Star Bulk and Hafnia Deliver Strong Profits Amid Geopolitical Risks　スターバルクとハフニア、地政学リスク下で高収益

Dry Bulk and Product Tanker Markets Drive Earnings Expansion Through Freight Volatility

ドライとプロダクト、市況変動を取り込み収益拡大

In the international shipping market during the January-March quarter of 2026, a series of high-profit earnings results were reported by overseas shipping companies in different sectors, namely dry bulk and tankers.

The high-risk, high-return business models adopted by both companies are not easily compatible with those of Japan’s integrated shipping groups or specialised shipping companies. The question appears to be whether Japanese shipping companies can incorporate part of these business models into their portfolios within a manageable range of risk control.

■The full article includes the following points (approximately 3,000 Japanese characters)

→ Analysis of the factors behind strong profits achieved by Star Bulk and Hafnia in different shipping sectors

→ How the Strait of Hormuz issue and the Red Sea crisis affected global shipping markets

→ Explanation of the differences in earnings structures between dry bulk and product tankers

→ Focus on the “market-sensitive business models” of overseas shipping companies supporting high shareholder returns

→ Clear contrast with the management style of Japanese shipping companies, which place greater emphasis on long-term contracts

(The full article can be read in both English and Japanese. The Japanese-language article is published following the English version.)

スターバルクとハフニア、地政学リスク下で高収益

ドライとプロダクト、市況変動を取り込み収益拡大

　2026年1―3月期の国際海運市場では、ドライバルクとタンカーという異なる分野で、海外船社による高収益決算が相次いだ。

　高リスク・ハイリターン型の両社のビジネスモデルは、日本の総合海運会社や専業船社にはなじみにくい。問題は、こうしたビジネスモデルの一部を、日本の海運会社がリスク管理可能な範囲でポートフォリオへ組み込めるかという点にありそうだ。

■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3,000文字）

→Star BulkとHafnia、異なる船種で高収益を実現した背景を分析

→ホルムズ海峡問題や紅海危機が海運市況へ与えた影響とは

→ドライバルクとプロダクトタンカー、それぞれの収益構造の違いを解説

→高配当を支える海外船社の「市況感応型ビジネスモデル」に注目

→長期契約重視の日本海運との経営スタイルの違いも浮き彫りに

（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）