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Created July 10, 2025 21:26
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E04251-FLEET-ANALYSIS-gemini_2.5_flash_preview_04_17-20250710_141357.md

KYOEI TANKER CO., LTD. - FLEET ANALYSIS Generated: 2025-07-10 14:15:06 Model: gemini-2.5-flash-preview-04-17 Sources analyzed: 15

SOURCES ANALYZED:

  • S100W5B0_Extraordinary_Report (DATABASE_DOCUMENT) - 1413 chars
  • S100W7NI_Annual_Securities_Report (DATABASE_DOCUMENT) - 99972 chars
  • S100VGK1_Extraordinary_Report (DATABASE_DOCUMENT) - 1298 chars
  • S100UQPE_Semi-Annual_Report (DATABASE_DOCUMENT) - 14734 chars
  • S100TWQ9_Extraordinary_Report (DATABASE_DOCUMENT) - 1823 chars
  • S100TX4N_Annual_Securities_Report (DATABASE_DOCUMENT) - 86635 chars
  • S100SUGK_Quarterly_Report (DATABASE_DOCUMENT) - 11275 chars
  • S100S8ZL_Quarterly_Report (DATABASE_DOCUMENT) - 13691 chars
  • S100RM69_Quarterly_Report (DATABASE_DOCUMENT) - 10065 chars
  • S100R97K_Annual_Securities_Report (DATABASE_DOCUMENT) - 85597 chars
  • S100Q48B_Quarterly_Report (DATABASE_DOCUMENT) - 11167 chars
  • S100VKLF_Large_Holding_Report (DATABASE_DOCUMENT) - 487 chars
  • kyoei-tanker-fleet-overview.md (MARKDOWN_FILE) - 2457 chars
  • kyoei-tanker-HOU-EI_VLCC_Tanker_Overview.md (MARKDOWN_FILE) - 4639 chars
  • consolidated-financial-results-year-end-31mar2025-JGAAP.pdf (PDF_FILE) - 43497 chars

================================================================================

FLEET ANALYSIS:

--- Fleet Description Analysis: Kyoei Tanker Co., Ltd. (共栄タンカー株式会社) ---

Source Documents: S100W5B0_Extraordinary_Report, S100W7NI_Annual_Securities_Report, S100VGK1_Extraordinary_Report, S100UQPE_Semi-Annual_Report, S100TWQ9_Extraordinary_Report, S100TX4N_Annual_Securities_Report, S100SUGK_Quarterly_Report, S100S8ZL_Quarterly_Report, S100RM69_Quarterly_Report, S100R97K_Annual_Securities_Report, S100Q48B_Quarterly_Report, S100VKLF_Large_Holding_Report, kyoei-tanker-fleet-overview.md, kyoei-tanker-HOU-EI_VLCC_Tanker_Overview.md, consolidated-financial-results-year-end-31mar2025-JGAAP.pdf

--- Overall Fleet Summary --- As of March 31, 2025, Kyoei Tanker's operating fleet consisted of 14 vessels, predominantly large crude oil tankers (VLCCs), complemented by LPG carriers (VLGCs and smaller), a product tanker, and bulk carriers. The company's strategy centers on securing stable revenue through long-term charter agreements for these vessels and actively managing the fleet through sales and planned newbuildings to adapt to market changes and future environmental requirements.

--- Vessel Details by Type --- Vessel Type: VLCC (Crude Oil Tanker)

  • Count: 6
  • Average DWT: Approx. 311k-314k MT
  • Average Age: Approx. 6.3 years (as of March 31, 2025)
  • Description: Primarily Double Hull VLCCs. A core part of the business strategy, focusing on stable, long-term charters. The useful life for depreciation was extended from 15 to 18 years starting April 1, 2024.
  • Charter Status: Operations are centered on long-term charter contracts. Market dynamics influencing this segment include geopolitical events, inventory levels, and resulting changes in ton-miles (e.g., Red Sea, US sanctions on Russian oil), as well as seasonal demand.
  • Key Notes: The VLCC 'TOHSHI' (2007 built, 300,363 DWT) was sold in April 2024.

Vessel Type: LPG Tanker (VLGC & smaller)

  • Count: 4
  • Average DWT: VLGC: Approx. 55k MT; Smaller: Approx. 7k-20k MT
  • Average Age: VLGC: Approx. 8.5 years; Smaller: Approx. 2 years (as of March 31, 2025)
  • Description: Includes Very Large Gas Carriers (VLGC) and smaller LPG tankers. The fleet is planned to expand with two new buildings.
  • Charter Status: Market conditions are influenced by demand for consumer fuel (especially in emerging markets), Panama Canal transit limitations, the Red Sea situation (increasing ton-miles), and the price differential between US and Asian LPG. Market saw fluctuations influenced by these factors and seasonal demand.
  • Key Notes: The LPG vessel 'PAUL' (19,521 DWT, 2024 built) was acquired in April 2024 for ¥6,935 million. The LPG vessel 'MARIE' (7,483 DWT, 2022 built) was acquired in February 2023. Two new LPG tankers are on order for delivery in Aug-Oct 2025 (9,500 DWT) and Jan-Mar 2027 (7,500 DWT).

Vessel Type: Product Tanker (MR)

  • Count: 1
  • Average DWT: 45,996 MT
  • Average Age: 14 years (as of March 31, 2025)
  • Description: Represented by the Double Hull MR Product Tanker 'CHALLENGE PROCYON'.
  • Charter Status: Market commentary indicates the product tanker market was influenced by geopolitical events like the Red Sea situation, leading to longer voyages and robust conditions initially, but softened in the latter half of FY2025 due to decreased production and demand.
  • Key Notes: The product tanker 'CHALLENGE PROCYON' (2011 built, Singapore flag) is planned to be sold between April and July 2025, following a sale decision on March 18, 2025. The sale is prompted by the end of its charter contract and is expected to generate a gain of approximately ¥1.6 billion.

Vessel Type: Bulker (Post Panamax & Panamax)

  • Count: 3
  • Average DWT: Approx. 75k-92k MT
  • Average Age: Approx. 11.3 years (as of March 31, 2025)
  • Description: Includes both Post Panamax and Panamax size vessels. The company aims to improve their profitability through efficient allocation due to their vulnerability to market conditions.
  • Charter Status: The market for bulk carriers is noted to be volatile, influenced by factors such as demand from China (for steel and coal), grain transportation needs, and transit issues like those in the Panama Canal. The market experienced a downturn in early FY2024 before recovering later in the year.
  • Key Notes: The bulker 'SAGAR MOTI' (58,097 DWT) was sold in December 2022 as part of fleet optimization efforts.

--- Specific Vessel Details --- Found 18 specific vessels mentioned in filings:

Vessel #1: KYO-EI

  • Type: VLCC
  • DWT: 313,990
  • Year Built: 2014
  • Physical Characteristics: Double Hull VLCC

Vessel #2: GEN-EI

  • Type: VLCC
  • DWT: 312,605
  • Year Built: 2018
  • Physical Characteristics: Double Hull VLCC

Vessel #3: TENRYU

  • Type: VLCC
  • DWT: 312,611
  • Year Built: 2019
  • Physical Characteristics: Double Hull VLCC

Vessel #4: HOU-EI (朋栄)

  • Type: VLCC
  • DWT: 311,745
  • Year Built: 2020
  • Physical Characteristics: Double Hull VLCC, 60m width, 64.5m height (bottom to radar mast). Equipped with BWMS (Ballast Water Management System) and Scrubber (Exhaust Gas Cleaning System). Features modern navigation equipment including GPS, ECDIS, J-Marine NeCST.
  • Operational Status: Operates with a small crew of 24 (11 deck, 9 engine, 3 catering, plus captain).
  • Key Notes: State-of-the-art tanker employing numerous new technologies for energy transportation.

Vessel #5: TENZAN

  • Type: VLCC
  • DWT: 312,524
  • Year Built: 2020
  • Physical Characteristics: Double Hull VLCC

Vessel #6: TOKIWA

  • Type: VLCC
  • DWT: 312,473
  • Year Built: 2021
  • Acquisition: 2022-09
  • Physical Characteristics: Double Hull VLCC
  • Operational Status: Completed in September 2022 and fully operational.

Vessel #7: LEGEND PROSPERITY

  • Type: LPG Tanker (VLGC)
  • DWT: 55,133
  • Year Built: 2016
  • Physical Characteristics: Double Hull VLGC

Vessel #8: LEGEND PRESTIGE

  • Type: LPG Tanker (VLGC)
  • DWT: 55,076
  • Year Built: 2017
  • Physical Characteristics: Double Hull VLGC

Vessel #9: SINRYO MARU

  • Type: Bulker (POST PANAMAX)
  • DWT: 92,049
  • Year Built: 2018

Vessel #10: MARIE

  • Type: LPG Tanker
  • DWT: 7,483
  • Year Built: 2022
  • Acquisition: 2023-02
  • Operational Status: Completed in February 2023 and fully operational.

Vessel #11: PAUL

  • Type: LPG Tanker
  • DWT: 19,521
  • Year Built: 2024
  • Acquisition: 2024-04 for 6,935,000,000 JPY

Vessel #12: CHALLENGE PROCYON

  • Type: Product Tanker (MR)
  • DWT: 45,996
  • Year Built: 2011
  • Sale: Planned Apr - Jul 2025
  • Key Notes: Sale decided March 18, 2025, due to charter end. Expected gain approx. ¥1.6 billion (USD/JPY 140 assumed for gain calculation). As of March 21, 2025, the vessel was held in Mexico awaiting departure permission after cargo discharge. KYOEI TANKER SINGAPORE PTE. LTD. denies involvement in any reported illegal import procedures related to the cargo.

Vessel #13: KT BIRDIE

  • Type: Bulker (PANAMAX)
  • DWT: 74,886
  • Year Built: 2011

Vessel #14: NORD SATURN

  • Type: Bulker (PANAMAX)
  • DWT: 77,288
  • Year Built: 2012

Vessel #15: TOHSHI

  • Type: VLCC
  • DWT: 300,363
  • Year Built: 2007
  • Sale: 2024-04-18
  • Current Book Value: 649,000,000
  • Key Notes: Sale decided Feb 2, 2024, due to charter end. Expected gain approx. ¥5.8 billion (USD/JPY 140 assumed for gain calculation). Prior year-end (Mar 31, 2024) book value was ¥649 million.

Vessel #16: SAGAR MOTI

  • Type: Bulker
  • DWT: 58,097
  • Sale: 2022-12
  • Current Book Value: 1,280,000,000
  • Key Notes: Sold in December 2022 as part of fleet optimization/renewal. Prior year-end (Mar 31, 2022) book value was ¥1,280 million.

Vessel #17: TBN

  • Type: LPG Tanker
  • DWT: 9,500
  • Acquisition: Planned Aug - Oct 2025 for 4,980,000,000 JPY
  • Operational Status: Under Construction
  • Key Notes: Total planned investment ¥4,980 million. ¥2,501 million paid as of March 31, 2025. Funding from self-funds and borrowings.

Vessel #18: TBN

  • Type: LPG Tanker
  • DWT: 7,500
  • Acquisition: Planned Jan - Mar 2027 for 4,230,000,000 JPY
  • Operational Status: Under Construction
  • Key Notes: Total planned investment ¥4,230 million. ¥1,058 million paid as of March 31, 2025. Funding from self-funds and borrowings.

--- Vessel Transactions Summary --- Key vessel transactions and plans include: The acquisition of the LPG vessel 'PAUL' in April 2024 for ¥6,935 million. The sale of the VLCC 'TOHSHI' on April 18, 2024 (sale decided Feb 2, 2024), yielding an expected gain of approx. ¥5.8 billion based on a prior book value of ¥649 million. The sale of the bulker 'SAGAR MOTI' in December 2022, with a prior book value of ¥1,280 million. The completion and acquisition of the LPG vessel 'MARIE' in February 2023 and the VLCC 'TOKIWA' in September 2022. The planned sale of the product tanker 'CHALLENGE PROCYON' for April-July 2025 (sale decided March 18, 2025), with an expected gain of approx. ¥1.6 billion, primarily due to the end of its charter. Two new LPG tanker constructions are planned for delivery in August-October 2025 (9,500 DWT, ¥4,980M total investment) and January-March 2027 (7,500 DWT, ¥4,230M total investment).

--- Management Commentary on Fleet --- Management emphasizes maintaining stable earnings through long-term charter contracts, particularly for large tankers, while actively managing the fleet composition through strategic acquisitions and sales. They are considering new investments in vessels, taking into account future energy transitions and charterer needs, aiming for an optimal fleet structure. Key focuses include ensuring safe operations, environmental preservation, securing and training skilled personnel, and adopting next-generation technologies. Management acknowledges risks from market fluctuations (freight, charter, sale/purchase), although mitigated by long-term contracts, cost increases due to inflation, foreign exchange rates, and resource prices, and the risk of asset impairment, noting that no impairment was recognized as of March 31, 2025, as estimated net sale value exceeded book value. Recent performance showed increased revenue from new/renewed charters and vessel sales gains, offsetting higher ship costs, with the outlook for the next fiscal year indicating continued profitability despite challenges like reduced sale gains and cost pressures.

--- Extraction Notes --- Information was extracted from multiple financial filings and supplementary markdown files. The total vessel count showed changes across reporting periods, which were reconciled by identifying specific vessel transactions (acquisitions and sales). Specific vessel details were synthesized from the markdown files and supplemented with transaction-related data from the filings. Book values and sale figures were extracted when mentioned in relation to specific transactions. The currency for financial figures (primarily JPY) was noted where specified or could be inferred from context. The average age for vessel types was calculated based on the year built from the markdown file relative to the latest balance sheet date (March 31, 2025).

--- Analysis Summary --- Total vessel types identified: 4 Specific vessels with detailed information: 18 Total acquisition costs (where available): 16,145,000,000 (mixed currencies) Total book values (where available): 1,929,000,000

================================================================================

================================================================================ Analysis completed at 2025-07-10 14:15:06

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