Financial highlights brief report for third quarter fiscal year 2025. A, financial highlights for third quarter fiscal year 2025. A, 1, financial results for third quarter fiscal year 2025. First, I will explain the results through the third quarter of fiscal year 2025. Operating revenues were JPY 767.7 billion, down JPY 37.2 billion year-on-year. Operating income was JPY 68.7 billion, a decrease of JPY 23.5 billion year-on-year. Ordinary income was JPY 88.6 billion, a decrease of JPY 200.2 billion year-on-year. Net income attributable to owners of parent was JPY 102.6 billion, a decrease of JPY 182.1 billion year-on-year. The average exchange rate was JPY 148.52 per US dollar, and the bunker price was $535. With regard to the cumulative performance through the 3rd quarter compared with the same period of the previous year, operating income declined due to several factors. These include an average yen appreciation of JPY 3.75, higher operating expenses resulting from an increase in the number of vessels deployed in the car carrier business, and weak market conditions in the dry bulk business in the 1st quarter. In container ship business, cargo transport volume increased in the 1st half, particularly in the 2nd quarter, due to front-loaded shipments to North America. However, transport volume has since struggled to grow. Freight rate market conditions have remained at low levels from the latter half of the second quarter through the third quarter, partly due to the entry of newly built vessels into the market. As a result of the factors just mentioned, the performance of equity method affiliate, Ocean Network Express (ONE) saw a significant decline in both revenue and profit. Accordingly, 'K' LINE's equity method income also decreased. In addition to the decline in operating income, both ordinary income and net income attributable to owners of parent also decreased year-on-year. For the key financial indicators, please refer to the table in the lower left of the slide. The key financial indicators show that equity capital was JPY 1,739.7 billion. Interest-bearing liability was JPY 309 billion. Debt equity ratio was 17.8%, and equity ratio was 76.1%. In addition, off-balance-sheet assets and liabilities, including charter hire obligations, amount to approximately JPY 600 billion-JPY 700 billion. After taking these into account, the equity ratio would be approximately 58%-60%. A, 2, financial results for third quarter fiscal year 2025 by segment. I will briefly explain the situation by segment. In the Dry Bulk segment, market conditions for both Capesize and Panamax and smaller sizes remained firm from the second quarter onward, supported by a recovery in cargo movements, and earnings improved in the third quarter. However, on a cumulative basis, from the first through the third quarter, performance was affected by unfavorable market conditions in the first quarter, as well as the previously mentioned impacts of labor disputes and a crane collapse incident at loading ports. As a result, performance in the first half was sluggish, and both revenue and profit declined year-on-year. Next, I will explain the Energy Resource Transport segment. LNG carriers, LPG carriers, thermal coal carriers, VLCCs, and other vessels have generally generated stable earnings under medium to long-term contracts. Although there was a slight negative impact from foreign exchange movements, the absence in the current fiscal year of one-time losses incurred in fiscal year 2024 have resulted in higher cumulative profit through the third quarter. I will now turn to the Product Logistics segment. In the car carrier business, there were headwinds such as the termination of U.S. electric vehicle subsidies at the end of September 2025, geopolitical factors, including trade policy, and production impacts caused by the suspension of semiconductor shipments. Nevertheless, global automobile sales have generally remained firm, and demand for ocean transportation has continued to trend upward. On the other hand, compared with the same period of the previous year, profit declined due to factors including a somewhat stronger yen and higher operating costs resulting from an increase in the number of vessels in operation following the delivery of new vessels. With regard to the container ship business, shipment trends are, as explained earlier. In particular, cargo movements and transport volumes in the third quarter were sluggish, mainly on routes to North America, due to the reactionary decline following front-loaded shipments in the first half. In addition, the easing of vessel supply-demand conditions following the delivery of new vessels, together with persistently low short-term freight rates, resulted in declines in both revenue and profit at ONE. As a result, equity method income declined significantly, and 'K' LINE 's container ship business also saw a decrease in profit. B, forecasts and initiatives for fiscal year 2025. B, 1, forecasts for fiscal year 2025 and key factors. Now, I will go over the full year earnings forecast. As a premise, with regard to transit through the Suez Canal, we believe that it will be difficult to resume passage before the end of March, at least at this point in time. Regarding the exchange rate assumption, we had previously explained an exchange rate of JPY 145 through the second quarter. Based on recent conditions, this has been revised to JPY 150. The assumed bunker price is $524. Assumptions regarding market conditions and the cargo volume outlook are summarized in the appendix, so please refer to those materials. As you are all aware, the current business environment remains highly uncertain due to geopolitical factors, including developments in the Middle East, U.S. security, and trade policies. While some container shipping companies have expressed the view that transits through the Suez Canal may resume, we do not believe that conditions are right at present for an immediate resumption of passage. In particular, we will continue to closely monitor the situation in and around the Red Sea, and based on input from external experts, as well as information obtained from insurance companies, we believe it will be necessary to determine the appropriate timing for resuming transit going forward. In any case, confirming the vessels can transit safely remains the most important prerequisite. With respect to the full year earnings outlook for the current fiscal year, we forecast operating revenues of JPY 1,006 billion, a year-on-year decrease of JPY 41.9 billion. Operating income is expected to be JPY 84 billion, a decrease of JPY 18.8 billion year-on-year. Ordinary income is forecast at JPY 100 billion, a decline of JPY 208 billion, and net income attributable to owners of the parent is expected to be JPY 115 billion, down JPY 190.3 billion year-on-year. Compared with the previous fiscal year, the decline in operating income reflects factors common to the results from the first through the third quarters, including lower profits in 'K' LINE 's own businesses, such as the car carrier and Dry Bulk businesses, resulting in a year-on-year decrease of JPY 18.8 billion. With regard to ordinary income, in addition to the decline in operating income, lower earnings in the container ship business, namely at ONE, have also had an impact. Next, I will explain the comparison with the full year earnings forecast announced on November 5th. Ordinary income remains unchanged at JPY 100 billion. Net income attributable to owners of the parent has increased by JPY 10 billion. However, this increase is due to technical accounting factors, specifically, a revision to the adjustment for income taxes related to deferred tax assets. Regarding dollar-yen exchange rate impacts, a one yen movement in the rate has a forecast impact of approximately JPY 700 million, while for the bunker price, a $10 change corresponds to an impact of approximately JPY 10 million. As such, we expect the impact over the remaining period to be limited. With respect to dividends, we plan to pay JPY 120 per share for the current fiscal year, with no change from our previous forecast. As in the previous two years, we are announcing the dividend outlook for the next fiscal year at this point in time. For fiscal year 2026, based on the current situation, we plan to increase the annual dividend by JPY 20, from JPY 100 to JPY 120 per share. Details regarding flexible additional shareholder returns of JPY 50 billion or more, including the funding source for the JPY 20 dividend increase in fiscal year 2026, will be explained later. B-two, forecasts for fiscal year 2025 by segment. I will now go over the segment performance and the full year earnings outlook. In the Dry Bulk segment, market conditions in the second half of the fiscal year have generally remained firm. However, as a certain level of exposure has already been fixed, the improvement in market conditions has not been immediately reflected in earnings. Looking at the full year, performance in the first half was weak due to unfavorable market conditions in the first quarter, as well as the impact of labor disputes at loading ports in the first quarter, which constituted a company-specific factor. As a result, both revenue and profit are expected to decline year-on-year for the full year, and the figures announced in November have been left unchanged. With regard to the Energy Resource Transport segment, earnings have remained stable, as the business is largely supported by medium to long-term contracts. In addition, one-time negative factors that affected earnings in fiscal 2024 are no longer present this fiscal year, resulting in a year-on-year increase in profit. Compared with the forecasts announced in November, profit has increased by JPY 1.5 billion, reflecting the impact of revisions to the exchange rate assumptions, as well as improvements in market conditions for tankers and LPG carriers. In the Product Logistics segment, car carrier business has been affected by geopolitical factors, including U.S. trade policy and retaliatory measures by the United States Trade Representative, USTR. However, automobile sales themselves have remained relatively firm throughout the year, and the number of vehicles transported by 'K' LINE has increased slightly compared with fiscal year 2024. On the other hand, due to a trend toward a stronger yen on a full year basis and an increase in just under 5 vessels in operation, operating costs and associated port charges have increased. As a result, profits are expected to decline compared with the previous fiscal year. As for the container ship business, as explained earlier, the current market environment remains extremely challenging in terms of freight rates. You may have already seen the third quarter figures in the container ship business materials, which were somewhat unfavorable. That said, we expect a recovery in the fourth quarter. Specifically, the modest improvement in market conditions seen around December is expected to be reflected in results from January onward. Accordingly, there has been no change to the earnings outlook for ONE that was announced in November, and we continue to expect 'K' LINE 's performance outlook to remain broadly at a similar level. C, status and progress of the medium-term management plan. C, 1, capital policy. Capital policy progress and corporate value improvement. The materials have been updated. While they contain a significant amount of information, I hope you will review them later at your convenience. C, 2, capital policy. Shareholders return policy. Next, I will explain our shareholder return policy. The graph on this slide illustrates the total amount of shareholder returns during the period of the current medium-term management plan, among other items. For fiscal year 2025, we plan to maintain the dividend at JPY 120 per share, as previously announced. This time, we are also announcing that the planned dividend for the next fiscal year will be increased by JPY 20 per share, from JPY 100 to JPY 120 per share. As stated previously, we have communicated that the total shareholder returns during the period of the medium-term management plan will amount to JPY 800 billion or more. Of this total, JPY 50 billion or more has been incorporated as additional shareholder returns to be implemented within the plan period. Accordingly, in addition to the JPY 120 per share dividend for the current fiscal year and the previously announced JPY 100 per share dividend for the next fiscal year, we have explained that we would carry out flexible additional shareholder returns of JPY 50 billion or more. Although we have decided to increase the dividend by JPY 20 per share, there has been no change to the policy of providing additional shareholder returns of JPY 50 billion or more. There has also been no change to the management allocation of JPY 80 billion, which is defined as the balance between operating cash flow and investment cash flow after shareholder returns. After closely reviewing various figures, we have confirmed that the funds equivalent to the JPY 20 per share dividend increase can be secured without drawing from the additional shareholder returns of JPY 50 billion or more, and without shifting funds from the management allocation. Furthermore, from the perspective of ensuring the execution of JPY 800 billion or more in shareholder returns over the 5-year period of the medium-term management plan, we have accumulated past shareholder return results, including share buybacks. Based on this review, and in order to ensure the achievement of the JPY 800 billion or more target, we determined that it was appropriate to announce the JPY 20 dividend increase at this time. With regard to the additional shareholder returns of JPY 50 billion or more, we will continue to examine the timing and methods going forward. C4, shipping industry environment. Finally, I would like to summarize the environment surrounding the shipping industry. The most significant factor is the situation in the Middle East, particularly the timing of the resumption of transits through the Suez Canal in relation to developments in and around the Red Sea. In addition, the outlook remains highly uncertain as to how the USTR's retaliatory measures, which have been postponed by one year, will be handled around October next year. With respect to the resumption of transits through the Suez Canal, the situation has not yet reached a point where it can be considered fully safe. Accordingly, we believe it is essential to prioritize the safety of crew members, cargo, and vessels above all else, and to determine the timing of resumption based on objective consideration of expert opinions and feedback from various stakeholders. Therefore, we do not believe that conditions are right for an immediate resumption from the beginning of the next fiscal year. At the same time, from the perspective of transport efficiency, we recognize the need to carefully examine and determine the appropriate timing for resumption.