(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

Financial Highlights: Fiscal Year 2022 Ended March 31, 2023
1.

Consolidated Financial Highlights ( from April 1, 2022 to March 31, 2023 )(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Operating Results
FY2022
1,611,984
108,709811,589
796,060

Revenues
Operating profit
Ordinary profit
Profit attributable to owners of parent
Net income per share
Diluted net income per share
Return to shareholders' equity
Rate of ordinary income on assets
Operating profit ratio

2,204.04
2,196.51
49.8%
26.0%
6.7%

(¥Million)
FY2021
1,269,310
55,005
721,779
708,819(¥)
1,970.16
1,960.97
76.5%
30.2%
4.3%

* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.
Accordingly, net income per share and diluted net income per share are calculated on the assumption that the stock split was
conducted at the beginning of the previous fiscal year ended March 31, 2022.

(2) Financial Position
FY20223,564,247
1,937,621
54.0%

Total assets
Total net assets
Shareholders' equity / Total assets
Net assets per share

5,322.35(¥Million)
FY20212,686,701
1,334,866
47.4%(¥)
3,532.32* Shareholders' Equity is defined as follows.
Shareholders' Equity = Total Net Assets - ( Share option + Non-controlling interests )* The Company split its common share on the basis of one (1) unit into three (3) shares effective April 1, 2022.
Accordingly, Shareholders’ equity per share is calculated on the assumption that the stock split was conducted at the beginning of
the previous fiscal year ended March 31, 2022.

2.

Dividends

FY2021
FY2022
FY2023 (Outlook)

Q1

Dividend per share ( ¥ )Q2
Q3Year end

Total

―
―
―

300.00300.00100.001,200.00
560.00180.00―――900.00260.0080.00

Total
dividends
paid(¥Million)
144,240
202,444

Dividend
pay-out
ratio
20.3%
25.4%
31.0%

Dividend ratio
toshareholders'equity15.6%
10.5%* The Company split its common share on the basis of one (1) unit into three (3) shares effective April 1, 2022.
Accordingly, the dividends per share for the fiscal year (FY2021) ended March 31, 2022 represent the actual amount of dividends
before the stock split.

1

(Unaudited translation of "Kessan Tanshin", provided for reference only)3.

April 28, 2023

Forecast for the Fiscal Year Ending March 31, 2024(¥Million)
FY2023

Revenues
Operating profit
Ordinary profit
Profit attributable to owners of parent

1,490,000
105,000
200,000
210,000(¥)
581.38Net income per share(Reference)
Non-Consolidated Financial Highlights ( from April 1, 2022 to March 31, 2023 )(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Operational Results
FY2022
821,375
61,705469,984
462,022

Revenues
Operating profit
Ordinary profit
Net income
Net income per share
Diluted net income per share

1,279.16
1,274.79(¥Million)
FY2021
765,21433,376260,240
270,004(¥)
750.46746.96* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.
Accordingly, net income per share and diluted net income per share are calculated on the assumption that the stock split was
conducted at the beginning of the previous fiscal (FY2021) year ended March 31, 2022.

(2) Financial Position
FY2022
1,595,956
655,609
41.0%

Total assets
Total net assets
Shareholders' equity / Total assets
Net assets per share

1,810.77(¥Million)
FY2021
1,231,491
419,73934.0%(¥)
1,161.06* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.
Accordingly, shareholders’ equity per share is calculated on the assumption that the stock split was conducted at the beginningof the previous fiscal (FY2021) year ended March 31, 2022.

(3) Forecast for the Fiscal Year Ending March 31, 2024(¥Million)
FY2023
Revenues
Operating profit
Ordinary profit
Net income

730,000
50,000150,000
160,000(Reason of change in non-consolidated financial results compared to the results in the previous fiscal year)
The change in non-consolidated financial results were mainly due to good performance of Tankers business and Car Carriers businessand significant increase in dividends received from OCEAN NETWORK EXPRESS PTE. LTD., which is an affiliate accounted forusing equity method operating Containerships business in the fiscal year ended March 31, 2023.

2

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

4. Business Performance(1) Analysis of Operating Results(¥ Billion)
FY2021

FY2022

From April 1, 2021 toMarch 31, 2022

From April 1, 2022 toMarch 31, 2023

1,269.3

1,611.9

342.6

/

27.0%

Operating profit

55.0

108.7

53.7

/

97.6%

Ordinary profit

721.7

811.5

89.8

/

12.4%

Profit attributable toowners of parent

708.8

796.0

87.2

/

12.3%

Exchange rate

¥111.52/US$¥134.67/US$¥23.15/US$

Bunker price*

US$585/MT

US$745/MT

US$160/MT

RevenueYear-on-year comparison /Variance*Average price for all the major fuel grades

We recorded revenue of ¥1,611.9 billion, an operating profit of ¥108.7 billion, an ordinary profit of ¥811.5
billion and profit attributable to owners of parent of ¥796.0 billion.
We recorded ¥668.4 billion of equity in net earnings of affiliated companies in non-operating income,mainly due to a significant increase in earnings at OCEAN NETWORK EXPRESS PTE. LTD (ONE), an
equity method affiliate. The amount of equity in net earnings of affiliated companies we recorded which was
attributable to ONE was ¥620.8 billion.
The following is a summary of business conditions including revenue and ordinary profit/loss per businesssegment.
Upper: Segment Revenue, Lower: Segment Ordinary Profit (Loss)(¥ Billion)

FY2021

FY2022

From April 1, 2021
to March 31, 2022

From April 1, 2022 toMarch 31, 2023

360.7

429.6

68.8

/

19.1%

43.2

57.6

14.3

/

33.3%

294.0

388.7

94.7

/

32.2%

19.8

39.5

19.7

/

99.6%

515.3

677.3

161.9

/

31.4%

662.9

705.4

42.4

/

6.4%

56.6

53.0

(3.6)

/

(6.4%)

634.0

620.1

(13.8)/(2.2%)

38.9

39.5

0.6

/

1.7%

9.7

8.1

(1.6)

/

(17.0%)

44.5

57.1

12.5

/

28.2%

(2.3)

(0.5)

1.7

/

－%

15.7

19.6

3.9

/

24.8%

2.7

1.7

(0.9)

/

(34.7%)

Dry Bulk Business
Energy Business
Product Transport
Business
Containerships
Real Property Business
Associated Businesses
OthersNote: Revenue shows sales to external customers

3Year-on-year comparison /Variance

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(A) Dry Bulk Business
During the first half, the Capesize bulker market rates peaked in mid-May on the back of firm coal demand in India, but thendropped sharply through the summer on an uncertain global economic outlook and also reflecting a less tight vessel supplydemand balance due to improved vessel capacity utilization owing to the relaxation and/or removal of COVID-19 restrictions.
In the second half, market rates continued to lack buoyancy despite appearing to rally temporarily. Meanwhile, market rates for
Panamax, Handymax and smaller vessels started the first half at a high level, buoyed by firm transport demand for coal andgrain; however, there was a gradual downturn from July due to global economic slowdown and decreased China-bound cargo
movements. Rates then maintained a generally weak tone throughout the second half, reflecting a decrease in movements ofChina-bound coal, South American grains, steel raw materials and other cargoes.
Despite these market conditions, the dry bulk business as a whole posted year-on-year improvement in profit due to the partial
reversal of an allowance for doubtful accounts recorded in the past at the Company’s consolidated subsidiary in relation to a loan
to GEARBULK HOLDING AG, an equity-method affiliate, as a result of improvement in this company’s financial position, in
addition to the stable fulfillment of long-term contracts and the contribution of open-hatch bulkers and multipurpose vessels.
(B) Energy Business<Tankers>
In the very large crude oil carrier (VLCC) market, rates remained firm from the summer due to factors such as an increase in
ton-miles associated with shifts in trading patterns amid the Russia-Ukraine conflict and releases from the U.S. strategic
petroleum reserve. Product tankers saw firm cargo movements throughout the year, with the support of an increase in tonmiles as seen in the VLCC market, driven by the procurement of alternatives to petroleum products from Russia.
Thanks to favorable market conditions and efforts to stably fulfill existing long-term contracts and reduce costs, the tanker
business as a whole posted a significant year-on-year increase in profits.
<Offshore>
The FPSO business continued to accumulate stable profit through the delivery of two new FPSOs and existing long-term
charter contracts.
<Liquefied Gas>
Whilst continuing to generate stable profit through existing long-term charter contracts, the LNG carrier business posted a
year-on-year decline in profit partially due to the effect of the expiration of some long-term contracts. The FSRU businessposted a year-on-year improvement in profitability reflecting the entry into operation of an existing vessel under a short-term
contract.
(C) Product Transport Business<Containerships>
ONE, the Company’s equity-method affiliate, during the first half, the company continued to see robust transport demand,
especially on Asia-North America and Asia-Europe routes; however, in the second half, spot freight rates rapidly dropped due tothe recovery of vessel supply and sharp decline of transportation demand, along with the accumulated buildup of productinventories in the U.S. which became noticeable from the summer along with the decline in consumption in Europe due to rising
inflation. However, the containerships business maintained profit ultimately on par with the previous year, partially due to thebuildup of profit in the first six months.
<Car Carriers>
Amid fluctuation in cargo movements of completed cars due to global semiconductor shortages and the impacts of the COVID19 pandemic, we secured transportation volume mostly unchanged year on year by flexibly reviewing vessel allocation plans. As
a result of efforts to improve transport efficiency, the car carriers business achieved year-on-year profit growth.
<Terminal and Logistics>
Container volumes in the terminal business held firm although cargo movements returned to normal after the easing ofcongestion at terminals in the U.S. from the summer. Meanwhile, the logistics business was affected by weaker air and sea freightrates. However, thanks to the contribution of profit accumulated in the first half, the terminal and logistics business as a whole
posted higher profit than a year earlier.
<Ferries and Coastal RoRo Ships>
The passenger transportation business saw a sharp rebound in the number of passengers year on year, reflecting the easing of
COVID-19 restrictions. The cargo transportation business was also generally stable despite the delayed recovery of automotive
component-related business. As a result, the ferries and coastal RoRo ships business overall improved its profitability year-onyear.

4

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(D) Real Property Business
The real property business maintained stable profit on the whole, despite a slight drop in profit associated with thereconstruction of some office buildings held by DAIBIRU CORPORATION, the core company in the Group’s real property
business.
(E) Associated Businesses
The cruise business achieved improved profitability year on year due to an increase in operations on the back of a recovery indemand following the easing of COVID-19 restrictions. The tugboat business posted a year-on-year increase in profit due to arise in the number of vessels requiring tugboat services entering/leaving port and revision of tugboat service fees, though thesituation varies depending on each company and port.
(F) Others
Other businesses, which are mainly cost centers, include ship operations, ship management, ship chartering and financing.
Ordinary profit in this segment decreased year on year.

5

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(2) Outlook for FY2023(¥ Billion)
FY 2022(From April 1, 2022 toMarch 31, 2023)
Revenue

FY 2023(From April 1, 2023 toMarch 31, 2024)

Year-on-year
Comparison / Variance

1,611.9

1,490.0(121.9) /(7.6%)

Operating profit

108.7

105.0

(3.7) /

(3.4%)

Ordinary profit

811.5

200.0

(611.5) /(75.4%)

Profit attributable toowners of parent

796.0

210.0

(586.0) /(73.6%)(Results for full year)(Assumptions for full year)

Exchange rate

¥134.67/US$¥125.59/US$¥(9.08)/US$

All major fuel grade
price*1

US$745/MT--

Bunker price *2-

US$520/MT-

Compliant fuel price *3-

US$640/MT*1 All major fuel grades average price*2 HSFO (High Sulphur Fuel Oil) average price*3 VLSFO (Very Low Sulphur Fuel Oil) average price
From fiscal year 2023, ending March 31, 2024, along with the newly announced MOL Group Corporate Management Plan
“BLUE ACTION 2035,” the Wellbeing Lifestyle Business (which includes the Ferries and Coastal RoRo Ships Business from theProduct Transport Business, the Cruise Business from the Associated Businesses, and the Real Property Business), will be newly
established and listed independently as a reporting segment.

(A) Dry Bulk BusinessDry bulker market rates are likely to remain generally firm on expectations of growth in cargo movements driven by global
economic recovery and limited new vessel supply; however, if risks such as delayed economic recovery materialize, rates could
continue to lack buoyancy. Nonetheless, future fluctuations in market rates will have a limited impact on the profitability of
Panamax and smaller vessels because we have balanced the vessel capacity and cargo volume. The profitability of Capesize
bulkers will, however, be impacted by the expiration of some dedicated vessel contracts among other factors, and the drybulk
business overall is expected to report a decline in profit.
(B) Energy BusinessOn the very large crude oil carrier (VLCC) market, cargo movements and market rates are projected to remain firm on
expectations for a rebound in demand driven by a resumption of economic activity in China and a continued increase in ton-miles
due to the export restrictions imposed by the U.S. and European countries against Russia. Product tanker market rates are also
expected to remain robust based on the assumption of continued ton-mile-growth driven by the ban on the import of Russian
petroleum products led by Europe and the U.S., prompting the procurement of alternatives.
The offshore business will secure stable profit under existing long-term charters, and new FPSO charters are set to start in
FY2023.
In the liquefied gas business, the LNG carrier business will continue to maintain stable profit through the fulfillment of existing
long-term contracts. The FSRU business is expected to post lower profit, reflecting a changeover period between the expiration ofa short-term contract for an existing vessel and its entry into operation for a new project.
With above assumptions, energy business overall is expected to report an increase in profit.
(C) Product Transport BusinessIn the containerships business, we forecast that freight rates, which are now much weaker than the historically high levels seen
previously, will start to pick up from the middle of the year alongside the recovery trend in cargo movements.
In the car carrier business, as economic activity returns to normal, cargo movements of completed cars are also expected torecover gradually and transportation volume is projected to exceed the FY2022 level.

6

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

In the terminal and logistics business, the terminal business will likely generate less ancillary revenue from the pile-up of
containers alongside the easing of supply chain disruptions while the logistics business is expected to see a slowdown in air andsea freight demand due to inventory adjustments.
(D) Wellbeing Lifestyle Business
The real property business is expected to report a decline in rental income as a result of the ongoing reconstruction of buildings
owned. Higher utility expenses due to rising energy prices and other costs are also expected to impact profitability.
In the business of ferries and coastal RoRo ships, the recovery in the passenger transportation business and firm cargo
movements in the cargo transportation business are expected to continue. The entry of two newly built LNG-fueled ferries willcontribute to the realization of a low-carbon/decarbonized society.
In the cruise business, Mitsui O.S.K. Passenger Line Ltd. is seeing a recovery in passengers and forecasting an increased
revenue. However, expenses to prepare new vessels for service are expected to be incurred.
(E) Associated Businesses
The tugboat business is projected to report increased profit due to the effect of revision of tugboat service fees.

5. Financial Position
Total assets as of March 31, 2023 increased by ¥ 877.5 billion compared to the balance as of the end of the previous
fiscal year, to ¥ 3,564.2 billion. This was primarily due to the increase in investment securities.
Total liabilities as of March 31, 2023 increased by ¥ 274.7 billion compared to the balance as of the end of the previous
fiscal year, to ¥ 1,626.6 billion. This was primarily due to the increase in short-term bank loans.
Total net assets as of March 31, 2023 increased by ¥ 602.7 billion compared to the balance as of the end of the previous
fiscal year, to ¥ 1,937.6 billion. This was primarily due to the increase in retained earnings.
As a result, shareholders’ equity ratio increased by 6.6% compared to the ratio as of the end of the previous fiscal year, to54.0%.

6. Cash Flow
Cash and cash equivalents (hereinafter called “cash”) as of the end of FY2022 was ¥ 91.0 billion, a decrease of ¥ 6.0
billion compared to the balance as of the end of the previous fiscal year. Cash flows on each activity are as follows.
Net cash provided by operating activities during FY2022 was ¥ 549.9 billion (while net cash provided by FY2021 was¥ 307.6 billion), mainly due to Dividends received from affiliates accounted for using equity method.
Net cash used in investing activities during FY2022 was ¥ 281.9 billion (while net cash used in FY2021 was ¥ 107.4
billion), mainly due to Purchase of vessels and other non-current assets.
Net cash used in financing activities during FY2022 was ¥ 281.7 billion (while net cash used in FY2021 was ¥ 191.7
billion), mainly due to Cash dividends paid by the company.

7

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

7. Basic Policy on Profit Sharing and Dividends
Our key management policies are to enhance corporate value with proactive capital investment and to directly return
profits to shareholders through dividends. By utilizing our internal capital reserves, we work to reinforce corporate
strength and strive to further raise our per-share corporate value. For this reason, we have set our policy to pay
dividends linked with business performance with a 25% dividend payout ratio as a guideline and addressing the needto increase the ratio as a medium- and long-term management issue.
In FY2023, we plan to pay dividends linked with business performance with a 30% dividend payout ratio in accordancewith the improvement of our corporate value and financial conditions. We also set a minimum dividend of ¥150
per share.
As for the fiscal year under review, we will distribute dividends of surplus (a year-end dividend) at ¥260 per share. The
annual dividend will be ¥560 per share including the interim dividend of ¥300 per share. As for dividends of surplus
for the next fiscal year, we plan to pay an annual dividend of ¥180 per share, comprising an interim dividend of ¥100
per share and a year-end dividend of ¥80 per share on the assumption that we secure the income described in ouroutlook for the next fiscal year.

8. Basic Policy Regarding Selection of Accounting Standards
The MOL Group currently prepares consolidated financial statements based on Japanese Generally Accepted
Accounting Principles (J-GAAP), but to improve the quality of management through unification of accounting standards
within the Group and to enhance the international comparability of its financial information in the capital markets, weare considering voluntary application of International Financial Reporting Standards (IFRS).

8

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

9. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Consolidated Balance Sheets(¥Million)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Trade receivables
Contract assets
Marketable securities
Inventories
Deferred and prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Vessels
Buildings and structures
Equipment and others
Furniture and fixtures
Land
Construction in progress
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Net defined benefit assets
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

9

As of March 31, 2023

99,878109,891
15,6011,000
46,085
21,54558,748(1,298)351,452

93,961
124,134
8,329
500
50,787
26,820135,669(1,662)438,541

632,105
127,954
25,2905,529
254,594
59,9885,688
1,111,152
36,624

708,682
132,943
25,227
5,585
299,710
162,234
7,856
1,342,240
36,739978,848
110,104
8,562
18,9571,217
93,343(23,562)
1,187,472
2,335,249
2,686,701

1,430,873
116,893
8,550
20,987
2,058
191,173(23,811)
1,746,726
3,125,705
3,564,247

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023(¥Million)
As of March 31, 2022
Liabilities
Current liabilities
Trade payables
Short-term bonds
Short-term bank loans
Commercial papers
Accrued income taxes
Advances received
Contract liabilities
Provision for bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Long-term bank loans
Lease liabilities
Deferred tax liabilities
Net defined benefit liabilities
Provision for directors' and corporate auditors'
retirement benefits
Provision for periodic drydocking
Other fixed liabilities
Total fixed liabilities
Total liabilities
Net assets
Owners' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total owners' equity
Accumulated other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net oftax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net oftax
Total accumulated other comprehensive income
Share option
Non-controlling interests
Total net assets
Total liabilities and net assets

10

As of March 31, 2023

96,03423,700
192,170
8,000
8,624
2,188
23,1259,433
50,726
414,002

99,87230,000339,354
80,000
6,979
2,493
31,006
11,66067,808669,176

189,500
575,101
10,80374,516
9,355

159,500
524,801
17,50984,870
9,188

1,485

750

15,836
61,233
937,832
1,351,835

19,078
141,751
957,449
1,626,626

65,40023,0901,091,250(2,267)
1,177,474

65,589－1,571,582(558)
1,636,614

34,01032,472

27,161

77,59029,232

171,647

6,691

7,021

97,095781
59,514
1,334,866
2,686,701

288,732550
11,724
1,937,621
3,564,247

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(2) Consolidated Statements of Income(¥Million)
FY2021(Apr. 1, 2021 - Mar. 31, 2022)

FY2022(Apr. 1, 2022 - Mar. 31, 2023)

1,269,310
1,117,405
151,905
96,89955,005

1,611,984
1,376,504
235,479
126,770
108,709

6,940
8,239
657,375
7,080
3,581
683,217

14,473
7,824
668,435
23,70011,990726,423

11,392
5,051
16,443
721,779

17,2686,275
23,543
811,589

13,414
10,377
23,791

9,884
16,13026,014649
125
11,802
12,577225
4,008
14,20918,444732,993

819,160

12,846
5,993
18,839714,154
5,335
708,819

14,7296,187
20,917798,2422,182
796,060

Shipping and other revenues
Shipping and other expenses
Gross operating income
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Equity in earnings of affiliated companies
Foreign exchange gains
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of fixed assets
OthersTotal extraordinary income
Extraordinary losses
Loss on sale of fixed assets
Impairment losses
OthersTotal extraordinary losses
Income before income taxes and non-controllinginterests
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

11

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(3) Consolidated Statements of Comprehensive Income(¥Million)
FY2021(Apr. 1, 2021 - Mar. 31, 2022)

FY2022(Apr. 1, 2022 - Mar. 31, 2023)

714,154798,242

4,626(1,548)9,102
16,924(845)

7,487
36,025329

32,989151,908

62,797
776,951

194,202992,444

767,958

987,697

8,993

4,747

Net income
Other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net of tax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

12(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(4) Consolidated Statement of Changes in Net assets
FY2021 (April 1, 2021 – March 31, 2022)(¥Million)
Shareholders' equity
Common stock
Balance at Mar, 2021

Capital surplus

65,400Retained earnings

45,351

Treasury stock

435,589

Cumulative effects ofchanges in accounting
policies

Total owners' equity(6,515)539,825

349

Restated balance

65,40045,351

349

435,939(6,515)

540,175

657

657

Changes during period
Exercise of shareacquisition rights
Dividends of surplus
Profit attributable toowners of parent
Change of scope of
consolidation(52,137)(52,137)

708,819

708,819

(3)

(3)
(97)

(97)

3,687

2,321

Purchase of treasury shares
Disposal of treasury shares(1,366)

Purchase of shares of
consolidated subsidiaries
Net changes of items otherthan shareholders' equity
Total changes of items
during period(22,260)(22,260)－

Balance at Mar, 2022－

(22,260)

655,311

4,247

637,298

65,40023,0901,091,250(2,267)

1,177,474

Accumulated other comprehensive income

Balance at Mar, 2021

Unrealized
holding
gains onavailablefor-salesecurities,
net of tax

Unrealized
gains onhedging
derivatives,
net of tax

Foreigncurrencytranslation
adjustments

29,9175,150(4,653)RemeasureTotalments ofaccumulated
Share option
definedotherbenefitcomprehensive
plans, net ofincometax
7,541

37,956

1,347

Noncontrollinginterests

Total net
assets120,020

699,150

Cumulative effects ofchanges in accounting
policies
Restated balance349
29,9175,150(4,653)

7,541

37,956

1,347

120,020

699,500

Changes during period
Exercise of shareacquisition rights

(657)

－
(52,137)

Dividends of surplus
Profit attributable toowners of parent
Change of scope of
consolidation

708,819(3)

Purchase of treasury shares(97)

Disposal of treasury shares

2,321

Purchase of shares of
consolidated subsidiaries
Net changes of items otherthan shareholders' equity
Total changes of items
during period

4,092

22,01133,885(850)

59,13991(60,505)(1,274)

4,092

22,01133,885(850)

59,139(566)(60,505)

635,366

Balance at Mar, 2022

34,01027,161

29,232

6,691

97,095781

59,514

1,334,866(22,260)

13

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

FY2022 (April 1, 2022 – March 31, 2023)(¥Million)
Shareholders' equity
Common stock
Balance at Mar, 2022

Capital surplus

Retained earnings

65,40023,090189

189

Treasury stock

1,091,250

Total owners' equity(2,267)

1,177,474

Changes during period
Issuance of new shares

378

Exercise of shareacquisition rights

225

Dividends of surplus
Profit attributable toowners of parent
Net changes in retained
earnings from changes inscope of consolidation orequity method(216,639)(216,639)

796,060

796,060

(341)

(341)
(56)

(56)

1,540

853

Purchase of treasury shares
Disposal of treasury shares(686)

Purchase of shares of
consolidated subsidiaries
Transfer from retained
earnings to capital surplus
Net changes in items otherthan shareholders' equity
Total changes of items
during period

225(121,340)(121,340)

98,060(98,060)－－

Balance at Mar, 2023

189

(23,090)

480,3311,709

459,140

65,589－1,571,582(558)

1,636,614

Accumulated other comprehensive income

Balance at Mar, 2022

Unrealized
holding
gains onavailablefor-salesecurities,
net of tax

Unrealized
gains onhedging
derivatives,
net of tax

Foreigncurrencytranslation
adjustments

34,01027,161

29,232RemeasureTotalments ofaccumulated
Share option
definedotherbenefitcomprehensive
plans, net ofincometax
6,691

97,095781

Noncontrollinginterests

Total net
assets59,514

1,334,866

Changes during period
378

Issuance of new shares
Exercise of shareacquisition rights

(225)

－

Dividends of surplus(216,639)

Profit attributable toowners of parent
Net changes in retained
earnings from changes inscope of consolidation orequity method

796,060(341)

Purchase of treasury shares(56)

Disposal of treasury shares

853

Purchase of shares of
consolidated subsidiaries
Transfer from retained
earnings to capital surplus
Net changes in items otherthan shareholders' equity
Total changes of items
during period
Balance at Mar, 2023

(121,340)－(1,537)50,429142,415329

191,636(5)(47,790)

143,839(1,537)50,429142,415329

191,636(231)(47,790)602,754

32,472

77,590171,647

7,021

288,732550

11,724

1,937,621

14

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(5) Consolidated Statements of Cash flows(¥Million)
FY2021(Apr. 1, 2021 - Mar. 31, 2022)

FY2022(Apr. 1, 2022 - Mar. 31, 2023)

732,993

819,160

86,399125(657,375)(9,792)(15,180)
11,392

94,6604,008(668,435)(5,729)(22,297)
17,268(12,412)(9,008)(8,369)(20,353)(15,601)(16,095)
21,033(13,266)
83,495242,193(11,560)(6,490)307,637(16,720)(7,774)
7,612(3,896)318(15,311)
193,855
393,108(17,608)(19,430)
549,925(75,939)(28,568)

23,213

19,961(112,337)
52,089(19,350)
22,295
2,578(107,450)(266,531)
36,050(27,433)
8,526(24,001)(281,995)

Cash flows from operating activities
Income before income taxes and non-controllinginterests
Depreciation and amortization
Impairment losses
Equity in losses (earnings) of affiliated companies
Various provisions (reversals)Interest and dividend income
Interest expense
Loss (gain) on sale and retirement of non-current
assetsForeign exchange loss (gain), net
Decrease (Increase) in trade receivables
Decrease (Increase) in contract assets
Decrease (Increase) in inventories
Increase (Decrease) in trade payables
Others, net
Sub totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Purchase of non-current assets
Proceeds from sale of non-current assets
Disbursements for long-term loans receivables
Collection of long-term loans receivables
Others, net
Net cash provided by (used in) investing activities

15

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023(¥Million)
FY2021(Apr. 1, 2021 - Mar. 31, 2022)

FY2022(Apr. 1, 2022 - Mar. 31, 2023)

45,265(32,000)
165,205(254,696)
50,000(17,800)

129,297
72,00076,397(151,985)－(23,700)(84,725)(166,094)(51,996)(3,613)(7,422)(191,784)(216,094)(2,465)936(281,709)

5,295

7,655

13,69883,436(6,124)
97,135－37

97,13591,047

Cash flows from financing activities
Net increase (decrease) in short-term bank loans
Net increase (decrease) in commercial paper
Proceeds from long-term bank loans
Repayments of long-term bank loans
Proceeds from issuance of bonds
Redemption of bonds
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Cash dividends paid by the company
Cash dividends paid to non-controlling interests
Others, net
Net cash provided by (used in) financing activities
Effect of foreign exchange rate changes on cash andcash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase (decrease) in cash and cash equivalents
resulting from change in scope of consolidation
Cash and cash equivalents at end of period

16

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

[NOTE](Changes in Accounting Standards)(Adoption of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has adopted “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021.) from the beginning of the fiscal year ended March 31, 2023, and inaccordance with the transitional treatment prescribed in Paragraph 27-2 of “Implementation Guidance on
Accounting Standard for Fair Value Measurement”, the new accounting policy prescribed by “Implementation
Guidance on Accounting Standard for Fair Value Measurement” will be adopted prospectively. There is no impact
on the consolidated financial statements.
(Adoption of ASC 842, Lease Accounting)Some of consolidated foreign subsidiaries of the Company adopting Generally Accepted Accounting Principles
in the U.S. have adopted ASC 842, Lease Accounting, effective from the beginning of the fiscal year ended March
31, 2023. In accordance with the adoption of the standard, the Company decided to record leasing transactions of
the lessee of the subsidiaries, for all leases in principle, in assets and liabilities on the Balance Sheet. In the adoptionof the standard, the subsidiaries have adopted a method that recognizes the cumulative effect on the date of initial
application, which is permitted as a transitional treatment.
As a result, “Other investments and other assets” in investments and other assets increased by ¥ 82,761 million,“Other current liabilities” in current liabilities increased by ¥ 6,987 million, and “Other fixed liabilities” in fixedliabilities increased by ¥ 75,774 million at the beginning of the fiscal year. There is no impact on the consolidated
statements of income in the fiscal year ended March 31, 2023.
(Changes in Method of Evaluating Inventories)
The MOL Group has mainly adopted the cost method based on the moving average method for evaluating raw
materials and supplies included in inventories. However, the Company and some of its consolidated subsidiaries
changed to the cost method based on first-in first-out method effective from the fiscal year ended March 31, 2023.
This change in the evaluation method resulted from our judgment that by taking the opportunity to change thecore system, the Company can more appropriately evaluate inventories and calculate periodic profit or loss withinventory valuation by using the first-in first-out method.
However, because it is impossible in practice to calculate inventories by the first-in first-out method due to thedifference in the recording method of inventory recipient and payment data for past fiscal years from the new coresystem and difficult to calculate the cumulative effect in case it is adopted retrospectively, the Company has adopted
the cost method based on the first-in first-out method effective from the beginning of the fiscal year to the future,recognizing book value at the end of the previous consolidated fiscal year as the beginning balance of the fiscal year.
As a result, inventories for the fiscal year decreased by ¥ 1,439 million, and shipping and other expenses for the
fiscal year increased by the same amount. Consequently, operating profit, ordinary profit, and income before income
taxes and non-controlling interests for the fiscal year each decreased by the same amount. In the consolidated
statements of cash flows for the fiscal year, income before income taxes and non-controlling interests decreased by¥ 1,439 million and decrease (increase) in inventories raised by ¥ 1,439 million.

17

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(Additional Information)(Change to Consolidated Subsidiary Company (Share Transfer))
With respect to Share Transfer of INTERNATIONAL TRANSPORTATION INC., which is our consolidated
subsidiary company, reported as the Additional Information in Financial Highlights of the Third Quarter ended
December 31, 2022, the Share Transfer schedule has been changed due to the delay in the approval process scheduleof competent government authorities under relevant laws and regulations.
1. Overview of recipients and transfer prices
The recipients of Share Transfer are two companies (hereinafter, one of such companies shall be referred to as“Recipient 1” and the other company is OCEAN NETWORK EXPRESS PTE. LTD., referred to as “ONE”), andwe have entered into share transfer agreements with Recipient 1 and ONE respectively (hereinafter, the Share
Transfer to Recipient 1 shall be referred to as “Share Transfer 1” and the Share Transfer to ONE shall be referred to
as “Share Transfer 2”).
2. Schedule(1) Implementation date of Share Transfer 1

early June 2023 (*scheduled date)(2) Implementation date of Share Transfer 2 (Date of

mid-June 2023 (*scheduled date)change to consolidated subsidiary company)* Due to the fact that the Share Transfer will be implemented after the approvals of competent government
authorities under relevant laws and regulations are obtained, if there is any change or delay in such approvals,
the schedule above may change.

18

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

(6) Segment Information
Business segment information:(¥Million)

Reportable Segment
FY2021(Apr. 1, 2021 - Mar. 31, 2022)

Revenues
1.Revenues fromexternal customers

Dry Bulk
Business

EnergyBusiness

360,742

294,006

Product Transport Business
Car Carriers,
Terminal andLogistics,
Container
Ferries andships
Coastal RoRo
ships

56,664

458,689

Real
Property
Business

AssociatedBusinesses

Sub Total

Others*1

38,91944,5671,253,590

15,720Total

1,269,310

2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

171

9,159

274

3,591

3,074

21,63137,902

8,572

46,475360,91343,275

303,165
19,83856,939634,000

462,281
28,997

41,993
9,793

66,198 1,291,492(2,316)
733,589

24,2932,714

1,315,786
736,303

OthersDepreciation and amortization

10,80835,122

3,995

25,384

7,255

2,038

639

85,24484,604

Adjustment*2

Consolidated*3－ 1,269,310(46,475)－(46,475) 1,269,310(14,523)
721,779
1,155

86,399

－

33

－

－

192

－

225

－

225

－

225

Interest income

844

5,681

10

198

64

23

6,822

1,315

8,138

(1,197)

6,940

Interest expenses

1,582

6,716

703

963

1,243

82

11,292699

11,991(599)

11,392Equity in earnings (losses) of affiliates

3,481

16,579635,876

1,250

－

188

657,375－

657,375－

657,375

Amortization of goodwill* 1. "Others" primarily consists of business segments that are not included in reportable segments, such as the ship operations
business, the ship management business, the ship chartering business and the financing business.
* 2.
(1) Adjustment in Segment profit (loss) of ¥ -14,523 million include the following:¥ -21,765 million of corporate profit which is not allocated to segments, ¥ 5,712 million of adjustment for
management accounting and ¥ 1,529 million of inter-segment transaction elimination.
(2) Adjustment in Depreciation and amortization of ¥ 1,155 million include the following:¥ 1,155 million of depreciation of assets which are not allocated to segments.
(3) Adjustment in Interest income of ¥ -1,197 million include the following:¥ 711 million of interest income which is not allocated to segments and ¥ -1,909 million of inter-segment
transaction elimination.
(4) Adjustment in Interest expenses of ¥ -599 million include the following:¥ 4,379 million of interest expenses which are not allocated to segments, ¥ -3,049 million of adjustment for
management accounting and ¥ -1,929 million of inter-segment transaction elimination.
* 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.

19

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023(¥Million)

Reportable Segment
FY2022(Apr. 1, 2022 - Mar. 31, 2023)

Revenues
1.Revenues fromexternal customers

Dry Bulk
Business

EnergyBusiness

429,602388,709

Product Transport Business
Car Carriers,
Terminal andLogistics,
Container
Ferries andships
Coastal RoRo
ships

53,060624,291

Real
Property
Business

AssociatedSub Total
Businesses

Others*1

Total

1,611,984

39,582

57,113

1,592,360

19,623

2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

1,242

13,165

299

3,872

3,109

26,17847,86813,477

61,345

430,844
57,668401,874
39,59753,360620,173

628,164
85,26542,6918,131

83,292 1,640,229(585)
810,251

33,100
1,772

1,673,329
812,024

OthersDepreciation and amortization

11,61038,563

5,123

24,416

7,989

2,123

847

90,67489,826

Adjustment*2

Consolidated*3－ 1,611,984(61,345)－(61,345) 1,611,984(434)
811,589
3,985

94,660

－

175

－

－

212

－

387

－

387

－

387

1,606

10,963

124

343

136

21

13,196

5,937

19,133(4,660)14,473

Interest expenses

2,736

13,414

1,150

773

1,588

76

19,7404,919

24,659(7,391)

17,268Equity in earnings (losses) of affiliates

19,001

26,471

620,755

2,021

－

184

668,435－

668,435－

668,435

Amortization of goodwill
Interest income* 1. "Others" primarily consists of business segments that are not included in reportable segments, such as the ship operations
business, the ship management business, the ship chartering business and the financing business.
* 2.
(1) Adjustment in Segment profit (loss) of ¥ -434 million include the following:¥ -9,268 million of corporate profit which is not allocated to segments, ¥ 7,026 million of adjustment for
management accounting and ¥ 1,807 million of inter-segment transaction elimination.
(2) Adjustment in Depreciation and amortization of ¥ 3,985 million include the following:¥ 3,985 million of depreciation of assets which are not allocated to segments.
(3) Adjustment in Interest income of ¥ -4,660 million include the following:¥ 4,181 million of interest income which is not allocated to segments and ¥ -8,841 million of inter-segment
transaction elimination.
(4) Adjustment in Interest expenses of ¥ -7,391 million include the following:¥ 8,482 million of interest expenses which are not allocated to segments, ¥ -7,026 million of adjustment for
management accounting and ¥ -8,846 million of inter-segment transaction elimination.
* 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.
* 4. Notes to changes in reportable segments etc:(i)“Terminal and Logistics Business,” which was conventionally presented in “Containerships Business,”has been included in the conventional “Car Carriers, Ferries and Coastal RoRo Ships Businesses,”in order to clearly disclose the information related to “Containerships Business,”which has a big impact on the MOL Group’s operating results.
As a result, the name of the conventional segment “Car Carriers, Ferries and Coastal RoRo Ships Businesses,”
was changed to the “Car Carriers, Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses.”(ii)“Real Property Business,” which was conventionally presented in “Associated Businesses,” has been disclosed independently as a reportable segment,
because the significance of “Real Property Business” increased as Daibiru Corporation became a wholly owned subsidiary of the Company.
(iii) The name of “Energy and Offshore Business” has been changed to “Energy Business.” This change has no impact on segment information.
In addition, Revenues and Segment profit (loss) during the previous fiscal year are reclassified or adjusted
to conform to the presentation for the fiscal year.
* 5. As stated in (Changes in Method of Evaluating Inventories), the MOL Group has mainly adopted
the cost method based on the moving average method for evaluating raw materials and supplies included in inventories.
However, the Company and some of its consolidated subsidiaries changed to the cost method
based on the first-in first-out method effective from the first Quarter of the fiscal year ended March 31, 2023.
Since it is impossible in practice to calculate the cumulative effect in case it is adopted retrospectively,
the Company has adopted the cost method based on the first-in first-out method effective from the beginning of the fiscal year to the future,recognizing book value at the end of the previous consolidated fiscal year as the beginning balance of the first Quarter of the fiscal year.
Due to the change, compared with the previous method, Segment profit (loss) for the fiscal year under review decreased¥ 922 million in the Dry Bulk Business, ¥ 182 million in the Energy Business, ¥ 333 million in the Car Carriers,
Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses, and ¥ 0 million in Others.
There is no impact on Segment profit (loss) in the Containerships Business, the Real Property Business and the Associated Businesses.

20

(Unaudited translation of "Kessan Tanshin", provided for reference only)* 6. We have changed the allocation of general and administrative expenses to company-wide profit and loss
to appropriately reflect expenses in each segment. This new method of allocating general and administrative expenses has been usedfrom the first Quarter of the fiscal year ended March 31, 2023.
In comparison with the results based on the previous method, Segment profit (loss) for the fiscal year under review decreased¥ 938 million in the Dry Bulk Business, ¥ 772 million in the Energy Business, increased ¥ 2,778 million in the Containerships Business,¥ 709 million in the Car Carriers, Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses,
decreased ¥ 1,028 million in the Real Property Business, ¥ 1,352 million in the Associated Businesses, ¥ 94 million in Others,
and increased ¥ 699 million in Adjustment in Segment profit (loss).

[REFERENCE PURPOSE ONLY]
Please note that this document has been translated from the Japanese original for reference purposes only and the financial
statements contained is unaudited.
In case of any discrepancy or inconsistency between this document and the Japanese original, the latter shall prevail.

21

April 28, 2023

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

[ Supplement ]1. Review of Quarterly Results<FY2022>
Q1
Apr-Jun, 2022

Q2
Jul-Sep, 2022

Q3
Oct-Dec, 2022

Q4
Jan-Mar, 2023

374,783

446,554436,631354,016

Operating profit (loss)

23,59732,49040,157

12,465

Ordinary profit (loss)

284,191

315,604

139,459

72,335

Income (Loss) before income taxes

288,824

331,612

138,824

59,900

Profit (Loss) attributable to owners of parent

285,779

315,744

121,722

72,815

Revenues[￥ Millions]

Net income (loss)* per share[￥]

791.96874.46336.91201.43

Net income (loss)* per share (Diluted basis)[￥]788.68871.08335.70200.74[￥ Millions]

3,134,568

3,588,441

3,522,800

3,564,247

1,465,448

1,879,559

1,917,992

1,937,621

Q1
Apr-Jun, 2021

Q2
Jul-Sep, 2021

Q3
Oct-Dec, 2021

Q4
Jan-Mar, 2022

288,874

308,213331,413

340,810

Operating profit (loss)

8,042

12,35022,02012,593

Ordinary profit (loss)

104,268

167,575

215,848

234,088

Income (Loss) before income taxes

106,423

173,650

219,919

233,001

Profit (Loss) attributable to owners of parent

104,147

170,701

212,339

221,632

Total Assets
Total Net Assets*Profit (Loss) attributable to owners of parent<FY2021>

Revenues[￥ Millions]

Net income (loss)* per share[￥]

290.07474.79589.73614.82

Net income (loss)* per share (Diluted basis)[￥]289.28472.36586.76611.26[￥ Millions]

2,217,926

2,415,856

2,556,362

2,686,701

827,605

997,357

1,185,367

1,334,866

Total Assets
Total Net Assets*Profit (Loss) attributable to owners of parent
Note: The Company split its common stock on the basis of three (3) shares per share effective April 1, 2022. Accordingly,
net income per share is calculated on the assumption that the split of shares was conducted at the beginning of the previous
fiscal year ended March 31, 2022.

22

(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

2. Depreciation and Amortization(￥ Millions)
FY2021

FY2022

Increase / Decrease

Vessels

62,902

68,311

5,408

Others23,496

26,349

2,852

Total

86,39994,6608,260

As of Mar.31, 2022

As of Mar.31, 2023

Bank loans

767,271864,155

96,884

Bonds

213,200

189,500(23,700)

Commercial paper

8,000

80,00072,000

Others12,226

19,793

7,566

Total

1,000,697

1,153,448

152,750

3. Interest-bearing Debt(￥ Millions)
Increase / Decrease

4. Fleet Capacity (MOL and consolidated subsidiaries)
Dry bulkers(No. of ships and deadweight ton)
Car carriersContainerships

LNG carriers*1

Tankers

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

Owned

49

5,548

64

8,479

23

1,514

49

875

18

1,435

Chartered261

23,250

89

4,309

21

1,358

47

778

22

2,590

Others

-

-

1

35

3

269

-

-

-

-

As of Mar.31, 2023

310

28,798154

12,822

47

3,142

96

1,652

40

4,025

As of Mar.31, 2022

319

28,800162

13,413

29

2,106

93

1,614

47

4,698

Ferries &Coastal RoRo ships

Cruise ships

Others*2

Total

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

Owned

12

72

2

8

7

47

224

17,977

Chartered

4

25

-

-

24

74

468

32,383

Others

-

-

-

-

1

1

5

305

As of Mar.31, 2023

16

97

2

8

32

121

697

50,666

As of Mar.31, 2022

15

85

1

4

32

121

698

50,842*1 In addition to LNGC, VLEC, LNG bunkering ships, and FSRU, including LPG/Ammonia ships from FY2022 1st quarter,
which were classified as tankers in the previous fiscal year.
*2 Coastal ships (excluding RoRo ships) and Cable-laying Ships

5. Exchange Rates
FY2021

FY2022Average rates¥111.52¥134.67¥23.15[20.8%]JPY DepreciatedTerm-end rates¥122.39¥133.53¥11.14[9.1%]JPY DepreciatedChangeRemark: "Average rates" are average of monthly corporate rates in each term, while "term-end rates" are TTM rates on the last day of each term.

<Overseas subsidiaries>
Term-end rates

As of Dec.31, 2021

As of Dec. 31, 2022

¥115.02¥132.70

Change¥17.68[15.4%]

6. Average Bunker Prices

Purchase Prices

FY2021

FY2022

Increase / Decrease

US$585/MT

US$745/MT

US$160/MT

23

JPY Depreciated(Unaudited translation of "Kessan Tanshin", provided for reference only)

April 28, 2023

7．Market Information(1) Dry Bulker Market (Baltic Dry Index)(Index: January 1985 = 1,000)

Source : Clarkson Research

6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2021/12021/42021/7

Jan
1,658
1,761
909

Monthly Average

2021
2022
2023

Feb
1,500
1,835
658

2021/10

Mar
2,018
2,464
1,410

Apr
2,475
2,220

2022/1

May
2,965
2,943

2022/4

Jun
2,932
2,389

Jul
3,188
2,077

2022/7

Aug
3,720
1,412

Sep
4,288
1,487

2022/10

Oct
4,820
1,814

Nov
2,780
1,299

2023/1

Dec
2,832
1,453

Average
2,931
1,930
992

Remark) The Graph and the table have different fluctuation ranges as the graph reflects daily figures while the table shows monthly averages.

(2) Tanker Market (Daily Earnings) : VLCC AG/Japan trade (US$Charter Rate/day)

Source : Clarkson Research$120,000$100,000$80,000$60,000$40,000$20,000$0$-20,000
2021/12021/4Monthly Average

2021
2022
2023

2021/7JanFeb
8,221 1,639-1,128 -5,587
28,223 41,999

2021/10Mar-1,229-6,88684,7552022/1Apr
May
4,243 4,131
3,493 -7,435

2022/42022/7

Jun

Jul
Aug
Sep
92 -1,800-26 1,952-13,042 6,196 30,887 58,844

2022/10Oct
Nov
6,201 5,259
68,153 92,660

2023/1

Dec
4,024
51,181

Average
2,726
23,111
51,659Remark) The Graph and the table have different fluctuation ranges as the graph reflects weekly figures while the table shows monthly averages.

(3) Containership Market (China Containerized Freight Index) (Index: January 1st 1998 = 1,000)

Source : Clarkson Research

6,500

Europe Service

6,000

W/C North America Service

E/C North America Service

5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2021/12021/42021/72021/102022/12022/42022/72022/10

Note: CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container exports from Asia.

24

2023/1