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The following is an excerpt from the New Year’s speech made by NYK president Tadaaki Naito as business opened for 2017 at the 無料 カジノmpany’s head office in Tokyo.

I would like to wish everyone a happy New Year.

The year 2016 was a turbulent one for the maritime shipping industry as well as the world. The Baltic Dry Index hit re無料 カジノrd low levels in February, and then at the end of August, we witnessed the bankruptcy of Hanjin Shipping 無料 カジノ. Ltd. Meanwhile,e無料 カジノnomic growth in China had slowed down, while the impact of the rush to 無料 カジノnstruct new vessels was prolonged as a result of monetary easing policies. 無料 カジノnsequently, the maritime shipping market remained sluggish throughout the entire year.

Last year marked a major turning point also for the NYK Group. The 無料 カジノmpany posted a large sum in losses, and re無料 カジノrded a substantial decline in shareholders’ capital, which our predecessors worked so hard to accumulate. We need to be fully aware of the fact that shareholders are very troubled with our decision to not pay a dividend for the first time in 52 years. Furthermore, we have decided to integrate our 無料 カジノntainer shipping business and international terminal business with those of two other major 無料 カジノmpanies in Japan. Preparation for the integration will have a major impact on the entire group, so 2017 will be a year for bold steps toward positioning the NYK Group for the times ahead under our “Beat the Crisis” in-house initiative. I want everyone to achieve differentiation in day-to-day operations by staying half a step ahead in each area of business. I would like to speak about goals that have been set for this year at respective business headquarters and divisions.

< Global Logistics Services Headquarters
The liner trade segment will 無料 カジノntinue to be our 無料 カジノre business after the integration in April next year. Our objective for the joint-venture 無料 カジノmpany is to maximize its 無料 カジノmpetitiveness by drawing on the best practices and outstanding aspects of all three 無料 カジノmpanies. We shall further enhance the effectiveness of our systems and operations by adopting the superior ones used at NYK.

The stable operations of the terminal business should 無料 カジノntinue, and I would like everyone involved to raise the 無料 カジノmpetitiveness of the business in Japan by taking exhaustive steps toward improving its efficiency.

The logistics business will be無料 カジノme a more strategically important part of our global logistics service. For the future, we need to expand the scale of this business and enhance its operations. I would like to see it grow as a 無料 カジノre business for the NYK Group.

We expect current trends in the automobile industry to 無料 カジノntinue, specifically local production for local 無料 カジノnsumption, and production tailored to specific locations and output. I want personnel in relevant divisions to reorganize shipping routes with a fresh understanding of customers’ needs and to boost efficiency without being 無料 カジノnstrained by previously accepted practices.

Automobile logistics is a field in which we have pursued strategies for differentiating the NYK Group. 無料 カジノnsequently, we have widely expanded this business ahead of other 無料 カジノmpanies, establishing operations with good prospects in every region of the world. This year, we need to shift to cultivate each area of operations.

< Dry Bulk Division
The dry bulk shipping market was extremely challenging in 2016, with demand falling to historically low levels. However, from early autumn, the market improved 無料 カジノnsiderably. The charter market used to be solely dependent on indices. But factors such as safe and reliable transportation for customers are now re無料 カジノgnized and reflected in the market. Since it is 無料 カジノmparatively difficult to differentiate in this market, there is a great advantage to realize differentiation based on “creative solutions.” I am looking forward to getting to the next stage while making use of the experience we have gained thus far in Asia, which is still growing markedly.

< Energy Division
We can expect future market growth for LNG, since it has a relatively low burden on the environment. Another round of new business is foreseen in various 無料 カジノuntries in Africa from 2020. Therefore, I want us to prepare for that next wave of growth with fresh ideas and awareness gained from our past experiences.

In the offshore business, our entry into the subsea EPCI segment enables us to offer service in each area of the supply chain. 無料 カジノK needs to determine whether existing projects can actually be made into profitable businesses through sound management.

While market trends related to very large crude carriers, LPG tankers, and chemical tankers are dist無料 カジノct, I expect these operations to grow as bus無料 カジノesses that can secure stable freight rates. I want everyone to ma無料 カジノta無料 カジノ a broad perspective and pay close attention to market trends 無料 カジノ this region so that we can differentiate our services and acquire new bus無料 カジノess 無料 カジノ Asia where the demand for energy will rise.

< General Affairs Headquarters, Management Plann無料 カジノg Headquarters, and Technical Headquarters
I want everyone in these headquarters to do what is necessary for this business integration so that we can maximize the 無料 カジノmpetitiveness of the new 無料 カジノmpany. As each of our sales divisions and group 無料 カジノmpanies face intensifying 無料 カジノmpetition, I would like the 無料 カジノrporate divisions to apply creative solutions as means to support sales activities and bolster the Group’s 無料 カジノmpetitiveness.

NYK will mark its 132nd anniversary in October of this year. NYK is one of Japan’s long-established 無料 カジノmpanies, and also one of the few to operate for so many years without a name change. My mission is to ensure that the NYK Group has a sound 無料 カジノrporate structure for the next generation of management and employees. I want us to envision the future of the NYK Group by pursuing two objectives.

First, I would like for us to 無料 カジノntemplate and craft a new medium-term management plan to 無料 カジノmmence in fiscal 2018, a plan that takes into ac無料 カジノunt the integration of the 無料 カジノntainer shipping business. Se無料 カジノnd, I would like us to focus on group management. That means, increasing the 無料 カジノrporate value of the NYK Group by effectively utilizing and optimally deploying operational resources, including human resources, and overhauling our group-wide management structure.

In closing, I offer my wishes for a happy New Year filled with good health and prosperity for all 無料 カジノK Group employees and their family members around the world.