Annual Report 2010(PDF/2905)

More documents

Recommendations

Info

To Our Stakeholders I assumed the post of President/President Executive Officer as of April 1, 2010. I am pleased to report business results for the fiscal year ended March 31, 2010 (FY 2010). At the beginning of 2009, we set up the Emergency Countermeasure Committee headed by the former president, with the aim of preventing the company from falling into deficit. We bolstered the financial balance sheet through measures such as the early return of high-cost chartered vessels. At the same time, we reviewed our fleet scale, investment and manpower plans, reduced costs and improved the management and operational efficiency. We addressed the issue of internal controls, since safe navigation is our utmost priority. We were able to upwardly revise our initial full-year forecast for consolidated ordinary income due to a considerable contribution from the unexpectedly robust dry bulk market, particularly in the capesize bulk carriers, which was supported by iron ore imports by China, together with our efforts to improve ship deployment efficiency. However, in light of the uncertainty clouding the outlook for our business environment, we have decided that our best strategy for building a more solid business foundation is to further reinforce the competitiveness of our fleet by implementing the early return of high-cost chartered vessels. Consequently, we reported early cancellation fees on charter contracts and so forth as an extraordinary loss, and income before income taxes dropped to a low level. Carefully considering an appropriate return of profits to shareholders, the Company’s financial standing, and other factors, we have decided to pay a year-end dividend of two yen per share for FY 2010. On October 1, the Company decided to merge with Nippon Steel Shipping Co., Ltd., with the Company being the surviving company. The new corporate name is NS United Kaiun Kaisha, Ltd. While our comprehensive strength is supported by our client base with long-term contractual relationships and our broad business portfolio, which includes natural resources and energy transportation, the strength of Nippon Steel Shipping is based on its high expertise in the transportation of raw materials and fuel for the iron production industry, as the industrial carrier for Nippon Steel Corporation. By combining the respective strengths of both companies, we aim to further increase our corporate value while responding in a timely fashion to future changes in the business environment. I will assume the position of Representative Director/Vice President Executive Officer of NS United Kaiun Kaisha, Ltd. Your continued support for Shinwa Kaiun and the Shinwa Group is highly appreciated. June 25, 2010 Hiroshi Sugiura, President 3 Shinwa Kaiun Group Annual Report 2010
About the Merger with Nippon Steel Shipping Co., Ltd. (October 1, 2010) Basic concept of the merger (a) Increased competitiveness due to the combination and expansion of the Companies’ fleets. (b) Expansion of ability to deliver fleets. (c) Further accumulation of technological skills. (d) Improvement in profitability and efficiency and cost reduction. (e) Securement of reliable source of ship crew. Outline of the merger and change of the corporate name Summary of the parties to the merger (as of March 31, 2010) Company name Shinwa Kaiun Kaisha, Ltd. Nippon Steel Shipping Co., Ltd. Business Marine transportation business and Marine transportation business other businesses related or incidental thereto Date of incorporation April 1, 1950 February 6, 1948 Registered address 8-1 Otemachi 1-chome, Chiyoda-ku, Tokyo 3-2 Kasumigaseki 3-chome, Chiyoda-ku, Tokyo Name and position of representative President, Representative Director Hiroshi Sugiura President, Representative Director Keiichiro Shimakawa Paid-in capital 8,100 million yen 2,227 million yen Number of issued shares 162,000,000 shares 44,557,750 shares Net assets (consolidated) 47,938 million yen 16,548 million yen Total assets (consolidated) 114,370 million yen 33,342 million yen Fiscal year-end March 31 March 31 Number of employees 591 (consolidated) 82 (consolidated) Post-merger position Corporate name Business Registered address Name and position of representative Capital Number of issued shares Net assets (consolidated) NS United Kaiun Kaisha, Ltd. Marine transportation business and other businesses related or incidental thereto 21st and 22nd Floors, Otemachi 1st Square West Tower, 5-1 Otemachi 1-Chome, Chiyoda-ku, Tokyo President, Representative Director/President, Executive Officer Keiichiro Shimakawa (Scheduled) Representative Director/Vice President, Executive Officer Hiroshi Sugiura (Scheduled) 10,300 million yen 230,764,400 shares Has not yet been determined Total assets (consolidated) Has not yet been determined Fiscal year-end March 31 Main shareholders and their shareholdings (scheduled) Note: Please refer to page 17 for new company executives. Nippon Steel Corporation 34.00% Nippon Yusen Kabushiki Kaisha (NYK LINE) 18.74% Tokio Marine & Nichido Fire Insurance Co., Ltd. 4.34% Sompo Japan Insurance Inc. 3.62% Mizuho Corporate Bank, Ltd. 3.25% Mitsui Sumitomo Insurance Company, Limited 2.54% Japan Trustee Services Bank, Ltd. (Trust account) 2.52% Mitsubishi Heavy Industries, Ltd. 2.34% Hsin Chien Marine Co., Ltd. 2.19% The Master Trust Bank of Japan, Ltd. (Trust account) 1.05% Shinwa Kaiun Group Annual Report 2010 4
Page 1 and 2: ANNUAL REPORT 2010 For the fiscal y
Page 3: Consolidated Financial Highlights M
Page 7 and 8: Major Vessels Bulk Carrier: YUGAWAS
Page 9 and 10: carriers) and MR product tankers (m
Page 11 and 12: Corporate Social Responsibility Pre
Page 13 and 14: initial estimate at the beginning o
Page 15 and 16: Consolidated Statement of Income Mi
Page 17 and 18: History Apr. 1950 Dec. 1957 Feb. 19
Page 19 and 20: Principal Overseas Subsidiaries SHI

Annual Report 2010(PDF/2905)

Create successful ePaper yourself

Delete template?

Save as template?