Industry map/Transport & Logistics
Shipping industry map
Who earns the money in Shipping, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 18 companies · ¥4.97T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.97T
- Companies
- 18
- Avg. salary（parent only）
- ¥8.7M
- Industry weather
- Rainy
YoY -0.8%
Avg. age 41.3
Operating income -58.3%
Mitsui O.S.K. Lines[9104]
Vehicle Transport, Terminal and Logistics + 4 more
- Revenue
- ¥1.7T▲2.3%
- Operating income
- ¥152.9B▼63.4%
Margin 9.0%
Whole company: Revenue ¥1.83T · Net income ¥213.3B
Avg. salary ¥16.6M · 38.4（parent only）
Nippon Yusen[9101]
Dry Bulk + 3 more
- Revenue
- ¥1.48T▼0.4%
- Operating income
- ¥211.7B▼53.2%
Margin 14.3%
Whole company: Revenue ¥2.42T · Net income ¥211.8B
Avg. salary ¥15.5M · 37.8（parent only）
NS United Kaiun Kaisha[9110]
Overseas shipping + 1 more
- Revenue
- ¥229.8B▼7.1%
- Operating income
- ¥20.5B▲1.4%
Margin 8.9%
Whole company: Revenue ¥229.8B · Net income ¥24.1B
Avg. salary ¥12M · 40.2（parent only）
- Nippon Yusen owns 18.4%
Kyoei Tanker[9130]
- Revenue
- ¥15.5B▲2.3%
- Operating income
- ¥1.24B▼9.4%
Margin 8.0%
Avg. salary ¥9.6M · 37.4（parent only）
- Nippon Yusen owns 30.0%
Kawasaki Kisen Kaisha[9107]
Product logistics + 3 more
- Revenue
- ¥1.02T▼2.8%
- Operating income
- ¥113.7B▼63.6%
Margin 11.2%
Whole company: Revenue ¥1.02T · Net income ¥133B
Avg. salary ¥14.5M · 38.0（parent only）
Nagoya Railroad[9048]
Transport
- Revenue
- ¥170.4B▼5.2%
- Operating income
- -¥7.71B
Margin -4.5%
Whole company: Revenue ¥691.6B · Net income ¥23B
Avg. salary ¥6.6M · 44.4（parent only）
Iino Kaiun Kaisha[9119]
Oceangoing Shipping + 1 more
- Revenue
- ¥113.2B▼12.1%
- Operating income
- ¥9.09B▼33.4%
Margin 8.0%
Whole company: Revenue ¥127.3B · Net income ¥15.4B
Avg. salary ¥12.8M · 38.6（parent only）
AIT[9381]
Japan + 1 more
- Revenue
- ¥56.7B▲5.0%
- Operating income
- ¥4.02B▲4.1%
Margin 7.1%
Whole company: Revenue ¥58.4B · Net income ¥3.17B
Avg. salary ¥6.6M · 37.6（parent only）
Meiji Shipping Group[9115]
International shipping
- Revenue
- ¥50.5B▼12.3%
- Operating income
- ¥3.79B▼64.3%
Margin 7.5%
Whole company: Revenue ¥61.3B · Net income ¥4.31B
Avg. salary ¥7.5M · 36.2（parent only）
kuribayashi steamship[9171]
Shipping
- Revenue
- ¥48.4B▼0.8%
- Operating income
- ¥1.73B▼24.9%
Margin 3.6%
Whole company: Revenue ¥53.8B · Net income ¥3.72B
Avg. salary ¥8.5M · 42.9（parent only）
Inui Global Logistics[9308]
Overseas shipping enterprise
- Revenue
- ¥25.7B▲9.2%
- Operating income
- ¥747M▼65.1%
Margin 2.9%
Whole company: Revenue ¥33.6B · Net income ¥833M
Avg. salary ¥8.9M · 44.0（parent only）
Narasaki Sangyo[8085]
Shipping-related businesses
- Revenue
- ¥16B▼0.8%
- Operating income
- ¥398M▲25.6%
Margin 2.5%
Whole company: Revenue ¥120.3B · Net income ¥2.24B
Avg. salary ¥7.6M · 42.6（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Tokyo Kisen · Tokai Kisen · Azuma Shipping · Hyoki Kaiun Kaisha · Tamai Steamship · Taki Chemical
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Mitsui O.S.K. LinesVehicle Transport, Terminal and Logistics + 4 more | ¥1.7T | 34.1% | 9.0% | +24.3% | -¥88.1B |
| 2 | Nippon YusenDry Bulk + 3 more | ¥1.48T | 29.8% | 14.3% | +68.0% | ¥168.9B |
| 3 | Kawasaki Kisen KaishaProduct logistics + 3 more | ¥1.02T | 20.5% | 11.2% | +7.7% | ¥176.1B |
| 4 | NS United Kaiun KaishaOverseas shipping + 1 more | ¥229.8B | 4.6% | 8.9% | +4.1% | — |
| 5 | Nagoya RailroadTransport | ¥170.4B | 3.4% | -4.5% | +6.1% | -¥110.8B |
| 6 | Iino Kaiun KaishaOceangoing Shipping + 1 more | ¥113.2B | 2.3% | 8.0% | — | -¥34.1B |
| 7▲1 | AITJapan + 1 more | ¥56.7B | 1.1% | 7.1% | -0.8% | ¥3.43B |
| 8▼1 | Meiji Shipping GroupInternational shipping | ¥50.5B | 1.0% | 7.5% | +4.8% | ¥3.98B |
| 9 | kuribayashi steamshipShipping | ¥48.4B | 1.0% | 3.6% | +2.8% | ¥1.92B |
| 10 | Inui Global LogisticsOverseas shipping enterprise | ¥25.7B | 0.5% | 2.9% | -2.9% | ¥478M |
| 11 | Narasaki SangyoShipping-related businesses | ¥16B | 0.3% | 2.5% | +1.0% | ¥1.76B |
| 12 | Kyoei Tanker | ¥15.5B | 0.3% | 8.0% | +6.3% | -¥607.5M |
| 13▲1 | Tokyo KisenTug boat + 2 more | ¥13.1B | 0.3% | 0.5% | +6.4% | -¥8.7M |
| 14▼1 | Tokai KisenDevelopment of shipping business | ¥12.5B | 0.3% | 7.0% | +7.2% | ¥318.9M |
| 15 | Azuma ShippingShipping | ¥9.13B | 0.2% | 5.3% | +2.4% | -¥1.89B |
| 16 | Hyoki Kaiun KaishaMarine transportation service | ¥7.6B | 0.2% | 3.3% | — | ¥156M |
| 17 | Tamai SteamshipInternational shipping + 1 more | ¥5B | 0.1% | 21.8% | -6.8% | -¥1.63B |
| 18 | Taki ChemicalTransportation | ¥2.83B | 0.1% | 10.9% | +5.1% | ¥748M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Operating profit
- Tamai Steamship8713
- Iino Kaiun Kaisha81811
- NS United Kaiun Kaisha919
- Kawasaki Kisen Kaisha8488
- Kyoei Tanker928
- Mitsui O.S.K. Lines82117
- AIT82117
- Taki Chemical76177
- Nippon Yusen8212
- Meiji Shipping Group8410
- Inui Global Logistics89
- Nagoya Railroad95
- kuribayashi steamship7917
- Tokai Kisen8610
- Narasaki Sangyo898
- Hyoki Kaiun Kaisha8215
- Azuma Shipping98
- Tokyo Kisen8316
Ownership links
From the major-shareholder section of annual securities reports.
- 太平洋セメント㈱Outside
- AffiliateAzuma Shipping39.4%
- 日本製鉄株式会社Outside
- AffiliateNS United Kaiun Kaisha33.4%
- Nippon YusenIn industry
- AffiliateKyoei Tanker30.0%
- StakeNS United Kaiun Kaisha18.4%
- 大和工業株式会社Outside
- AffiliateHyoki Kaiun Kaisha20.4%
- 藤田観光株式会社Outside
- StakeTokai Kisen18.0%
- 三菱電機㈱Outside
- StakeNarasaki Sangyo8.4%
- ＤＯＷＡホールディングス株式会社Outside
- StakeTokai Kisen6.8%
- 王子ホールディングス株式会社Outside
- Stakekuribayashi steamship6.7%
- 株式会社日本製鋼所Outside
- Stakekuribayashi steamship6.6%
- 日本製紙株式会社Outside
- Stakekuribayashi steamship5.6%
- Tokyo KisenIn industry
- StakeTokai Kisen3.5%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
- NYK Line vs Mitsui O.S.K. Lines
- NYK Line vs Kawasaki Kisen Kaisha
- NYK Line vs NS United Kaiun Kaisha
- Mitsui O.S.K. Lines vs Kawasaki Kisen Kaisha
- Mitsui O.S.K. Lines vs NS United Kaiun Kaisha
- Kawasaki Kisen Kaisha vs NS United Kaiun Kaisha
- NYK Line vs Mitsui O.S.K. Lines vs Kawasaki Kisen Kaisha vs NS United Kaiun Kaisha
All companies in Shipping (by revenue)
All 18 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Mitsui O.S.K. Lines¥1.7T · 9.0%
- Nippon Yusen¥1.48T · 14.3%
- Kawasaki Kisen Kaisha¥1.02T · 11.2%
- NS United Kaiun Kaisha¥229.8B · 8.9%
- Nagoya Railroad¥170.4B · -4.5%
- Iino Kaiun Kaisha¥113.2B · 8.0%
- AIT¥56.7B · 7.1%
- Meiji Shipping Group¥50.5B · 7.5%
- kuribayashi steamship¥48.4B · 3.6%
- Inui Global Logistics¥25.7B · 2.9%
- Narasaki Sangyo¥16B · 2.5%
- Kyoei Tanker¥15.5B · 8.0%
- Tokyo Kisen¥13.1B · 0.5%
- Tokai Kisen¥12.5B · 7.0%
- Azuma Shipping¥9.13B · 5.3%
- Hyoki Kaiun Kaisha¥7.6B · 3.3%
- Tamai Steamship¥5B · 21.8%
- Taki Chemical¥2.83B · 10.9%
Revenue · Op. margin
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