00:00Every week the situation is changing so as of today I'm becoming relatively
00:07optimistic because the most important issue was of course the tariff and the
00:16trade policies between the big countries like US, China or US, EU and it seems to
00:25me that still that lots of the bumpy situation is continuing but at the end of
00:33the day that gradually gradually the situation will be stabilized. So compared
00:43to that our estimation in early April that today's the sentiment is better so
00:53that I'm relatively optimistic about the future development of the global trade
01:01situation. What about the situation when it comes to carrier orders from China?
01:10Yeah, the China the situation is very very drastic. In April we observed that
01:22dramatic decrease of the trade volume between China and the US and quite a big
01:33negative impact for our industry too. However that after the agreement between
01:42China and the US in early May now we are observing the quite strong bounce back of
01:49the cargo movement. Therefore that of course that this is a relatively temporary
01:56agreement and we should see that what will happen in the coming 90 days. However so far we are enjoying
02:09the very strong market situation in May. So I really hope that at the end of the day
02:16that this trade conflict can be settled down in a reasonably good way.
02:23We have seen this trade conflicts before though during the first Trump
02:29administration. Have you taken any lessons from that period that you can apply now?
02:34Yeah, that the first Trump administration, the situation was a bit similar at the very early stage of the
02:49Trump government that there are lots of the confused situation. But gradually gradually that we could manage it to adjust ourselves to the new market circumstances. And tariff war itself also slowed down during the first administration.
03:19So I really hope that at the end of the day that everybody recognize that the necessity and importance to sustain the global economy and global trade because it's a kind of the backbone of the people's life and also the production of the world.
03:49of the industries or the industry or the supply chain therefore that still a bit early to decide. However, as of today I'm relatively optimistic and focusing on what's going on between the trade talk between Europe and the US for coming few weeks time.
04:16We've seen the yen strengthening a little bit lately. I'm wondering how a stronger yen has been impacting your business and what your outlook for the yen is.
04:27Yeah, the unique aspect is that quite high volatility of the market. As I mentioned that the April market was dead and May it's very, very strong and bouncing back. And June what will happen is it's a bit difficult to predict to be honest. However, that we ourselves must
04:55must must be that very, very agile and quickly adjusting our volume of the fleet size and capacity and then try to maximize our top line and improve the bottom line. So that is the quite exciting moment.
05:22But it is to some extent that the nature of the shipping industry that we are facing to the quite volatile up and down of the market. How to adjust our position will be that key issue to survive under current technically quite difficult market. However, that not entirely that negative for our vision.
05:50Takeshi, how do you view the sort of environmental and energy policy side of things both in terms of perhaps more stringent environmental policies but also US energy policies and how that impacts decarbonized fuels?
06:09Yeah, to be honest that we are we are we are we are quite exciting about the IRA in Biden government because it could accelerate the development of the alternative energies like the green green methane or green ammonia or green methane such kind of things.
06:35However, however, I must admit that for the time being that we we should expect that kind of the setback or the speed down. However, in the long term that the control and reduce the GHG from the shipping industry is a kind of a must. And so for the time being that we will concentrate that how to actually reduce the shipping industry is a kind of a must.
06:57And so for the time being that we will concentrate that how to actually reduce the GHG from our fleet by utilizing the LNG or methanol and the available alternative fuels which can reduce the 20 percent, 25 percent.
07:19Still, we cannot reach the net zero without the development of alternative energy like green ammonia, green methane. However, I must say that the time scale of the green transition will require a little bit longer than we originally expected.
07:47So for the time being that we will concentrate to reduce our emission by utilizing the available alternative fuels. Particularly that the LNG is a very good thing that there are a lot of the new LNG projects are going to happen.
08:07And I really hope that the international price of the international price of the international price of the LNG will be more reasonable for us to maximize the utilization of the ocean-going shipping.
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