Greetings to Shareholders

We would like to express our sincere gratitude to you for your continued support of our operations and business.

The NS United Kaiun Group incorporates into our activities, every single day, our fundamental principle of contributing to the development of society by providing trusted and high-quality marine transportation services. In FY2021, the global economy experienced growth in demand for cargo transport as it recovered from the effects of the global COVID-19 outbreak in the previous fiscal year, but the repeated waves of the pandemic resulted in various obstacles to the stable operation of our fleet due to the tightening of port quarantines and difficulties in replacing crews. These operational inefficiencies and the limited supply of newly built ships tightened the supply-demand balance for shipping capacity. Therefore, the dry bulk market rose sharply for all types of vessels. In addition to stable earnings based on long-term contracts, our free fleet was able to enjoy the improving market conditions, enabling us to achieve our highest profits since our merger in 2010.

Against this background, we have formulated our “Basic Sustainability Policy” that clarifies the guidelines for ESG management, and through dialogue with the participation of all our employees, we have formulated a new corporate mission statement, “Through Marine Transportation, We Will Work Together to Shape the World Today and Create a Sustainable Future.” Along with this, when the Tokyo Stock Exchange reorganized its market classifications, we selected the “prime market” and transferred to it in April of this year. We will base our management on the new value model of sustainability, and continue our efforts to become a sustainable company by addressing social issues with sincerity and enhancing our corporate value.

It is our hope that all shareholders will provide even more support, encouragement and cooperation.

Kazuo Tanimizu

President and Representative Director