NS United Kaiun Focuses on Stability Over Expansion in Buoyant Markets  NSユナイテッド海運、好況期でも「拡大より地固め」

Interview with President Kazuma Yamanaka: Tackling Market Volatility Through Long-Term Contracts and Lean Management

山中一馬社長インタビュー、長期契約と筋肉質経営で市況変動に挑む

NS United Kaiun Kaisha achieved consolidated net profit of JPY24 billion and a return on equity (ROE) of 13.8 per cent in the fiscal year ended March 2026, maintaining an ROE above 10 per cent for the fifth consecutive year.

While major integrated shipping groups operate across a wide range of sectors including container shipping, car carriers and energy transportation, the company has continued to build stable earnings while maintaining a relatively simple business structure centred on dry bulk shipping.

What management philosophy lies behind the sustained performance of NS United Kaiun Kaisha?

Maritime Bridge Japan spoke with President Kazuma Yamanaka. (Interviewer: Hirofumi Yamamoto)

■Readers can access the following topics in the full article (approximately 2,000 words)

→ What is the management philosophy behind President Yamanaka’s view that “even during boom periods, consolidation is more important than expansion”?

→ The details of the company’s unique earnings portfolio strategy that has supported an ROE of more than 10 per cent for five consecutive years

→ How the company views the Simandou development project and coal demand, and its outlook for future market conditions

→ Practical measures taken by dry bulk operators in response to tensions in the Middle East and risks surrounding the Strait of Hormuz

→ Why “what not to do during boom periods is equally important” — insights from a shipping executive whose views offer valuable lessons for the wider maritime industry

(Read the full story in both English and Japanese. The Japanese article is published after the English version.)

NSユナイテッド海運、好況期でも「拡大より地固め」

山中一馬社長インタビュー、長期契約と筋肉質経営で市況変動に挑む

NSユナイテッド海運は2026年3月期に連結純利益240億円、ROE（自己資本利益率）13・8％を達成し、5期連続でROE10％超を維持した。

総合海運大手がコンテナ船や自動車船、エネルギー輸送など様々な事業分野を持つのに対し、同社はドライバルク主体という比較的シンプルな事業構造を維持しながら、安定した収益を積み上げている。

　好調を維持し続けるNSユナイテッド海運の経営の背景にある経営方針とは何か。山中一馬（Kazuma Yamanaka）社長に聞いた。（聞き手、山本裕史）

■記事本文では以下の内容を読むことができます（記事全文約2,000文字）

→山中社長が明かす「好況でも拡大より地固め」の経営哲学とは何か

→5期連続ROE10％超を支える独自の収益ポートフォリオ戦略の中身

→シマンドゥ開発や石炭需要をどう見ているのか、今後の市況見通しを聞く

→中東情勢やホルムズ海峡リスクに対するドライバルク船社の現実的な対応策

→「好況期に何をしないかが重要」――海運業界への示唆に富むトップの視点を紹介

（続きは英語と日本語で書かれた本文でお読みください。日本語の記事は英文記事に続いて掲載されています）