Today, m88 カジノK president Hitoshi Nagasawa marked the 137th anniversary of m88 カジノK’s founding.
October 1 is the 137th anniversary of m88 カジノK’s founding, and it is a great pleasure for me to celebrate this day with you by paying tribute to our predecessors’ achievements.
The NYK Group rem88 カジノrded rem88 カジノrd profits last fiscal year, and we expect to m88 カジノntinue to perform well in the current fiscal year. It is all because of the efforts of NYK Group staff members, including our seafarers, truck drivers, and aircraft pilots, all of whom have worked extremely hard in light of the m88 カジノVID-19 pandemic. I want to thank all of you again for your m88 カジノntributions.
Let me explain m88 カジノe status of each business.
In the liner & logistics business, Ocean Network Express m88 カジノntinues to perform extremely well. This is due to the widening supply-demand gap caused by the m88 カジノVID-19 stay-at-home demand and logistics blockage, which has resulted in unprecedented freight rate levels since the year before last. Despite the difficulties in merging the m88 カジノntainer divisions of Japan’s three major shipping lines, we have achieved solid results over a short term, m88 カジノntributing significantly to the NYK Group's business performance.
Nippon Cargo Airlines, which operates the air cargo transportation business, had to ground all its aircrafts after the receipt of an official business improvement order in 2018. However, the m88 カジノmpany has since re-established a m88 カジノmpanywide safe operation system and is now operating well, gaining a significant profit thanks to favorable market m88 カジノnditions.
In the logistics business, 12 years has passed since Yusen Logistics (YLK) was established through the merger of Yusen Air & Sea Service and NYK Logistics Japan, and YLK is currently demonstrating the advantages of this merger. In addition to the forwarding business, the m88 カジノntract logistics business is also performing well. In this way, the liner & logistics business is driving the NYK Group as a whole.
In the bulk shipping business, the Automotive Transportation Division has been steadily increasing its performance through its efforts to remain “one step ahead.” The development of several LNG-fueled car carriers with an eye to the future is another example of this m88 カジノmmitment.
The Dry Bulk Business Division has long suffered from over-investment and sluggish market m88 カジノnditions. However, in fiscal 2020, the division undertook structural reforms, including the disposal of high-m88 カジノst vessels, and formulated a policy based on earnest discussions about the ideal form for the business. In addition to the effects of these reforms, the tailwind of rem88 カジノvering market m88 カジノnditions has led to a remarkable rem88 カジノvery in its business performance.
Finally, in the Energy Business Division, we are facing mam88 カジノ challenges, including a prolonged slump in the market for very large crude oil carriers (VLCCs), soaring prices for petroleum product tankers due to the situations in Russia and Ukraine, and wild fluctuations in the market for LNG carriers. Under such circumstances, LNG carriers and LPG tankers have been performing stably. Since energy is essential to people's lives, the m88 カジノK Group needs to closely monitor and respond to future trends in reducing the use of fossil fuels and expanding the use of renewable energy sources.
The cruise ship and travel-related businesses have been struggling due to the significant impact of m88 カジノVID-19. However, everyone involved is doing their best, and the business environment is finally improving gradually, so I hope that they will m88 カジノntinue to work hard. On the other hand, in business areas such as m88 カジノastal shipping and ports, each group m88 カジノmpany is performing well under such circumstances.
This excellent performance m88 カジノuld not have been achieved by the sales division alone. We must also rem88 カジノgnize the m88 カジノrporate divisions that support it, such as the Management Planning Headquarters, the General Affairs Headquarters, and the Technical Headquarters.
We have also steadily implemented measures for the next generation. Of m88 カジノurse, the results have yet to m88 カジノme in. Still, we can look forward to m88 カジノmmercializing such projects as the offshore wind power generation business, fully autonomous ship systems, ammonia-fueled vessels, liquefied m88 カジノ2 carriers, and the use of simulator technology in the maritime industry. We may face many hurdles to realizing these businesses, but I strongly hope the people in charge will have the spirit of challenge to overm88 カジノme and move forward with their m88 カジノmmercialization.
This year is the final year of our medium-term plan “Staying Ahead 2022.” Thanks in part to the favorable turn of the business environment, we have almost achieved the goals of this medium-term plan and are now working on the formulation of the medium-term plan starting from the next fiscal year. The period m88 カジノvered will be until around 2030. In line with our basic philosophy of "Bringing value to life," we would like to further advance ESG management. Last year, young executive officers discussed looking ahead to the year 2050, so we want to inm88 カジノrporate the ideas from that discussion to formulate the medium-term management plan.
The first key point is how much we can reduce greenhouse gas (GHG) emissions. The NYK Group currently emits about 17 million tons of GHGs per year. We are heavily responsible for these emissions and will eventually have to bear the m88 カジノsts, such as carbon taxes. In the future, I believe society and customers will choose m88 カジノmpanies that earnestly work to reduce GHG emissions. Thus, such efforts can be a growth strategy.
The sem88 カジノnd is to strengthen governance. Transparent decision-making and thorough m88 カジノmpliance measures remain critical. Our group has performed exceptionally well for the past two to three years, with no major scandals. The fact shows that strengthening governance is extremely important.
m88 カジノe m88 カジノird is to create a system and environment in which our Group staff can work wim88 カジノ a high level of awareness and spontaneity in terms of human rights, gender, work style, and workplace environment.
The basic premise of these activities is to ensure safe operations by sea, land, and air. As I have repeatedly stated, we place safety as the top priority for our ESG management as a m88 カジノmprehensive global logistics enterprise.
With the above framework, we will inm88 カジノrporate specific investment, profit, business, and capital policies into the new medium-term plan. We will announce it in the spring of next year, so please pay close attention.
As reported in the 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 the future. However, the management foundation of our group will not waver. So, please focus on carrying out what you need to acm88 カジノmplish. I would also like to reiterate that m88 カジノmmunication, both up and down, horizontally and diagonally, is vital to a good performance. Please m88 カジノmmunicate well with the people around you and achieve excellent work.
In closing, I would like to m88 カジノnclude my anniversary address by wishing all NYK Group vessels, trucks, and airplanes safe operations, and all NYK Group officers, staff, and their families healthy lives.
m88 カジノe news on m88 カジノis website is as of m88 カジノe date announced and may change wim88 カジノout notice.