9119
IINO KAIUN KAISHA, LTD.
飯野海運株式会社
Marine Transportation
Iino Kaiun Kaisha, Ltd. engages in the shipping and real estate businesses in Japan and internationally. The company operates oil tankers, including very large crude carriers(VLCCs) for the transport of crude oil and petroleum products; chemical tankers to transport liquid cargoes, such as petrochemical products, methanol, sulfuric acid, vegetable oil, ethanol, and lubricating oils; fleet of large gas carriers that transport liquefied gases comprising liquefied petroleum gas (LPG) and liquefied natural gas(LNG); medium and small gas carriers to transport LPG, vinyl chloride monomer(VCM), propylene; and dry bulk carriers to transport coal for electric power generation, coking coal, grains, wood chips for paper production, fertilizers, wood biomass fuel, and construction materials. It also offers real estate service; hall and conference center management; and shipping agency services. In addition, the company provides photography studios and support for advertisers and magazine publishers. Further, it operates various vessels, including LPG, ethylene, LNG, and molten sulfur carriers. The company was founded in 1899 and is headquartered in Tokyo, Japan.
Price
¥1,573
Market Cap
¥166.4B
Ent. Value
¥275.5B
Net Debt
−¥109.0B
Shares Out.
105.8M
P / E
9.1×
EV / EBIT
16.1×
P / Book
1.14×
P / NCAV
N/M
Div. Yield
3.69%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥141.9B | ¥137.9B | ¥141.3B | ¥104.1B |
| Cost of Sales | ¥113.3B | ¥108.7B | ¥112.6B | ¥89.2B |
| Gross Profit | ¥28.5B | ¥29.3B | ¥28.7B | ¥14.9B |
| SG&A | ¥11.4B | ¥10.2B | ¥8.9B | ¥7.4B |
| Operating Income | ¥17.1B | ¥19.1B | ¥19.8B | ¥7.5B |
| Non-Operating Income | ¥2.7B | ¥4.2B | ¥2.5B | ¥3.3B |
| Dividend Income | ¥1.8B | ¥1.9B | ¥2.2B | ¥2.1B |
| Interest Income | ¥139M | ¥152M | ¥85M | ¥40M |
| Non-Operating Expenses | ¥2.5B | ¥1.5B | ¥1.6B | ¥1.3B |
| Interest Expense | ¥1.2B | ¥1.1B | ¥1.1B | ¥1.1B |
| Ordinary Income | ¥17.4B | ¥21.8B | ¥20.7B | ¥9.4B |
| Pre-tax Income | ¥20.0B | ¥21.1B | ¥24.2B | ¥13.0B |
| Income Taxes | ¥1.6B | ¥1.3B | ¥1.5B | ¥489M |
| Current Tax | ¥2.1B | ¥2.0B | ¥1.7B | ¥366M |
| Deferred Tax | ¥-423M | ¥-757M | ¥-189M | ¥123M |
| Net Income (owners) | ¥18.4B | ¥19.7B | ¥22.7B | ¥12.5B |
| Minority Interest | ¥9M | ¥97M | ¥24M | ¥-25M |
| Comprehensive Income | ¥19.5B | ¥28.2B | ¥24.9B | ¥14.5B |
| EBITDA | ¥31.2B | ¥32.4B | ¥32.2B | ¥19.3B |
| EPS | ¥173.60 | ¥186.61 | ¥214.36 | ¥118.39 |
| Shares Outstanding | 105.8M | 105.8M | 105.8M | 105.8M |
| Shares Issued (total) | 108.9M | 108.9M | 108.9M | 108.9M |
| Treasury Shares | 3.1M | 3.1M | 3.1M | 3.1M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥306.4B | ¥293.2B | ¥265.5B | ¥247.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥41.1B | ¥46.8B | ¥40.1B | ¥33.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥11.6B | ¥17.9B | ¥14.5B | ¥11.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥12.4B | ¥12.9B | ¥11.7B | ¥11.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | ¥117M | ¥138M | ¥104M | ¥91M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥265.3B | ¥246.5B | ¥225.3B | ¥213.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥225.1B | ¥205.5B | ¥201.1B | ¥191.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥3.7B | ¥3.2B | ¥274M | ¥634M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥25.7B | ¥26.0B | ¥20.3B | ¥18.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥0M | — | — | ¥26M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥160.8B | ¥161.1B | ¥154.8B | ¥155.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥67.3B | ¥55.7B | ¥52.8B | ¥38.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥48.6B | ¥33.5B | ¥29.2B | ¥23.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥1.2B | ¥1.6B | ¥1.5B | ¥232M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥93.4B | ¥105.4B | ¥102.0B | ¥117.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥72.1B | ¥85.3B | ¥80.5B | ¥97.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥835M | ¥709M | ¥795M | ¥715M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥4.7B | ¥5.1B | ¥3.4B | ¥3.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥145.6B | ¥132.1B | ¥110.7B | ¥91.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥13.1B | ¥13.1B | ¥13.1B | ¥13.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥6.3B | ¥6.3B | ¥6.3B | ¥6.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥111.0B | ¥98.5B | ¥85.6B | ¥68.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-1.9B | ¥-1.9B | ¥-1.9B | ¥-1.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥17.1B | ¥16.1B | ¥7.6B | ¥5.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥128.4B | ¥116.0B | ¥103.0B | ¥85.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥140M | ¥57M | ¥17M | ¥23M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥120.7B | ¥118.8B | ¥109.7B | ¥120.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-109.0B | ¥-100.9B | ¥-95.1B | ¥-109.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-119.6B | ¥-114.3B | ¥-114.7B | ¥-122.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-1,131 | ¥-1,081 | ¥-1,084 | ¥-1,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,214 | ¥1,096 | ¥974 | ¥811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥30.7B | ¥29.4B | ¥35.3B | ¥15.8B |
| Taxes Paid | ¥-2.3B | ¥-1.9B | ¥-449M | ¥-522M |
| Interest Paid | ¥-1.2B | ¥-1.1B | ¥-1.1B | ¥-1.1B |
| Interest Received | ¥2.0B | ¥2.4B | ¥2.5B | ¥2.3B |
| D&A | ¥14.1B | ¥13.4B | ¥12.4B | ¥11.7B |
| Investing CF | ¥-30.8B | ¥-22.0B | ¥-18.5B | ¥-3.1B |
| Purchase Investments | ¥-686M | ¥-514M | ¥-483M | ¥-12M |
| Proceeds from Invest. | ¥2.1B | ¥736M | ¥545M | ¥233M |
| Financing CF | ¥-8.3B | ¥-3.9B | ¥-13.2B | ¥-14.8B |
| Dividends Paid | ¥-5.9B | ¥-6.7B | ¥-5.5B | ¥-2.9B |
| Share Buybacks | ¥-1M | ¥-1M | ¥-1M | ¥0M |
| LT Debt Repaid | ¥-26.0B | ¥-26.2B | ¥-24.9B | ¥-23.8B |
| Free Cash Flow | ¥30.7B | ¥29.4B | ¥35.3B | ¥15.8B |
| Net Change in Cash | ¥-8.3B | ¥4.3B | ¥3.9B | ¥-1.6B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 13.2% | 16.3% | 22.5% | 14.6% |
| ROA | 6.1% | 7.1% | 8.8% | 5.1% |
| EPS | ¥173.60 | ¥186.61 | ¥214.36 | ¥118.39 |
| DPS | ¥58.00 | ¥56.00 | ¥65.00 | ¥36.00 |
| BPS | ¥1,375.24 | ¥1,248.25 | ¥1,045.99 | ¥863.00 |
| FCF/Share | ¥290 | ¥278 | ¥333 | ¥149 |
| NCAV/Share | ¥-1,131 | ¥-1,081 | ¥-1,084 | ¥-1,155 |
| Payout Ratio | 33.4% | 30.0% | 30.3% | 30.4% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 7
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-08
14:00
|
Div Increase | ¥35.0/sh +13% | Iino Kaiun announced a dividend increase for FY2026 (ending March 31, 2026) to ¥35.00 per share, up ¥4.00 from the Febru… | |
|
Summary
Iino Kaiun announced a dividend increase for FY2026 (ending March 31, 2026) to ¥35.00 per share, up ¥4.00 from the February forecast of ¥31.00, representing a 12.9% increase year-over-year. The total dividend of ¥3,703 million comprises a regular dividend of ¥28.00 and a special dividend of ¥5.00, guided by a 40% payout ratio policy and driven by better-than-expected earnings from favorable LPG and dry bulk markets plus favorable currency movements.
Deadline: 2026-06-26
YoY: +13%
Source (JP)
当期の業績は、一部の大型LPG船やドライバルク船が好市況を享受したことに加え、為替が円安(対US$)へ推移したことにより、直近の業績予想を上回りました。期末配当金につきましては、直近の配当予想から1株当たり4円00銭増額の35円00銭とし、通期で59円00銭の配当を予定しております。
剰余金の配当に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
|
11,339 | 10.71% |
| 2 |
Business Partner Stock Ownership Plan
飯野海運取引先持株会
|
6,085 | 5.75% |
| 3 |
Tokio Marine & Nichido Fire Insurance Co., Ltd.
東京海上日動火災保険株式会社
|
4,211 | 3.98% |
| 4 |
Mizuho Bank
株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行)
|
4,210 | 3.97% |
| 5 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
3,552 | 3.35% |
| 6 |
TAKENAKA CORPORATION
株式会社竹中工務店
|
3,350 | 3.16% |
| 7 |
Sumitomo Mitsui Trust Bank
三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行)
|
3,100 | 2.92% |
| 8 | 美須賀海運株式会社 | 2,477 | 2.34% |
| 9 |
Nippon Life Insurance
日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社)
|
2,256 | 2.13% |
| 10 |
The Toa Reinsurance Company, Limited
トーア再保険株式会社
|
2,253 | 2.12% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
17.0%
-0.0% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
23.4%
+0.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 40.4% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 10.85% | 11.41% | 10.71% -0.70% | |
| Business Partner Stock Ownership Plan 飯野海運取引先持株会 | 5.31% | 5.57% | 5.75% +0.18% | |
| Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険 | 3.98% | 3.98% | 3.98% | |
| Mizuho Bank みずほ銀行 | 4.67% | 3.97% | 3.97% | |
| Japan Custody Bank 日本カストディ銀行 | 3.09% | 2.67% | 3.35% +0.68% | |
| TAKENAKA CORPORATION 式会社竹中工務店 | 3.16% | 3.16% | 3.16% | |
| Sumitomo Mitsui Trust Bank 三井住友信託銀行 | 3.42% | 2.92% | 2.92% | |
| 美須賀海運 | — | 2.34% | 2.34% | |
| Nippon Life Insurance 日本生命保険 | 2.13% | 2.13% | 2.13% | |
| The Toa Reinsurance Company, Limited トーア再保険 | 2.12% | 2.12% | 2.12% | |
| 式会社池田泉州銀行 last seen 2023 | Exited Top 10 | 1.64% | — | — |
| Concentration (HHI) ⓘ | 227 | 233 | 224 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥14,033M
+25% since 2023
Holdings
31
+1 new
2 exited
Trend
3 unwinding
vs 2023
| Held Company | FY2025 ¥14,033M total | FY2023 ¥11,216M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Takasago Thermal Engineering Co., Ltd.
高砂熱学工業㈱
|
2,138 |
385,000
|
812 | 385,000 | M |
|
Mizuho Leasing Company, Limited
みずほリース㈱
|
1,737 |
+150.0%
↑
1,665,000
|
2,338 | 666,000 | M |
|
Electric Power Development Co., Ltd.
電源開発㈱
|
1,493 |
589,780
|
1,257 | 589,780 | M |
|
TOSOH CORPORATION
東ソー㈱
|
1,438 |
700,150
|
1,258 | 700,150 | M |
|
ZEON CORPORATION
日本ゼオン㈱
|
1,289 |
862,000
|
1,206 | 862,000 | M |
|
CHUGOKU MARINE PAINTS,LTD.
中国塗料㈱
|
741 |
350,900
|
384 | 350,900 | M |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス㈱
|
723 |
126,000
|
321 | 126,000 | |
|
Idemitsu Kosan Co.,Ltd.
出光興産㈱
|
600 |
+400.0%
↑
570,000
|
331 | 114,000 | |
|
Sumitomo Realty & Development Co.,Ltd.
住友不動産㈱
|
582 |
104,000
|
310 | 104,000 | M |
|
DOWA HOLDINGS CO.,LTD.
DOWAホールディングス㈱
|
535 |
115,500
|
490 | 115,500 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
407 |
-14.5%
↓
202,570
|
201 | 236,970 | |
|
Hokkaido Gas Co., Ltd.
北海道瓦斯㈱
|
328 |
+400.0%
↑
648,000
|
252 | 129,600 | M |
|
TOKYO GAS CO.,LTD.
東京瓦斯㈱
|
291 |
-33.0%
↓
61,198
|
228 | 91,298 | M |
|
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ
|
276 |
170,000
|
162 | 170,000 | M |
| MS ADインシュアランスグループホールディングス㈱ | 256 |
+174.7%
↑
79,229
|
118 | 28,843 | |
|
MITSUBISHI GAS CHEMICAL COMPANY,INC.
三菱瓦斯化学㈱
|
194 |
83,500
|
164 | 83,500 | |
|
譬ェ蠑丈シ夂、セ繧√�カ縺阪ヵ繧」繝翫Φ繧キ繝」繝ォ繧ー繝ォ繝シ繝�
㈱めぶきフィナンシャルグループ
|
193 |
265,590
|
86 | 265,590 | |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
182 |
+200.0%
↑
47,847
|
84 | 15,949 | |
|
Senshu Ikeda Holdings,Inc.
㈱池田泉州ホールディングス
|
152 |
350,020
|
81 | 350,020 | |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
135 |
NEW
New
36,360
|
— | ||
|
Tohoku Electric Power Company,Incorporated
東北電力㈱
|
103 |
100,000
|
66 | 100,000 | |
|
ENEOS Holdings,Inc.
ENEOSホールディングス㈱
|
78 |
-36.9%
↓
100,030
|
74 | 158,530 | |
|
Japan Metallurgical & Chemical Co., Ltd.
日本冶金工業㈱
|
72 |
17,230
|
73 | 17,230 | M |
|
Chuetsu Pulp & Paper Co., Ltd.
中越パルプ工業㈱
|
40 |
28,000
|
29 | 28,000 | M |
|
Resona Holdings, Inc.
㈱りそなホールディングス
|
24 |
18,749
|
12 | 18,749 | |
|
Sojitz Corporation
双日㈱
|
21 |
6,468
|
18 | 6,468 | |
|
Kawasaki Kisen Kaisha, Ltd.
川崎汽船㈱
|
2 |
+200.0%
↑
900
|
1 | 300 | |
|
Mitsui O.S.K. Lines, Ltd.
㈱商船三井
|
2 |
300
|
1 | 300 | |
|
NYK Line Co.
日本郵船㈱
|
1 |
300
|
1 | 300 | |
|
Sumitomo Corporation
住友商事㈱
|
— | — | |||
|
Namura Shipbuilding Co.,Ltd.
㈱名村造船所
|
— | — | |||
|
Nissan Chemical Corporation
日産化学㈱
|
— |
−100%
Exit
—
|
762 | 127,200 | M |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
96 | 21,230 | |
| Portfolio total | 14,033 | 11,216 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding