Mitsui O.S.K. Lines Sees Firming Market Conditions in Dry Bulk in Dry Bulk Market,International Shipping News 01/05/2026 In the crude oil tanker market, conditions remained firm in the first half of the fiscal year, as in the previous fiscal year. From September onwards, the vessel supply-demand balance tightened due to an increase in cargo volumes following the unwinding of voluntary production cuts by OPEC+ nations, and market conditions remained at high levels. In the product tanker market, conditions remained firm, underpinned by the strengthening of Middle East tensions and Russia-related sanctions, which supported market conditions for large vessels. In the LPG carrier market, U.S. Trade Representative (USTR) port fee measures and U.S.-China tariff issues complicated trade patterns, resulting in increased ton-miles in terms of both sailing distance and transport volume, tightening the vessel supply-demand balance. Market conditions were maintained even after the further deterioration of the situation in the Middle East, including the de facto closure of the Strait of Hormuz. In the chemical tanker market, market conditions softened due to the backdrop of global economic uncertainty stemming from U.S. high tariff policies and Middle East tensions. Additionally, an expense was recorded due to the lump-sum amortization of goodwill at an equity-method affiliate in the tank container business, resulting in a decrease in profit compared to the previous fiscal year. Accordingly, the Tanker Business recorded a decrease in profit compared to the previous fiscal year. The FPSO business recorded stable profit from existing long-term charter contracts. Profit decreased compared to the previous fiscal year due to the absence of equity in earnings of affiliated companies resulting from the revaluation of shares in MODEC, Inc. upon its transition to an equity-method affiliate, which had been recorded in the previous consolidated fiscal year. The LNG and Ethane Carrier business secured stable profit through existing long-term charter contracts. However, a one-time expense was recorded due to financing matters at an equity-method affiliate, resulting in a decrease in profit compared to the previous fiscal year. The Gas Infrastructure business recorded a decrease in profit compared to the previous fiscal year, partly due to a decline in operational efficiency caused by equipment malfunctions at certain projects. (B)Product Transport Business In the containership business, although seasonal factors provided some support for cargo demand, downward pressure on freight market rates continued against the backdrop of expanding vessel supply capacity from new vessel completions. As a result, OCEAN NETWORK EXPRESS PTE. LTD., an equity-method affiliate, recorded a decrease in profit compared to the previous fiscal year. Although demand for completed build-up vehicle transport continued to be firm, vessel deployment efficiency was constrained by port congestion and the impact of Middle East tensions. In addition, cost increases due to inflation and the impact of exchange rate fluctuations resulted in a decrease in profit compared to the previous fiscal year. In the terminal business, handling volumes at domestic container terminal operations remained broadly firm. Regarding overseas terminal operations, the handling volume at the Vietnam terminal, in which the Company has an equity stake, continued to be firm due to a shift in production locations driven by