日本海事新聞ニュース Japan Maritime Daily Jun 08, 2026 (Mon)

Interview: Iino Lines President Yusuke Otani Targets Capital Efficiency Pivot, Committing Post-Boom Cash to Methanol and Gas Carrier Fleet Renewal

Yusuke Otani, President of Iino Lines

　■ Heavy impact from Hormuz 　--Iino Lines expects ordinary profit of 6.7 billion yen for the current ・・・ 続きはログインして下さいnext %E3%80%80%E2%96%A0+Heavy+impact+from+Hormuz+%3Cbr%3E%E3%80%80--%3Cb%3EIino+Lines%3C%2Fb%3E+expects+ordinary+profit+of+6.7+billion+yen+for+the+current+period%2C+down+60%25+from+the+previous+period.+The+closure+of+the+Strait+of+Hormuz+is+expected+to+be+a+factor+behind+lower+profits.+%3Cbr%3E%E3%80%80%E2%80%9CThe+most+affected+are+chemical+tankers+whose+main+loading+area+is+the+Middle+East.+Repositioning+vessels+to+the+Gulf+of+Mexico+and+other+destinations+is+a+leading+alternative%2C+but+high+fuel+oil+prices+make+ballast+voyages+very+costly.+For+this+reason%2C+we+were+initially+unable+to+proceed+with+repositioning%2C+but+as+the+closure+has+dragged+on%2C+we+are+now+gradually+heading+to+other+loading+areas+and+focusing+on+securing+spot+cargoes+in+the+Atlantic.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CMiddle+East+loadings+account+for+more+than+10%25+of+global+chemical+cargo+movements%2C+so+there+is+no+alternative+source+that+can+fully+replace+them.+While+switching+sources+lengthens+voyage+distances%2C+cargo+movements+are+decreasing%2C+which+is+having+a+negative+impact+on+the+market.+Meanwhile%2C+gas+carriers+are+under+time-charter+contracts%2C+so+there+has+been+no+impact+so+far.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Maintaining+business+in+the+Middle+East+%3Cbr%3E%E3%80%80--How+do+you+see+the+future+direction+of+the+business+as+risks+in+the+Middle+East+rise%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+have+been+able+to+steadily+generate+profits+centered+on+Middle+East+cargoes+because+of+the+strong+relationships+of+trust+we+have+built+with+our+customers+over+many+years.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CFor+the+time+being%2C+we+will+diversify+to+other+routes+such+as+the+United+States%2C+Latin+America%2C+and+Europe+and+weather+the+situation+through+spot+business%2C+but+our+long-term+policy+of+valuing+our+core+customers+in+the+Middle+East+remains+unchanged.+Crude+oil+and+chemicals+from+the+Middle+East+have+overwhelmingly+strong+competitiveness%2C+and+we+believe+that+demand+will+ultimately+return+to+the+Middle+East+once+passage+through+the+Strait+of+Hormuz+returns+to+normal.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CMeanwhile%2C+this+crisis+has+also+given+rise+to+new+developments.+Because+the+shortage+of+storage+capacity+has+been+exposed+in+countries+across+Southeast+Asia%2C+more+countries+are+expected+to+develop+storage+tanks+in+the+future.+As+the+number+of+tanks+increase%2C+there+will+be+a+need+to+regularly+replace+their+contents%2C+which+could+create+a+new+source+of+demand+for+shipping+companies.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+New+medium-term+management+plan+launched+%3Cbr%3E%E3%80%80--You+have+set+%E2%80%9Ctransformation+that+achieves+both+capital+efficiency+and+growth+investment%E2%80%9C+as+the+theme+of+the+new+medium-term+management+plan+announced+on+May+8.+%3Cbr%3E%E3%80%80%E2%80%9CIn+the+previous+medium-term+management+plan%2C+we+were+able+to+strengthen+our+financial+position%2C+aided+by+favorable+market+conditions+for+chemical+tankers+in+the+first+half.+On+the+other+hand%2C+one+challenge+was+that%2C+amid+the+difficulty+of+determining+which+new+fuels+to+adopt+and+surging+ship+prices%2C+we+were+not+able+to+allocate+as+much+funding+as+we+had+hoped+to+growth+investments%2C+including+in+our+core+chemical+tanker+business.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAs+a+result%2C+the+buildup+of+equity+capital+has+made+improving+capital+efficiency+an+important+immediate+issue.+For+this+reason%2C+in+the+new+medium-term+management+plan%2C+having+positioned+financial+and+capital+strategy+as+one+of+the+key+themes%2C+we+will+seek+to+balance+shareholder+returns+and+growth+investments+while+remaining+mindful+of+capital+efficiency+and+also+utilizing+financing+that+leverages+unrealized+gains+on+real+estate.%E2%80%9C+%3Cbr%3E%E3%80%80--You+have+set+a+financial+target+of+5%25+ROIC+%28return+on+invested+capital%29+for+FY2030.+%3Cbr%3E%E3%80%80%E2%80%9CThe+reality+is+that+ROIC+is+not+particularly+high+for+newbuilds+based+on+long-term+contracts%2C+because+it+takes+a+long+time+to+recover+such+a+large+investment.+In+addition%2C+persistently+high+ship+prices+have+raised+the+hurdle.+However%2C+these+businesses+serve+an+important+function+as+a+stable+source+of+earnings%2C+absorbing+the+shipping+industry%E2%80%99s+intense+volatility.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CSome+argue+that+we+should+realize+gains+by+reselling+real+estate+and+ships+in+order+to+improve+ROIC%2C+but+that+does+not+align+with+our+policy+of+emphasizing+long-term+cash+flow+and+profits.+After+all%2C+the+surest+way+to+improve+ROIC+is+probably+to+demonstrate+our+expertise+in+areas+such+as+chemical+tankers+and+oceangoing+gas+carriers+and+secure+high-quality+business.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Pursuit+of+next-generation+fuels+%3Cbr%3E%E3%80%80--What+are+your+plans+for+your+core+chemical+tanker+fleet%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+will+steadily+build+up+a+high-quality+fleet+of+large+stainless+steel+vessels.+As+a+result+of+investment+falling+short+of+expectations+under+the+previous+medium-term+management+plan%2C+the+chemical+tanker+fleet+has+aged%2C+increasing+maintenance+and+management+costs%2C+and+it+must+be+renewed+as+soon+as+possible.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAny+newbuilding+orders+placed+from+now+on+would+be+completed+around+2029%E2%80%9330%2C+making+it+essential+to+respond+to+new+fuels.+It+is+hard+to+imagine+building+a+conventional+ship+that+runs+exclusively+on+heavy+fuel+oil+at+this+point.+It+is+necessary+to+accumulate+know-how+in+preparation+for+the+full-fledged+fuel+transition+that+will+inevitably+come+someday.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CMethanol+is+the+best+match+for+chemical+tankers+because+the+cargo+can+be+used+as+fuel.+Although+challenges+remain+in+the+fuel+supply+network%2C+it+is+a+realistic+option+for+a+dual-fuel+vessel.+LNG+is+currently+the+mainstream+new+fuel%2C+but+installing+LNG+tanks+on+chemical+tankers+would+cause+ship+prices+to+jump+significantly.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+continue+to+build+chemical+tankers+at+Japanese+shipyards.+Chinese+shipyards+are+also+conducting+research%2C+but+there+is+not+much+difference+in+ship+prices%2C+and+we+continue+to+see+advantages+in+Japanese+shipyards%2C+which+offer+reassuring+after-sales+support+once+the+vessels+enter+service.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Gas+carriers+drive+growth+%3Cbr%3E%E3%80%80--In+the+new+medium-term+management+plan%2C+ocean-going+gas+carriers+are+positioned+as+a+growth+driver.+%3Cbr%3E%E3%80%80%E2%80%9COcean-going+gas+carriers+have+long+been+one+of+our+strengths%2C+and+much+of+the+demand+for+transporting+new+cargoes+and+new+fuels+is+for+gaseous+cargoes.+Because+charter+contracts+are+mainly+medium-+to+long-term+and+can+be+expected+to+generate+stable+earnings%2C+we+want+to+establish+the+carriers+as+another+pillar+of+our+business+alongside+chemical+tankers+and+real+estate.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+the+previous+medium-term+management+plan%2C+we+also+moved+ahead+with+orders+for+LPG+%28liquefied+petroleum+gas%29+carriers+and+ethane+carriers%2C+but+going+forward+we+will+also+focus+on+gases%2C+including+ammonia+carriers+and+liquefied+CO2+%28carbon+dioxide%29+carriers%2C+aiming+to+differentiate+ourselves+by+accumulating+a+broad+range+of+expertise.%E2%80%9C+%3Cbr%3E%E3%80%80--The+new+medium-term+management+plan+calls+for+48+billion+yen+in+shareholder+returns+over+five+years.+%3Cbr%3E%E3%80%80%E2%80%9CWhile+maintaining+a+40%25+dividend+payout+ratio%2C+we+have+newly+set+a+minimum+dividend+of+30+yen+per+share.+Because+the+shipping+market+is+highly+volatile+and+dividend+visibility+is+low%2C+we+have+clarified+our+commitment+to+shareholders+that+we+will+pay+at+least+30+yen+even+if+market+conditions+worsen%2C+using+stable+earnings+from+real+estate+and+other+businesses+as+the+source.+We+will+also+carry+out+share+repurchases+in+a+timely+and+flexible+manner.%E2%80%9C+%3Cbr%3E%28Published+as+needed%29+%3Cbr%3E+%3Cbr%3E%E3%80%80Yusuke+Otani+graduated+from+Meiji+University%E2%80%99s+Faculty+of+Law+in+1991+and+joined+%3Cb%3EIino+Lines%3C%2Fb%3E.+He+became+an+Executive+Officer+in+2018%2C+a+Director+and+Executive+Officer+in+2020%2C+and+Director%2C+Managing+Executive+Officer+in+2021%2C+and+has+held+his+current+position+since+April+2023.+He+was+born+in+September+1967.+He+is+58+years+old.+He+is+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%E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【海運トップに聞く　26年度の舵取り】(3)飯野海運社長・大谷祐介氏、資本効率意識し成長投資

2026/06/08(月)

日本海事新聞 JMD

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