Company Overview
1. Company Overview
Founded in 1899 (Iino Shokai, Maizuru City, Kyoto Prefecture), Iino Kaiun <9119> is a shipping company celebrating its 125th anniversary this year. The company's corporate philosophy is to prioritize safety, connect people's thoughts, and build a richer future. It currently operates both a shipping business (foreign sea transportation, inland/coastal sea transportation) that focuses on resource and energy transportation as its mainstay, and a real estate business that mainly rents out office buildings, such as the Iino Building (Chiyoda-ku, Tokyo). In order to further promote the management of its business portfolio and improve economic value, while also overcoming materiality (important issues of sustainability) and creating social value, the company is making even greater efforts to create common values that it promotes.
As of the end of March 2024, the total assets of the company are ¥29,322.8 million, net assets are ¥13,212.6 million, shareholder's equity is ¥11,599.1 million, the Equity Ratio is 45.0%, and the number of issued shares is 108,900,000 shares (including 3,096,304 treasury shares). Net assets per share (BPS) is ¥1,248.25, and the number of consolidated employees is 680.
The group consists of a total of 84 companies, including the company and 83 group companies (67 consolidated subsidiaries, 7 equity method affiliates, and 9 non-consolidated affiliates). Overseas, it has established offices in Shanghai and local subsidiaries in Singapore, Dubai, London, and Houston, and has ship management bases in Busan and Manila. The main consolidated subsidiaries are Iinomarine Service Co., Ltd., which is engaged in ship management, and Iino Gas Transport Co., Ltd., which is engaged in inland/coastal sea transportation.
2. History
In 1899, the company's founder, Torakichi Iino, established Iino Shokai in Maizuru City, Kyoto Prefecture, and embarked on the port cargo handling and coal transportation business. Later, in 1944, the current trade name was changed to Iino Kaiun Co., Ltd. It obtained ISO 9001 and ISO 14001 certification for maritime transport in 2004, and ISO 9001 and ISO 14001 certification for building leasing in 2005. This year, the company celebrates its 125th anniversary in July.
In sea transportation, it separated and transferred its scheduled ship division at the time of the Sea Transportation Intensification in 1964 and has since focused on operating tankers and irregular cargo ships. In the 1980s, it made a full-scale entry into the chemical tanker business, and in 1991, it participated in the Indonesian LNG project and entered the LNG transportation business, followed by participating in the Qatar LNG project in 1996 and the world’s largest Saudi Arabia Methanol Manufacturing Project in 2002. In December 2019, the company completed the construction of its first dual-fuel engine methanol ship, and in March 2020, it completed the construction of its first VLCC (Very Large Crude Carrier) with a SOx scrubber (desulfurization device) installed on its vessels. In February 2022, it completed the construction of its first dual-fuel engine VLGC (Very Large Gas Carrier) that can use LPG as fuel. In February 2024, it is scheduled to complete the construction of an ammonia transport vessel that can be converted to zero-emission fuel, actively introducing low-impact technologies to the environment.
In the real estate business, the first phase of the Iino Building reconstruction was completed in 2011 and opened, and the company's head office became the first in Japan to receive LEED Platinum certification. The second phase of the Iino Building was completed in 2014 and opened. In March 2020, it acquired an office building in London, UK, and added overseas real estate to its business portfolio. The Hibiya Fort Tower, a redevelopment project of the Shinbashi Tamura-cho urban area that includes the former Tokyo Sakurada Building, was completed in June 2021. In February 2024, it plans to acquire a second office building in London, expanding its overseas real estate business.
In 1949, it was listed on the Tokyo Stock Exchange (TSE) and moved to the TSE Prime market in April 2022 due to a market classification review. In order to rationalize the administrative work associated with duplicate listings, it applied for delisting from the Fukuoka Stock Exchange in April 2023 and was accepted in June of the same year.
(Authored by FISCO guest analyst Masanobu Mizuta)