Iino Kaiun raised its forecast for the year to March 2027 on 5 November, and the assumptions behind the new numbers matter as much as the numbers. Operating profit is now guided at ¥14bn, up from ¥12bn in August, on sales of ¥149bn, up from ¥136bn. Ordinary profit rises to ¥11.7bn from ¥9.6bn, and net profit attributable to owners of the parent to ¥15.8bn from ¥14bn.
The planning scenario
The company says the forecast is built on the Strait of Hormuz remaining effectively blockaded through fiscal 2026, which ends in March 2027. It will disclose a revision promptly if changes in the international situation require one. That is management's scenario, not a read on current conditions.
The fuel assumption moved sharply. For the second half, Iino now assumes very low sulfur fuel oil at US$940 a tonne, delivered in Singapore, against US$580 in the August forecast. The yen assumption is unchanged at ¥155 to the dollar. The release does not say how the fuel change feeds into profit.
What the company credits
Iino attributes the stronger outlook to firm chemical tanker and dry bulk markets, which it expects to continue after September, and to efficient vessel allocation. A weaker yen lifted first-half ordinary profit. On chemical tankers, it said the effective blockade restricted dispatch on its core Middle East routes to Europe and Asia, and that it worked to secure earnings by actively taking US and Asia long-haul spot cargo.
First-half quality
First-half sales were ¥74.97bn and operating profit ¥6.68bn, up 15.7%. Ordinary profit fell 10.0% to ¥5.93bn, while net profit rose 62.0% to ¥12.11bn. The income statement shows gains on fixed asset sales of ¥7.01bn, against ¥1.23bn a year earlier.
Shareholders benefit too. The interim dividend is ¥30 a share, up from the ¥27 forecast, and the year-end forecast is ¥30, for ¥60 in total against ¥53 previously forecast. Full-year ordinary profit is still guided 30.7% below the prior year.