Thank you very much for waiting. Thank you very much for your participation to today's session today, despite your busy schedule. We now like to begin the NYK Group's financial results announcement for the first quarter of FY 2024, ending in March 2025. I am Okada, head of the IR Group. I will be moderating this session today. First of all, we'd like to introduce the presenters for today's session: Representative Director, Executive Vice President, Executive Officer, CFO Kono, Managing Executive Officer, Chief Executive Officer of Liner and Logistics Headquarters, Banno. Today, Mr. Kono will present on the summary of the first quarter results for FY 2024. We will take Q&A time afterwards. We will instruct you how to cast the questions later. The presentation materials are posted on our company's web page. If you could refer that for your convenience, it would be very much appreciated. Today's session is going to be streamlined on an on-demand basis, including a Q&A session. I'd like to ask for your kind cooperation. We now would like to start the presentation. Kono-san, please. I am Kono, CFO. Thank you very much for taking time out of your busy schedules to join us at this earnings briefing today. Today, I will first present our financial results for the first quarter of fiscal year 2024, and then our forecast for the full year of FY 2024. Following the presentation, we will take time for questions and answers. The presentation material will be projected on the screen for you to see, but if you have downloaded the material from our website, please also have that ready at your hand. First, I would like to explain about the changes in the reportable segments. Please have a look at page three of the material. As is described here, effective as of this first quarter of FY 2024, changes are made to the segments. The bulk shipping business, which is expanding its operations, is now divided into three segments, namely the automotive business, the dry bulk business, and the energy business. For the shareholders, with this change, I think this will facilitate your understanding for each of these segments now that it's broken down into three. At this moment, allow me to provide an overview of FY 2024 first quarter results. Please take a look at page six of the material. The second column from the right in blue represents the actual results of Q1 FY 2024. Both revenue as well as profit increased in Q1 with a revenue of JPY 651.7 billion, up by JPY 84.1 billion year-on-year, recurring profit of JPY 125.7 billion, an increase of JPY 36.3 billion year-on-year, and profit attributable to owners of the parent, JPY 110.2 billion, up by JPY 36.7 billion year-on-year. The main factors behind the results include tight demand for container shipping due to the situation in the Red Sea, which has continued since the end of last fiscal year, pushing up freight rates in the market even higher into this term, resulting in strong profits for ONE. Our revenue and profit also grew on the back of good market conditions in our air cargo transportation, automotive, and dry bulk businesses, bolstering our overall revenue and profit. For Q1 comparison by segment, please have a look at the table on page seven. As I said at the beginning, and as shown in the notes below the table, on top of the changes made to the segments, with the bulk shipping business being broken down into the automotive, dry bulk, and energy businesses, the numbers for the real estate business, which had been disclosed independently before, have now been included as part of the Others segment. Now, please take a look at the second column from the right in blue for the results of Q1. For the recurring profit of the liner and logistics segment, which is comprised of liner trade, air cargo transportation, and logistics, liner trade earned JPY 53.7 billion, up by JPY 22 billion year-on-year. Air cargo, JPY 3.4 billion, up by JPY 3 billion year-on-year. And logistics, JPY 5.5 billion, down by JPY 1.4 billion year-on-year. Liner trade saw a major increase in profit due to ONE's robust business, as I mentioned earlier. In the air cargo transportation business, recovery in semiconductor market conditions has led to increases in air cargo, supported in particular by substantial cargo volumes from Asia, as well as cost reductions from declining unit price of bunker oil and deferred maintenance costs, resulting in rising revenue and profit. In logistics, contract logistics business underpinned profits for the segment, supported by strong cargo volumes in the automotive-related sector. In the air and ocean freight businesses, although the volumes handled grew year-on-year with recovery, mainly in Asia, because of rising purchase prices, profit levels dropped, pushing down profit for the overall logistics segment year-on-year. As a result, for the entire liner and logistics segment, recurring profit came to JPY 62.6 billion, an increase of JPY 23.6 billion year-over-year. Next, on the former bulk shipping business, which is now broken into three segments for disclosure, first, recurring profit for the automotive sector increased to JPY 37.8 billion, up by JPY 8.2 billion year-over-year. Despite continuing port congestion and changes in ocean routes due to improved utilization rates of vessels and robust demand for transportation, which was successfully captured, plus the contributions from the cheap yen, the automotive business saw growth in both revenue and profit. In the dry bulk business, market conditions improved for both Capesize and Panamax-sized vessels due to strong transportation demand compared to last year, with a recurring profit of JPY 14 billion, up by JPY 1.1 billion year-over-year. Both revenue as well as profit increased for this business. In the energy business, although LNG carrier and ocean freight business remained steady, underpinned by long-term contracts, market levels for VLCC and VLGC declined year-over-year, resulting in a recurring profit of JPY 11 billion, which was nearly the same level as last year. If you could go back to page three of the material once again to repeat, the total recurring profit overall reached JPY 125.7 billion, an increase of JPY 36.3 billion year-over-year. Based on this, after adjusting for extraordinary gains and losses as well as taxes, profit attributable to the owners of the parent was JPY 110.2 billion, up by JPY 36.7 billion year-over-year. Further, share repurchase for FY 2024, which was commenced on May 9th, on a cumulative basis as of July 31st, stood at 8,061,300 shares, with a total amount of JPY 38.5 billion repurchased. As is on the left-hand side table on page eight, we can see that the increase of JPY 36.3 billion in recurring profit year-on-year was largely due to increased freight rates for liner trade and the cheap yen. This concludes the summary of the financial results for the first quarter of FY 2024. Next, let me present on our full year forecast for the ongoing year FY 2024. Please turn to page nine. As we announced in the timely disclosure on July 22nd, we have revised up our full year forecast for FY 2024 compared to the initial forecast made at the time of the announcement of FY 2023 full year financial results back in May. Net sales is revised by JPY 280 billion, up to JPY 2,570,000,000,000, recurring profit by JPY 160 billion to JPY 410 billion, and net profit JPY 145 billion to JPY 390 billion. The details will be described later in the segment information. All operational segments were revised upward compared with the previous forecast. Most notably, liner trade was revised up JPY 106.5 billion. The different levels of profits, underlying exchange rates and bunker oil prices, and so forth, are described on page 12 of full year reference. As for the dividend forecast, taking into account a payout ratio of 30% as a policy, interim and year-end dividends are both up JPY 50 from the previous forecast. Thus, JPY 130 per share for interim dividend and JPY 130 for year-end dividend, respectively. A full year dividend is JPY 260 per share. In addition, as we discussed as a part of the Q1 results, we are executing share repurchasing program, and full year dividend forecast is calculated based on the number of shares, excluding the treasury stock acquired as of July 31st of 2024. Next, let me present on the full year forecast for each business segment in comparison with the previous forecast. Please refer to page 14. The blue column in the center shows the full year forecast for FY 2024. First, for liner trade, recurring profit is up JPY 183 billion, up JPY 106.5 billion from the previous forecast. Although freight rates for container ships rose in the first quarter due to the strong cargo movement, we expect the market for short-term freight rates to decline toward the end of the fiscal year as the tight supply-demand balances for shipping capacity eases after peaking in the second quarter. For the full year, we expect profit to be much higher than our previous forecast due to the contribution of revenue growth, mainly in the first half of this year. Next is air cargo transportation. As announced in June, the share exchange between Nippon Cargo Airlines and ANA Holdings was rescheduled to March 31st, 2025. As a result, we have added back forecasts for the second through fourth quarters, which were not included in the initial forecast. We expect strong cargo movements from Asia to U.S. Europe in the second quarter and beyond, and we expect a substantial increase in profit for the full year over the previous year. Next, for logistics, we forecast the recurring profit of JPY 22 billion, an increase of JPY 7 billion from the previous forecast. Both ocean and air cargo sales are expected to increase due to higher prices, and we are projecting a higher profit level than the previous forecast. In addition, the logistics business is also expected to contribute to the solid demand, especially in North America, supporting profitability. In the automotive businesses, forecast for recurring profit was up JPY 20.5 billion to JPY 120 billion. Although concerns about geopolitical risks such as Middle East and others continue to linger, we expect automotive transport demand to remain strong, and we expect the units transported to be in line with our initial forecast as we strive to improve the efficiency of capacity allocation. The upward revision for the full year is mainly due to the depreciation of yen and increase in spot freight, mainly in the first half of the year, and solid performance of the automotive logistics business supported profitability. In the dry bulk segment, we forecast recurring profit of JPY 33 billion and upward revision of JPY 10.5 billion from the previous forecast. We expect market conditions to be higher than the previous forecast. In the previous year, for all vessel types, mainly Capesize vessels, which will be supported by strong transport of iron ore and bauxite to China. The recurring profit forecast for the energy division has been revised up by JPY 4 billion to be JPY 45 billion, with LNG carriers and offshore businesses expected to perform strongly, supported by medium and long-term contracts. VLCC, VLGC market assumptions for the full year, although lower than the previous forecast, is generally expected to perform in line with the previous forecast, supported by medium to long-term contracts. On the other hand, profit for petroleum tankers and chemical tankers is expected to go up. On top of the depreciation of yen, we expect full-year profit to increase. Please refer to the table on page 13 for the comparison with the previous fiscal year for your reference. This concludes our full-year forecast for FY 2024. In addition to the slides presented today, please refer to the materials published on our website. In attendance, we are sharing reference materials, assumptions for each business segment, and so forth. This concludes my presentation. Thank you very much. At this moment, we would like to move on to questions and answers. First, I would like to explain how people can ask questions. Those of you with questions? My first question is as follows. With the upward revisions to the performance, you will accumulate your capital. What is your view? So, in the medium-term business plan, you are to lower your capital adequacy ratio with the investments planned. So, you're increasing demand. About what is your view on this? My second question is as follows. So, profit in the automotive segment, which was broken down, the profit was very good last year, and it seems that both revenue as well as profit are strong this quarter. So, the number of vehicles transported, port congestion, how is the automotive business being affected by these factors? My third question, which is my last question, regarding air transportation on a full year basis, you have put out a new plan. The profit that's generated this term, even after the transfer to ANA, are you going to capture the cash or incorporate cash into your financial results? Thank you very much for your question. To address your first question, so, our view on capital accumulation, in principle, from our point of view, we have the investment plan, and if there is an investment opportunity, we would like to consider making investments. In the MTP, the investments that are planned in the plan, when we announced our earnings in May this year, compared to the initial forecast, the amount has been slightly increased. With respect to shareholder return, we would like to strike the right balance. Pointed out, capital adequacy ratio, we do have a guideline for that. In line with that, we would like to conduct shareholder returns. In line with all of that, we have this guideline of 30% payout ratio for dividends, and based on that, we reviewed our dividend payment this time. Going forward, we have just finished the first quarter. There are still uncertainties ahead. As of today, foreign exchange rates have moved quite substantially, stock prices as well. So, we have to look at the developments for some time to see what impact they will bring on our profitability. We do not, at this moment, foresee any major impact, but we will still have to watch. So, in view of that, we would like to consider shareholder return going forward. So, our thinking remains unchanged from the past. So, while looking at the capital adequacy ratio, we would like to strike the right balance between shareholder return and investments. With respect to the automotive business, it continues to be strong. Last fiscal year, in FY 2023, there was good profitability, and there has been an increase from that. Compared to the initial forecast, we have made an upward revision of JPY 20 billion. One of the factors is the cheap yen, and another is that in the first quarter, because of the curbs in the vessel deployment as well as timing of shipping or ship allocation, loading based on spot price increased, and space continues to be tight with rising demand. So, that has increased freight rates in the spot market. So, those are the factors contributing to that. About the NCA, regarding the profitability of NCA, the profit that's incorporated as part of our financial results this term, well, on the balance sheet of NCA, our lending to NCA, so borrowing of NCA from us, there will be adjustments made in those terms. So, those are the answers. Thank you very much. Thank you very much for the first question. Please raise your question. Please unmute yourself and start your question. Thank you. Now, energy business and dry bulk, the profit was disclosed this time. For energy, a profit that's quite substantial, and we were able to confirm the number. To begin with, the crude oil chemical products or other offshore businesses and so forth, and what is the composition of the profits to be this particular number? That is the first question. The second question is regarding the container ships businesses. Since July, there were a surge in spot prices and so forth, and there seems to be a slight adjustment happening in the market. What is your take for the future? When we look at CCFI, sometimes the lag is observed, and the contract price is probably lagging behind compared to the peak season. If you could elaborate on such situation, indeed, it will be appreciated. Thank you very much for your question. For the first part of the question, I will be answering. In regard to the breakdown of the profit of energy, the business segment is not disclosed specifically, and yet, being a part of our energy business, NCA and offshore, and also tanker business, and tanker is comprised of VLCC, VLGC, and also petroleum tanker and chemical tankers. All these are included in this area. On top of that, coal for the power companies. So, general coal is included in this particular segment. And their energy portion accounts for the largest portion of energy profits. In addition, tanker and VLCC, that is based on a medium to long-term contract, and therefore generates very stable profit. And of the coal for power companies, it's also the same. There are some areas that we are taking some exposures to the market, though the size is not very big. The petroleum and the chemical vessels are the type of the business in that nature. Underlying market is performing quite well. Therefore, that particular business was performing quite well this time. In regard to the portfolio, based upon market conditions and business situation, we may choose to change the portfolio of the business. But as we announced the other day, ENEOS Ocean, 80% of that company's stake is now considered to be acquired, and we are making efforts to finalize the transition. ENEOS Ocean vessels is not VLCC. Therefore, VLGC and the chemicals and the petroleum mostly, and 49 vessels are owned by ENEOS Ocean. And 80% of the share for the profits is going to be reflected in our company's financial results. So, that is a part of our portfolio change where we are exploring at this moment, and that is initiative at the energy business unit. In regard to container business, in particular the freight rates, we'd like to invite Mr. Banno. Thank you for your question. Now, the current freight rate situation, as you know, SCFI and others were steady from the peak of July, the freight rate is starting to decline. So, when the freight rates of ONE would have an impact, there are several weeks of time lag that we will have in the meantime. Now, spot freight is one thing. However, for the long-term contract, peak time surcharge are introduced ahead of time, and that is working quite well at this moment. And with the decline in the spot freight rate, that long-term contract freight rate will be maintained in the meantime. So, therefore, the freight rates for us will not drastically decrease from the peak time of July. And in regard to ONE, currently, the cargo movement utilization rate is quite good, and that is operated quite nicely. And therefore, we do not expect the freight rate to decline drastically at this moment. That concludes my answer. Thank you very much. Permission, just a supplemental question in regard to the container business. For a week or so, Middle East, Hamas, Israel, Hezbollah, all these situations seem to be quite fluid. And what's the assumptions of normalizing the situation this moment? Well, are there any specific conditions where if that is met and all these will be resolved? No. ONE does not have a certain fixed conditions. I believe that that is all up to all of the customers. And for the container ships going through Red Sea, it's going to be very difficult as other types of vessels start to be operated. And then if that situation seems to be safe enough, container vessels will start to operate. Probably smaller players will start operations, and ONE will decide up that they carefully monitor the situation. And just for instance, one of the underlying assumptions is that when other Japanese vessels start to operate, then the current situation is expected to continue at least by December. But this is just an assumption at this moment. We do not necessarily have an accurate precision analysis of the Middle East situation. Therefore, the situation still continues to be very fluid. Thank you very much. Thank you very much for the questions. Let us move on to the next questions who are raising. I would like to ask two detailed questions. Question number one regarding logistics. Page four, Q1 results, profit decline because of increased purchase price. But on a four-year basis, you made an upward revision, and that's because of strong sales prices. So purchase prices are up, but price is being passed on to the customer, perhaps. So if you could please explain the background as to why you're making an upward revision on a four-year basis? And again, a detailed question. The Others segment, there's upward revision made to the profitability of that segment, and you have also moved the real estate business as part of Others segment. It's not moving very much, I assume. So what are the factors behind increased upward revision made to the profitability? Any good news? So regarding logistics, I would like to turn to Mr. Banno for an answer. So in the first quarter, container shipping market all of a sudden improved and went up. So the surge in the market conditions was even faster and greater than that in the COVID period. So we have not been able to catch up with the speed, and purchase prices increased, and we have not been able to successfully pass on increased purchase prices to the customer. And so in that regard, performance suffered in the first quarter. But going forward, I'm not sure whether we are hitting the peak, but the rates are quite high. So in line with that, and I'm sure they will start to gradually come down, and there will be an impact on the opposite side. And because the market is very high, I think we will be able to enjoy that situation from the second quarter to the fourth quarter, and thus the numbers that we have disclosed. Next on the Others segment, Kono will answer that question. So the real estate business, you said that it has not changed very much, perhaps, and you are right. But in the passenger business, well, there were some problems with the vessels last year, and some vessels could not be utilized, operated. As a result, the number of passengers attracted did not increase as much as expected. But this year, all those problems were resolved in early spring. World cruise was on plan successfully. And of late, we have been seeing this trend since last year, but into this year in particular, tourism demand is very strong. Once we start selling summer cruise products, they are snatched up and sold out. So compared to last year, tourism business is very robust. Although the number is not very large, it does reflect favorably in the Others segment. So that's the answer. Understood. Thank you very much for the answer. Thank you very much for your question. Moving on to the next question. Additional question. In the second half, how should we forecast? Well, compared to the initial forecast, will be container or others? Are there any major changes in your assumptions other than the falling exchange rate for the second half? If there's any, I'd like to clarify segment by segment. Thank you very much for your question. As for the container, I will invite Mr. Banno to give supplemental information. But for the other segment, we are reviewing, for example, dry bulk, particularly as well as energy. All these market assumptions are included in the appendix. There are the comparison of changes in assumption made in the first initial forecast and so forth. For the dry bulk and the most previous situation, which is not linked with the agreed prices and so forth, however, Capesize bulk ships are moving relatively well in such a situation compared to the initial forecast. Second quarter and onwards, Capesize bulkers' performance is expected to be better. So our outlook for the market was upgraded compared to the initial forecast. So in the ongoing situation, the future freight rate indexes observed and the level which we have revised up, it seems that still the trend is within the range where we made the revised up numbers. And of course, if the forecasted assumption changed, and of course, we may adjust our forecast, but the portion which we upgraded this time was actually reviewed slightly back in the past, and I would not expect a major change in the current market outlook. In regard to the containers, during the first half and second half, differences in the profit are reflective of the freight rate. As I presented as a part of my earlier presentation, second quarter and beyond, the freight rates will start to decline. That is an assumption which we incorporated. Mr. Banno, are there any supplemental explanation on this point? There's no major supplemental information. Three months ago, we have announced a four-year forecast, and in March and April, there was a trend of a freight rate increase. Therefore, we expected that the freight rates would decline spanning 12 months since then. However, for the last three months, the freight rates started to continue to increase. Therefore, starting point of the peak was actually become very high. Ultimately, the bottom freight rate is expected to be the same, but gradually, we would expect a freight rate decrease. Thank you. Understood. Thank you very much for the questions. We are still taking questions. Please ask your questions by using the hand-raise button or to type in your questions in the QA chat box. If there are no further questions, although it's earlier than scheduled, we would like to bring this briefing session to a close. So with that, the earnings briefing for Q1 FY 2024 is brought to a close. After the webinar is closed automatically, the questionnaire survey will appear on the screen. Please kindly fill it out. Once again, thank you very much for your participation today.