Thank you very much for your joining us today. This is Mitsui O.S.K. Lines' Fiscal Year 2021 Second Quarter Financial Results Reporting. My name is Keiichiro Nakanishi, General Manager of Corporate Communications Department, and I will be the host of this meeting. I'd like to introduce first today's attendees from our company. First, Takeshi Hashimoto, Chief Executive Officer. Second, Yutaka Hinooka, Managing Executive Officer responsible for Corporate Planning and Corporate Communication Divisions. Third, Hisashi Umemura, Executive Officer, CFO responsible for Corporate Communication, IR, and Finance Divisions. And lastly, Ryusuke Kimura, Executive Officer responsible for Liner Business. Today's session will begin with an overview of the financial results of the second quarter and then move on to the outlook for the full fiscal year using the financial results presentations. It will be followed by Q&A session, and we are scheduled to end by 3:30 P.M. JST. For the Q&A session, please submit your questions after the presentations. If you have a question, please send it to us by clicking on the Ask a Question link on the right side of the screen, and we will read out and answer them one by one. Since we have many participants today, it would be very much appreciated if you could limit the number of questions you submit to one. First will be an opening greeting and a quick overview from CEO Hashimoto and a briefing from CFO Umemura. Good afternoon. This is CEO Hashimoto. Let me start this off by giving a quick overview. In our fiscal year 2021 second quarter results, we achieved business profit of JPY 264 billion and ordinary profit of JPY 271.8 billion, a significant increase of more than JPY 200 billion compared to the same period of the previous year when we were severely impacted by COVID-19. The full year forecast will be explained later, but we have revised upward our ordinary profit forecast from JPY 350 billion, which was previously announced on July 31st, 2021, to JPY 480 billion, reflecting a significant upswing in the containerships business due to greater than expected cargo movement and soaring freight rates, in addition to some upside in the dry bulk business due to the favorable market conditions since 2010. Both ordinary profit and the net profit for the year are expected to reach their record highs. Hisashi Umemura, our CFO, will now explain the details of the second quarter results and the full year forecasts. Hello, this is Umemura. Please find the outline and explanations on page three and five of the business performance results, the blue document. Revenue increased by JPY 112.4 billion year-on-year. This was mainly due to the favorable dry bulk market and a recovery in the transport volume of car carriers and the cargo volume in terminal and logistics business, which had slumped due to COVID-19 the previous fiscal year. Next, business profit, which is calculated by adding operating profit, and equity in earnings of affiliates to show the company's earning capability and ordinary profit. Both rose sharply by JPY 237.5 billion and JPY 239.1 billion year-on-year respectively. The increase in profits was due to higher profits at Ocean Network Express, ONE, the equity method affiliate, as a result of strong demand for containerized cargo transport and higher freight rates, as well as favorable market conditions for dry bulk carriers and improved profits from a recovery in car carrier transport volume from the same period of the previous year. I will now explain the financial results by segment. Please refer to page four and five. The dry bulk business significantly improved its profitability from the same period last year, where it was around at the break-even point due to the impact of the COVID-19, and achieved ordinary profit of JPY 14.3 billion this year. All vessel types achieved a year-on-year improvement in our profitability. The next section is the situation of each sub-segment. Starting with the iron ore and coal carriers, profit rose sharply year-on-year as a result of stable revenues from medium to long-term contracts and high transportation demand on raw materials for steel production in China and strong shipment from Brazil and Australia. The average time charter rate for the first half six-month period reached $30,100 this year, compared to $12,600 for the previous year. The next is MOL Drybulk launched back in April. It is operating small and mid-sized bulkers, businesses and the wood chip carrier business. The small and mid-sized bulkers achieved a higher profit than the same period of the previous fiscal year, thanks to a favorable market driven by strong transportation demand, particularly for shipments of grain from North and South America to China. MOL has reduced its market exposure for small and medium-sized bulkers, so the impact of market fluctuations on profitability is limited. However, in response to increased cargo movements, we expanded the number of vessels in our short-term fleet to take advantage of the favorable market conditions. The wood chip carrier business also turned around from a loss in the previous fiscal year and secured a profit, supported by a recovery in transportation demand, mainly to China, and by generally favorable dry bulk market conditions. In a year-on-year comparison, ordinary income became JPY 10.9 billion. Now with oil tankers, first, as for crude oil tankers, the falling crude oil prices in early spring led the demand for offshore stockpiles increased. Temporarily, VLGC, the daily charter fees exceeded $100,000. On the other hand, due to the cooperative production cuts in the oil-producing countries and the decline in oil demand caused by the stagnation of the world economic activities, the spot market was sluggish in the current fiscal year, with the indicative price for daily charter fees temporarily negative. As a result, although we steadily secured profit through medium to long-term contracts, which occupy the majority of our crude oil tanker, profit declined year-on-year due to the adverse effect of spot market conditions. For other than crude oil tankers, LPG carriers and methanol carriers, which mainly have medium to long-term contract, secured profit steadily. Due to the sluggish transportation demand for petroleum product and chemicals, profit and losses of the product and chemical ships deteriorated in a year-on-year comparison. Now with LNG carriers, so far only one new LNG carrier has been completed. However, we have already owned nearly 100 LNG, and most of them are under long-term contracts. Therefore, stable profit has been secured. As for the offshore business, FPSO, subsea support vessel operated smoothly and secured stable profits. Regarding FSRU, one existing vessel entered into a new project and is now under renovation work, which resulted in a decrease in profit year-on-year. Next is the product transport business. This business marked a significant increase of JPY 231.9 billion year-on-year, generated ordinary income of JPY 241.3 billion. I will explain now by subsegments. First is the container ship business. The container ship business is divided into the business in the equity method affiliate, ONE, and the port logistics business. For ONE business, please refer to the slide page three of the magenta color material. As described here, booming market conditions continue. The revenue improved significantly from the same period of the previous year and achieved a surplus of $4.2 billion within one quarter in the second quarter. Combined with the first quarter, as shown in the middle of the table below, after-tax profit was $6.76 billion. As described in the main points area, in July and September, global container cargo movements increased by 10% on a year-on-year basis. On the other hand, as media reported, the turmoil in the entire supply chain got worse than in the first quarter. Ports and inland transportation continued to jam up and ships arrived too. In addition, spot freight rate for containers have also risen significantly and have remained at levels much higher than initially expected. At the bottom of this page is a comparison of profit growth over the same period last year. As you can see here, the biggest rise is freight. It can be a rise in the long-term freight, but mainly it is due to a significant rise in the short-term freight. On the other hand, due to the additional cost for speeding up to keep up with the schedules and reducing the impact of congestions at the port and inland areas, which appeared in rising operating cost and variable cost. I would like you to look at one more page five of the ONE's material slide. It is about the supply chain disruptions and their countermeasures. As you know, the supply chain is confused by multiple factors around the world. At ONE, in order to minimize the impact, we are taking various measures as described here. Now please get back to page six of blue materials. The port logistic business, which is one of the container ship business, recovered its handling volume, including the air cargo business that has also recovered, resulting in an increase in the full year profits. As a result, our container ship business as a whole posted an ordinary income of JPY 239.8 billion, an increase of JPY 216.1 billion year-on-year. Next is the car carriers. Cargo vessels recovered greatly from the same period of the previous year when vehicles transportation decreased a lot due to the impact of the COVID-19. Although it was affected by the shortage of semiconductors and the parts, by incorporating product from China and India, where shipping demand was strong, we were able to secure the same number of shipment as expected at the beginning of the fiscal year. As adjusting the fleet during the first half of the previous fiscal year, since then, there is no sense of surplus in the supply and demand of our automobile vehicles. Although it was a large deficit last year, the automobile ship business secured a surplus this term. Ferries and coastal RoRo ship. Demand for the freight transportation was firm, and while we secured a higher transportation volume than in the same period of the previous year, passenger demand decreased due to the COVID-19, and the profits and losses deteriorated due to the impact of rising fuel oil prices. Associated business. In the real estate business, which is operated by Daibiru, although sales declined due to rebuilding, stable profits were secured. On the other hand, the passenger ship business continued to struggle due to the re-expansion of the COVID-19 infection, forcing the cruise to be canceled. So far, I have explained the outline of the fiscal results for the second quarter. Next, let me explain our full year earnings forecast for fiscal year 2021. Please refer to slides seven and nine. First, revenue is expected to amount to JPY 1.22 trillion, an upward revision of JPY 120 billion from the previous forecast as of the end of July. The main reason for the upward revision is the favorable market conditions for dry bulk carriers. Although that's the biggest reason, also because freight rates are expected to increase in parallel with expenses due to rising bunker oil prices. Business profit and ordinary profit are revised upward both by JPY 130 billion from the previous forecasts to JPY 465 billion and JPY 480 billion, respectively. To be highlighted here in this upward revision includes a review of the container ship business in line with the continued strength of cargo movements and the spot freight rates, and the upward revision of the dry bulk carrier business in light of favorable market conditions. I will now explain the forecasts by segment. The dry bulk business ordinary profit has been revised upward by JPY 14 billion from the previous forecast and is expected to achieve a full year ordinary profit of JPY 39 billion. All subsegments are expected to exceed their previous forecasts. The iron ore and coal carriers market is expected to remain firm until the end of the year, as I explained for the first half. From the beginning of the new year, iron ore shipments are expected to weaken due to the seasonal factors such as cyclones in Australia and the impact of the rainy season in Brazil. To reflect the current market conditions in these forecasts, we have revised our market assumptions upward. Please refer to page 13. The revised market assumptions are for the October-December period, revised from the previously announced $25,000- $47,000, and for the January-March period, revised from $14,000 - $23,000. Although there are some uncertainties such as the movement of iron ore shipments to China, we expect to see increase in profits compared to the previous year, backed by stable profits from a medium to long term contracts, which are our foundation. Let me now move on to the small and medium-sized bulkers operated by MOL Dry Bulk and the wood chip carriers business. As for small and medium-sized bulkers, we're expecting market conditions to remain firm as was the case for the first half. As for wood chip carriers, there is already no free vessels available for the remainder of the fiscal year as they are all booked. We're hence expecting our Wood Chip Carrier business to return to profitability in this fiscal year. As for the open hatch bulker business owned by Gearbulk Holding AG, the equity method affiliate. Profitability has improved due to the continuously strong cargo movements of paper pulp for China, and it is also helped by the improvement in dry bulk market conditions in general. Next, the energy and marine business forecast has been revised downward by JPY 1.5 billion from the previously announced forecast, resulting in a full year forecast of JPY 21.5 billion in ordinary profit. Although this segment as a whole will secure stable profit generation with the long-term contracts, the revision was made in light of the continued downturn in the tanker market. The tanker business market has been remaining sluggish to date. Although we expect a gradual improvement in the market conditions with the seasonal factors and recovery of global economy, profit is likely to be significantly down from the previous year. Moving on to LNG carriers and offshore business. As I mentioned for the first half, the profitability has been very stable and I will not go into details here. Next, I will move on to the product transportation business. Container ship business. In the container ship business, in addition to the upside of the business result in the second quarter, we revised the forecast for the second half upward and revised the full year forecast ordinary income upward to JPY 410 billion. For ONE, please refer to page six of the company's magenta color material. We anticipate continued strong transportation demand in the second half of the year, but the decline in cargo movement due to the seasonality, such as the Chinese New Year, the accompanying adjustment of the freight rate for a certain period, and various other costs related to the measures to mitigate congestions are expected. As a result of assuming an increase in cost, ONE's pre-tax profit is expected to be $5 billion. Of this amount, 31% of the investment ratio is included in the second half earnings as an equity method investment income. Please return to page 10 of the blue slide. Next is car carriers. Although the cargo movement of automobile ships will still have an impact on shipments due to the shortage of parts, when production of each company recovers in the future, transportation demand will recover mainly to North America, where inventory shortage is concerned. In our company, when balancing the demand and supply of the ship, if transportation demand increase, it is expected that the supply and demand of the ship will be tight. In addition to these supply and demand forecasts, we expect ongoing to secure surplus by improving operational efficiency continuously. Ferries and coastal RoRo ships. Demand for freight transportation is strong, and the passenger demand is expected to recover due to the relaxation of behavioral restrictions. We expect the second half to recover more than the first half, but due to the impact from the first half, this year's business results are expected to reflect the impact of the COVID-19 as in the previous year. Let's move on to the associated business. Associated business are expected to have a full year ordinary income of JPY 7.5 billion, revised downward by JPY 500 million from the previous forecast. As for the real estate business, it is expected to continue to contribute to stable profit. On the other hand, in the passenger ship business, although cruise operations resumed from the end of September, the business outlook has been revised downward to reflect the impact of the COVID-19. Finally, regarding the dividend, we will pay an interim dividend of JPY 300. Due to the upward revision of the earnings forecast, the planned year-end dividend will be revised from JPY 250 announced last time to JPY 500, and from JPY 550 - JPY 800 for the full year. We will maintain the policy of paying a dividend payment ratio of 20% for the current fiscal year. This is all for briefing.