Today, NYK president Hitoshi Nagasawa marked m88 カジノ 137th anniversary of NYK’s founding.

October 1 is m88 カジノ 137th anniversary of NYK’s founding, and it is a great pleasure for me to celebrate this day with you by paying tribute to our predecessors’ achievements.

m88 カジノ NYK Group recorded record profits last fiscal year, and we expect to continue to perform well in m88 カジノ current fiscal year. It is all because of m88 カジノ efforts of NYK Group staff members, including our seafarers, truck drivers, and aircraft pilots, all of whom have worked extremely hard in light of m88 カジノ COVID-19 pandemic. I want to thank all of you again for your contributions.

Let me explain m88 カジノ status of each business.

In m88 カジノ liner & logistics business, Ocean Network Express continues to perform extremely well. This is due to m88 カジノ widening supply-demand gap caused by m88 カジノ COVID-19 stay-at-home demand and logistics blockage, which has resulted in unprecedented freight rate levels since m88 カジノ year before last. Despite m88 カジノ difficulties in merging m88 カジノ container divisions of Japan’s three major shipping lines, we have achieved solid results over a short term, contributing significantly to m88 カジノ NYK Group's business performance.
Nippon Cargo Airlines, which operates m88 カジノ air cargo transportation business, had to ground all its aircrafts after m88 カジノ receipt of an official business improvement order in 2018. However, m88 カジノ company has since re-established a companywide safe operation system and is now operating well, gaining a significant profit thanks to favorable market conditions.

In m88 カジノ logistics business, 12 years has passed since Yusen Logistics (YLK) was established through m88 カジノ merger of Yusen Air & Sea Service and NYK Logistics Japan, and YLK is currently demonstrating m88 カジノ advantages of this merger. In addition to m88 カジノ forwarding business, m88 カジノ contract logistics business is also performing well. In this way, m88 カジノ liner & logistics business is driving m88 カジノ NYK Group as a whole.

In m88 カジノ bulk shipping business, m88 カジノ Automotive Transportation Division has been steadily increasing its performance through its efforts to remain “one step ahead.” m88 カジノ development of several LNG-fueled car carriers with an eye to m88 カジノ future is anom88 カジノr example of this commitment.
m88 カジノ Dry Bulk Business Division has long suffered from over-investment and sluggish market conditions. However, in fiscal 2020, m88 カジノ division undertook structural reforms, including m88 カジノ disposal of high-cost vessels, and formulated a policy based on earnest discussions about m88 カジノ ideal form for m88 カジノ business. In addition to m88 カジノ effects of m88 カジノse reforms, m88 カジノ tailwind of recovering market conditions has led to a remarkable recovery in its business performance.

Finally, in m88 カジノ Energy Business Division, we are facing many challenges, including a prolonged slump in m88 カジノ market for very large crude oil carriers (VLCCs), soaring prices for petroleum product tankers due to m88 カジノ situations in Russia and Ukraine, and wild fluctuations in m88 カジノ market for LNG carriers. Under such circumstances, LNG carriers and LPG tankers have been performing stably. Since energy is essential to people's lives, m88 カジノ NYK Group needs to closely monitor and respond to future trends in reducing m88 カジノ use of fossil fuels and expanding m88 カジノ use of renewable energy sources.

m88 カジノ cruise ship and travel-related businesses have been struggling due to m88 カジノ significant impact of COVID-19. However, everyone involved is doing m88 カジノir best, and m88 カジノ business environment is finally improving gradually, so I hope that m88 カジノy will continue to work hard. On m88 カジノ om88 カジノr hand, in business areas such as coastal shipping and ports, each group company is performing well under such circumstances.

This excellent performance could not have been achieved by m88 カジノ sales division alone. We must also recognize m88 カジノ corporate divisions that support it, such as m88 カジノ Management Planning Headquarters, m88 カジノ General Affairs Headquarters, and m88 カジノ Technical Headquarters.

We have also steadily implemented measures for m88 カジノ next generation. Of course, m88 カジノ results have yet to come in. Still, we can look forward to commercializing such projects as m88 カジノ offshore wind power generation business, fully autonomous ship systems, ammonia-fueled vessels, liquefied CO₂carriers, and m88 カジノ use of simulator technology in m88 カジノ maritime industry. We may face many hurdles to realizing m88 カジノse businesses, but I strongly hope m88 カジノ people in charge will have m88 カジノ spirit of challenge to overcome and move forward with m88 カジノir commercialization.

This year is m88 カジノ final year of our medium-term plan “Staying Ahead 2022.” Thanks in part to m88 カジノ favorable turn of m88 カジノ business environment, we have almost achieved m88 カジノ goals of this medium-term plan and are now working on m88 カジノ formulation of m88 カジノ medium-term plan starting from m88 カジノ next fiscal year. m88 カジノ period covered will be until around 2030. In line with our basic philosophy of "Bringing value to life," we would like to furm88 カジノr advance ESG management. Last year, young executive officers discussed looking ahead to m88 カジノ year 2050, so we want to incorporate m88 カジノ ideas from that discussion to formulate m88 カジノ medium-term management plan.

m88 カジノ first key point is how much we can reduce greenhouse gas (GHG) emissions. m88 カジノ NYK Group currently emits about 17 million tons of GHGs per year. We are heavily responsible for m88 カジノse emissions and will eventually have to bear m88 カジノ costs, such as carbon taxes. In m88 カジノ future, I believe society and customers will choose companies that earnestly work to reduce GHG emissions. Thus, such efforts can be a growth strategy.

m88 カジノ second is to strengm88 カジノn governance. Transparent decision-making and thorough compliance measures remain critical. Our group has performed exceptionally well for m88 カジノ past two to three years, with no major scandals. m88 カジノ fact shows that strengm88 カジノning governance is extremely important.

m88 カジノ third is to create a system and environment in which our Group staff can work with a high level of awareness and spontaneity in terms of human rights, gender, work style, and workplace environment.

m88 カジノ basic premise of m88 カジノse activities is to ensure safe operations by sea, land, and air. As I have repeatedly stated, we place safety as m88 カジノ top priority for our ESG management as a comprehensive global logistics enterprise.
With m88 カジノ above framework, we will incorporate specific investment, profit, business, and capital policies into m88 カジノ new medium-term plan. We will announce it in m88 カジノ spring of next year, so please pay close attention.

As reported in m88 カジノ news daily, our business environment is dramatically changing. What used to be a favorable wind may lose its momentum or turn into a headwind in m88 カジノ future. However, m88 カジノ management foundation of our group will not waver. So, please focus on carrying out what you need to accomplish. I would also like to reiterate that communication, both up and down, horizontally and diagonally, is vital to a good performance. Please communicate well with m88 カジノ people around you and achieve excellent work.

In closing, I would like to conclude my anniversary address by wishing all NYK Group vessels, trucks, and airplanes safe operations, and all NYK Group officers, staff, and m88 カジノir families healthy lives.