Yen Drops to ¥152 – Shipping Majors Face Rates ¥10 Weaker Than Assumed　円下落、152円台　海運大手の想定比10円安

Operating profits boosted by ¥1.6–1.7 billion per yen; “Takaichi trade” persists on fiscal concerns

経常利益16～17億円押し上げ、財政悪化警戒で「高市トレード」続く

On 7 October in the New York foreign exchange market, the yen temporarily fell to the ¥152 range against the US dollar. It was the first time in roughly eight months, since mid-February, that the ¥152 level had been reached, marking a significant break below the psychologically important ¥150 range. NYK, MOL and K Line, the three major Japanese shipping companies, all base their exchange assumptions for fiscal 2025 on ¥141–142 to the dollar.

Key Points of This Article

→ In the shipping industry, sensitivity to exchange rates is high, and a one-yen move against the dollar causes an increase or decrease of ¥1.6–1.7 billion in operating profit. Because freight revenue, shipbuilding prices, ship sales and purchases, and charter contracts are denominated in dollars, yen depreciation becomes a direct factor in boosting earnings.

→ Conversely, during periods of yen appreciation, many shipowners in the past were driven into default, and Japan’s shipping industry stands out globally for its pronounced dependence on exchange rates.

“You can read the rest of the article in both English and Japanese.” (続きは英語と日本語で書かれた本文でお読みください)

円下落、152円台　海運大手の想定比10円安

経常利益16～17億円押し上げ、財政悪化警戒で「高市トレード」続く

7日のニューヨーク外国為替市場で、円相場は一時1ドル＝152円台まで下落した。152円台を付けたのは2月中旬以来およそ8カ月ぶりで、心理的節目とされる150円台を大きく割り込んだ形だ。日本郵船、商船三井、川崎汽船の大手3社はいずれも2025年度の為替前提を1ドル＝141-142円に置く。

この記事のポイント

→海運業界では為替感応度が高く、対ドルレートが1円動くだけで経常損益に16～17億円の増減が生じる。とりわけ運賃収入、造船価格、船舶売買、用船契約などの取引がドル建てで行われるため、円安は業績の直接的な押し上げ要因となる。

→一方、円高局面では過去に多くの船主が債務不履行に追い込まれており、日本の海運産業は世界的にも為替依存度が際立つ。

“You can read the rest of the article in both English and Japanese.”（続きは英語と日本語で書かれた本文でお読みください）