3F+%3Cbr%3E%E3%80%80%E2%80%9CI+think+the+balance+is+our+greatest+strength.+Chemical+tankers+and+dry+bulk+carriers+are+subject+to+high+market+volatility.+However%2C+there+is+an+opportunity+to+learn+the+basics+of+the+shipping+business%2C+such+as+efficient+operation+and+cargo+loading+know-how.+It+also+serves+as+a+place+for+human+resource+development.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+have+secured+a+certain+amount+of+COA+%28Contract+of+Affreightment%29+in+both+businesses+and+are+striving+to+stabilize+earnings.+However%2C+if+the+market+slump+continues%2C+we+will+face+financial+difficulties.+Therefore%2C+we+are+putting+crude+oil+tankers+and+VLGCs+under+time+charter+contracts%2C+which+are+expected+to+generate+stable+profits%2C+thereby+reducing+the+risk+of+market+fluctuations.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+addition+to+shipping%2C+we+have+a+real+estate+segment+as+a+stable+source+of+revenue.+By+building+up+multiple+stable+revenue+sources%2C+we+are+prepared+for+a+market+downturn.+Because+we+have+a+solid+and+stable+revenue+base%2C+we+can+leave+some+areas+to+benefit+from+market+upside%2C+such+as+chemical+tankers.+I+believe+that+this+business+portfolio%2C+which+we+have+built+over+many+years%2C+will+continue+to+be+our+core.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CEven+if+it+doesn%E2%80%99t+become+the+third+pillar+of+our+business%2C+we+want+to+boldly+take+on+new+challenges.+We+will+pursue+opportunities+to+become+involved+in+areas+peripheral+to+our+core+businesses+of+shipping+and+real+estate%2C+such+as+investing+in+a+fund+managed+by+a+Singapore-based+maritime+venture+capital+firm%2C+participating+in+a+solar+power+generation+business%2C+and+conducting+a+demonstration+project+for+rotor+sails%2C+a+wind-powered+propulsion+device+for+ships.%E2%80%9C+%3Cbr%3E%28Published+from+time+to+time%29+%3Cbr%3E%E3%80%80Yusuke+Otani+graduated+from+Meiji+University+School+of+Law+in+1991+and+joined+%3Cb%3EIino+Lines%3C%2Fb%3E.+He+became+Executive+Officer+in+2018%3B+Director%2C+Executive+Officer+in+2020%3B+Director%2C+Managing+Executive+Officer+in+2021%3B+and+has+held+his+current+position+since+April+2023.+Born+in+Tokyo%2C+58+years+old.+%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

【海運トップに聞く　下期の舵取り】(2)飯野海運社長・大谷祐介氏、ケミカル船投資 具体化へ

2025/11/25(火)

日本海事新聞 JMD

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