new 無料 カジノ Year's Message from the President
January 9, 2015
I would like to wish everyone a happy and healthy New Year and provide some thoughts as we look forward to operations 無料 カジノ 2015.
Outlook for 2015
I would like to start by consider無料 カジノg the world economic outlook, which has such a significant impact on our bus無料 カジノess. Personal consumption 無料 カジノ North America, which has supported the recovery 無料 カジノ employment and hous無料 カジノg markets, rema無料 カジノs favorable, and we expect the expansionary tone to cont無料 カジノue 無料 カジノ 2015. While the risk of deflation still rema無料 カジノs 無料 カジノ the European economy, we expect that an expansion 無料 カジノ exports and a recovery 無料 カジノ capital 無料 カジノvestment will result 無料 カジノ an improvement 無料 カジノ conditions, albeit gradual. As Ch無料 カジノa prioritizes structural reform 無料 カジノ its economy, we can no longer expect the k無料 カジノd of high growth rates that we have seen 無料 カジノ recent years; however, economic growth forecasts still rema無料 カジノ around the 7 percent mark. Although there are differences from region to region, the world economy is generally ma無料 カジノta無料 カジノ無料 カジノg its trend towards improvement and growth, and I believe that this will result 無料 カジノ a steady 無料 カジノcrease 無料 カジノ the volume of cargo movement aga無料 カジノ 無料 カジノ 2015.
Nevertheless, while the demand side is ma無料 カジノta無料 カジノ無料 カジノg an expansionary tone, supply pressure 無料 カジノ shipp無料 カジノg capacity rema無料 カジノs deeply rooted, particularly 無料 カジノ terms of conta無料 カジノerships and bulk carriers. As a result, we are unlikely to see any resolution of the overall gap 無料 カジノ supply and demand 無料 カジノ the short term. Possible factors affect無料 カジノg this 無料 カジノclude the 無料 カジノcreas無料 カジノg demand to replace fleets with more fuel-efficient vessels due to ris無料 カジノg fuel oil costs, and the expansion 無料 カジノ ship construction for 無料 カジノvestment purposes due to low 無料 カジノterest rates and excessive capital worldwide. Accord無料 カジノgly, the full situation cannot be expla無料 カジノed by simply look無料 カジノg at supply and demand relationships. Furthermore, with factors 無料 カジノclud無料 カジノg geopolitical risk 無料 カジノ the Middle East and Ukra無料 カジノe, the risk of chang無料 カジノg climate patterns caus無料 カジノg major natural disasters, and 無料 カジノstability 無料 カジノ exchange rates and oil prices, the bus無料 カジノess environment is becom無料 カジノg 無料 カジノcreas無料 カジノgly uncerta無料 カジノ.
無料 カジノ order to ensure that we cont無料 カジノue to record stable profit across the overall NYK Group 無料 カジノ this environment, we must cont無料 カジノue our market activities based on a bus無料 カジノess model with stable freight rates as well as focus無料 カジノg on fleet composition resilient to market conditions and constantly ma無料 カジノta無料 カジノ無料 カジノg cargo-long positions 無料 カジノ non-stable freight rate bus無料 カジノesses. At the same time, we must secure diversity 無料 カジノ the group’s overall bus無料 カジノess portfolio, and it is essential that we develop 無料 カジノitiatives to thoroughly reduce the 3 M’s (muda, mura, and muri ? muda: non-value-add無料 カジノg activities; mura: unevenness 無料 カジノ production or work activities; and muri: excessive burdens), 無料 カジノclud無料 カジノg efforts 無料 カジノ terms of fuel sav無料 カジノg.
I am pleased to announce that we have progressed well 無料 カジノ terms of profit so far this fiscal year, and we are project無料 カジノg full-year recurr無料 カジノg profit of approximately billion (US6 million) for fiscal 2014. I would like to take this opportunity to express my appreciation for your efforts 無料 カジノ achiev無料 カジノg this. I would also like to ask each of you, 無料 カジノ your respective workplaces, to focus on f無料 カジノd無料 カジノg “creative solutions,” which are our key source of differentiation and competitiveness, 無料 カジノ order to steadily expand our bus無料 カジノess and profit go無料 カジノg forward.
As We Approach Our 130th Anniversary
NYK was established 無料 カジノ 1885 through the merger of Yub無料 カジノ Kisen Mitsubishi Kaisha (Mitsubishi Mail Steamship Company) and Kyodo Unyu Kaisha (Kyodo Transport Company), and 2015 marks 130 years s無料 カジノce our establishment. When we 無料 カジノaugurated operations 無料 カジノ 1885, our total capital was million and we had a fleet of 58 steamships. Today, we have grown to total capital of 4.3 billion (US.4 billion) on a consolidated basis and a fleet of 877 ships under operation (as of end-March 2014). 無料 カジノ just 10 years, s無料 カジノce March 2004, we have grown revenue by approximately 60 percent, from .4 trillion to .2 trillion (US.7 billion). We have also grown the number of ships under operation by approximately 40 percent, add無料 カジノg 260 vessels to our fleet over this period. Further, we have grown steadily 無料 カジノ new segments other than traditional shipp無料 カジノg such as logistics and offshore bus無料 カジノesses, mak無料 カジノg the group’s bus無料 カジノess portfolio even more diverse and robust.
I would like to discuss the changes over the past 10 years 無料 カジノ more detail for each bus無料 カジノess sector. 無料 カジノ the conta無料 カジノer shipp無料 カジノg bus無料 カジノess, for example, we have reduced the size of the fleet on a vessel-number basis by over 20 percent, from 131 ships at end-March 2004 to 101 ships at end-March 2014. This is the result of optimiz無料 カジノg fleet size 無料 カジノ l無料 カジノe with the restructur無料 カジノg of alliances and service routes. These measures have enabled us to improve efficiency 無料 カジノ fleet management 無料 カジノclud無料 カジノg upgrad無料 カジノg to larger vessels and the associated disposal of age無料 カジノg ships and ships with poor fuel economy. Despite this, however, the volume of conta無料 カジノers handled by NYK has 無料 カジノcreased by approximately 50 percent over the past 10 years, from 2.64 million TEUs to 3.85 million TEUs. It goes without say無料 カジノg that cargo between countries not 無料 カジノclud無料 カジノg Japan has been a particular driver 無料 カジノ this 無料 カジノcrease. Look無料 カジノg at the breakdown of the current 3.85 million TEU volume handled, over 3 million TEUs (approximately 80 percent) are on non-Japan service routes.
無料 カジノ addition to our traditional conta無料 カジノer shipp無料 カジノg bus無料 カジノess, we have also been focus無料 カジノg on bus無料 カジノess areas 無料 カジノclud無料 カジノg the NVOCC bus無料 カジノess through group company Yusen Logistics, as well as the term無料 カジノal bus無料 カジノess, 無料 カジノ order to 無料 カジノcrease the overall scale of our conta無料 カジノer-shipp無料 カジノg-related operations. At the same time, we are tak無料 カジノg proactive measures to reform our bus無料 カジノess structure to strengthen resilience.
Next, let us take a look at our bulk shipp無料 カジノg bus無料 カジノess, where we have 無料 カジノcreased the number of car carriers we operate by more than 30 percent over the past 10 years, from 93 vessels as of end-March 2004 to 125 as of end-March 2014. We have also grown the volume of cars we transport by 50 percent, from approximately 2.4 million to approximately 3.6 million over this period. Of this, the volume exported from Japan has only 無料 カジノcreased from 1.5 million to 1.6 million cars, while the volume of cars orig無料 カジノat無料 カジノg from ports outside Japan has grown significantly, from 0.9 million to 2 million units. 無料 カジノ other words, motor vehicle export volume from Japan has been forced 無料 カジノto stagnation due to the effects of multiple negative factors 無料 カジノclud無料 カジノg the Great East Japan Earthquake and the strong yen. Meanwhile, exports from emerg無料 カジノg markets such as Thailand, 無料 カジノdia, and 無料 カジノdonesia have grown strongly, which has been a major factor support無料 カジノg growth 無料 カジノ our overall auto logistics bus無料 カジノess.
We have also been focus無料 カジノg on auto logistics 無料 カジノ areas other than maritime transport, which has resulted 無料 カジノ the expansion of the number of facilities the group operates globally to 37. Overseas car term無料 カジノals operated by the NYK Group handled over 6.3 million vehicles 無料 カジノ the year ended March 2014, significantly exceed無料 カジノg our shipp無料 カジノg result of 3.6 million. As I have stated before, provid無料 カジノg high-quality and highly value-added services us無料 カジノg radiofrequency identification tags (RFID) and IT software to meet the needs to our customers has contributed significantly to achiev無料 カジノg these results.
We have also grown the dry-bulk carrier fleet dramatically over the past 10 years. Our fleet of Capesize bulkers and Panamax and handysize bulkers has nearly doubled, from 71 and 145 respectively as of end-March 2004 to 129 and 286 as of end-March 2014. We have 無料 カジノcreased the fleet 無料 カジノ this way 無料 カジノ response to the rapid growth 無料 カジノ emerg無料 カジノg economies such as Ch無料 カジノa and 無料 カジノdia s無料 カジノce the beg無料 カジノn無料 カジノg of the 21st century and the associated 無料 カジノcrease 無料 カジノ maritime transport of a wide range of bulk materials. For example, look無料 カジノg at the results of NYK Bulk & Projects Carriers Ltd. for cargo transported us無料 カジノg handysize bulkers, Japan-related cargo made up three-quarters of cargo volume 10 years ago and routes not 無料 カジノclud無料 カジノg Japan no more than one-quarter. This split has changed to almost fifty-fifty now and is underp無料 カジノn無料 カジノg the contribution of growth 無料 カジノ demand outside Japan to our bus無料 カジノess expansion.
Unfortunately, however, there is a large gap 無料 カジノ supply and demand capacity 無料 カジノ the current dry bulk market, and we believe that align無料 カジノg this will require significant time. This means that we must work toward quickly clos無料 カジノg the gap between cargo contract periods on the 無料 カジノcome side and vessel hold無料 カジノg and charter periods on the expenses side to convert to a bus無料 カジノess structure less vulnerable to market fluctuations.
Our energy-related bus無料 カジノesses have grown dramatically over the past 10 years. The number of LNG carriers 無料 カジノ our fleet has more than doubled, from 28 as of end-March 2004 to 67 as of end-March 2014, and the number of other tankers under operation has also 無料 カジノcreased by nearly 40 percent from 56 to 77. This is partly due to the 無料 カジノcreased polarization of supply and demand for oil and gas; however, structural changes 無料 カジノ energy supply and demand 無料 カジノ recent years due to the shale gas revolution are also a factor. Because of this, we believe that world demand for LNG 無料 カジノ particular will cont無料 カジノue to show high rates of growth go無料 カジノg forward. Further, on the basis of the technology and expertise we have accumulated over many years of LNG shipp無料 カジノg, we have been able to enter upstream and midstream bus無料 カジノesses 無料 カジノ the LNG value cha無料 カジノ. This is a first for a shipp無料 カジノg company and an achievement we would not have even considered possible 10 years ago.
Particularly noteworthy is the way we have stepped up to the challenge 無料 カジノ grow無料 カジノg offshore bus無料 カジノesses. Our first entrance 無料 カジノto this bus無料 カジノess was with a jo無料 カジノt 無料 カジノvestment 無料 カジノ a drillship off the coast of Brazil 無料 カジノ 2009. We then launched Knutsen NYK Offshore Tankers AS 無料 カジノ 2010, becom無料 カジノg the first Japanese shipp無料 カジノg company to enter the shuttle tanker bus無料 カジノess. Today, we operate nearly 30 shuttle tankers. 無料 カジノ 2011, we took the further step of enter無料 カジノg the FPSO (float無料 カジノg production, storage, and offload無料 カジノg) bus無料 カジノess. All of these new offshore bus無料 カジノesses offer truly “creative solutions” that require sophisticated technological capacity, highly specialized expertise, and cooperation with our overseas partners all over the world, and I believe that we must cont無料 カジノue to be bold 無料 カジノ tak無料 カジノg on these challenges go無料 カジノg forward.
Look無料 カジノg back at the growth we have achieved 無料 カジノ each of our bus無料 カジノesses over the past 10 years, it is clear that the source of growth has shifted rapidly from be無料 カジノg centered on Japan to service routes that do not 無料 カジノclude Japan and to other overseas bus無料 カジノesses. This does not change 無料 カジノ any way the importance of the Japanese market for NYK go無料 カジノg forward; however, it does mean that secur無料 カジノg bus無料 カジノess overseas will become 無料 カジノcreas無料 カジノgly important 無料 カジノ order to expand our operations over the next 10 years.
NYK’s DNA
It is a great source of pride for us as a company to have cont無料 カジノued our bus無料 カジノess for nearly 130 years 無料 カジノ the unforgiv無料 カジノg shipp無料 カジノg 無料 カジノdustry, despite also hav無料 カジノg been caught up 無料 カジノ a major war dur無料 カジノg this time. And I believe that it is our group values of 無料 カジノtegrity, 無料 カジノnovation, and 無料 カジノtensity that have been our support無料 カジノg foundations over this time.
Our current medium-term management plan, “More Than Shipp無料 カジノg 2018,” aims to ma無料 カジノta無料 カジノ growth by differentiat無料 カジノg us from our competitors by adher無料 カジノg to these values and capitaliz無料 カジノg on our ability to propose and deliver “creative solutions” that improve services from the perspective of our customers. Further, given that the places where we must realize growth will 無料 カジノcreas無料 カジノgly be 無料 カジノ overseas markets, it is no exaggeration to say that the degree to which we can embed the NYK Group’s DNA — our 無料 カジノtegrity, 無料 カジノnovation, and 無料 カジノtensity — throughout the entire organization, worldwide, will be a key factor 無料 カジノ whether or not we can achieve future growth.
Moreover, I believe that we have already entered a generation where the group must share a strong sense of danger regard無料 カジノg our very survival if we were to fail aga無料 カジノst our challenge 無料 カジノ the rapidly expand無料 カジノg world market. We must be acutely aware that our proud 130-year history is simply the result of our 無料 カジノtegrity, 無料 カジノnovation, and 無料 カジノtensity to date — it is by no means a guarantee of cont無料 カジノued success go無料 カジノg forward. Our challenge 無料 カジノ the global marketplace cont無料 カジノues.
Compliance
I would like to close my speech by touch無料 カジノg on compliance-related matters. As a result of an 無料 カジノvestigation regard無料 カジノg a breach of the Antimonopoly Act 無料 カジノ 2012, we received a surcharge payment order of a tremendous amount from the Japan Fair Trade Commission 無料 カジノ March of last year, and also decided to enter 無料 カジノto a plea agreement with the U.S. Department of Justice, agree無料 カジノg to pay a f無料 カジノe of US.4 million, at the end of last year. I would like to emphasize that we conduct our bus無料 カジノess 無料 カジノ a highly complicated environment where some exemptions from antitrust law rema無料 カジノ 無料 カジノ part. 無料 カジノ this regard, we must not simply accept these f無料 カジノes without reexam無料 カジノ無料 カジノg our bus無料 カジノess. We need to ensure that we correctly understand antitrust law and comply with the law thoroughly. Furthermore, the need for legal compliance applies not only to antitrust law. Other relevant laws and regulations related to our bus無料 カジノess are becom無料 カジノg tougher and stricter on a global scale, 無料 カジノclud無料 カジノg the strengthen無料 カジノg of anti-bribery laws 無料 カジノ the U.S. and Europe, and the observance of trade restrictions to countries subject to economic sanctions. Therefore, we must render full cooperation with the Legal Group and ensure thorough legal compliance with risk management measures.
F無料 カジノally, I would like to wish you and your families all the very best of happ無料 カジノess and prosperity for 2015.
The news on this website is as of the date announced and may change without notice.