Under supervision (confirmation) · Designated 2026-07-31 JPX notice
Overview
Marine Transportation

NS United Kaiun Kaisha,Ltd.

NS United Kaiun Kaisha, Ltd. is a Japanese shipping company primarily engaged in ocean-going (international) and coastal (domestic) marine transportation, operating as a core maritime logistics provider closely aligned with Nippon Steel Corporation. The company transports bulk cargoes such as iron ore, coal, and other raw materials critical to the steel industry, leveraging a large fleet managed through its extensive network of vessel-owning subsidiaries and ship management companies. Its competitive strengths lie in its deep integration with Nippon Steel's supply chain, a diversified group structure spanning over 60 subsidiaries, and established operations across international shipping lanes.

Market Cap
¥248B
US$1.58B
EV
¥241B
US$1.54B
Stock¥10,520▲+0.00%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.0
x
LTM EV/EBIT
10.0
x
LTM PER
10.2
x
LTM PBR
1.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+76.4%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 3, 26NYK Line launches TOB for NS United Kaiun at ¥10,600/share (32% premium)
MC → EV Bridge
248BUS$1.58BMarket Cap64.4BUS$411M+ Debt46.5BUS$297M− Cash24.4BUS$156M− Inv. Sec.241BUS$1.54BEV
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Performance & Balance
Revenue 5Y (¥B)
196US$1.25B'22/3251US$1.60B'23/3233US$1.49B'24/3247US$1.58B'25/3230US$1.47B'26/3
EBITDA 5Y (¥B)
44.4US$283M'22/350.3US$321M'23/339.7US$253M'24/338.3US$244M'25/336.7US$234M'26/3
Net Income 5Y (¥B)
23.6US$150M'22/327.6US$176M'23/318.0US$115M'24/318.6US$119M'25/324.1US$154M'26/3
Capital Structure
75%
25%
EquityD/E 0.34xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
26.2US$167M124US$789M'22/334.7US$222M101US$643M'23/342.7US$272M97.1US$619M'24/346.3US$295M85.3US$544M'25/348.1US$307M63.6US$406M'26/3
Shareholders
Top 10 hold 74.3%
1
NIPPON STEEL CORPORATION
33.36%
2
Nippon Yusen Kabushiki Kaisha
18.35%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.94%
4
CEPLUX- THE INDEPENDENT UCITS PLATFORM 2 (Standing Proxy: Citibank, N.A., Tokyo Branch)
3.33%
5
BNYM AS AGT / CLTS 10 PERCENT (Standing Proxy: MUFG Bank, Ltd.)
2.20%
6
Xinjian Haiyun Co., Ltd.
2.14%
7
Custody Bank of Japan, Ltd. (Trust Account)
1.98%
8
BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND (Standing Proxy: MUFG Bank, Ltd.)
1.71%
9
Mizuho Bank, Ltd.
1.70%
10
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
1.64%
Management
13 officers
Kazuma YAMANAKA
Representative Director, President and Executive Officer
Apr 1986 Joined Nippon Steel Corporation Nov 2011 Group Leader (General Manager), HR Group, HR & Labor Relations Dept., Nippon Steel Corporation Oct 2012 General Manager, HR & Labor Relations Dept., Nippon Steel Corporation Apr 2014 General Manager, HR & Labor Relations Dept., Nippon Steel & Sumitomo Metal Corporation Apr 2017 General Manager, General Affairs Dept., Kashima Works, Nippon Steel & Sumitomo Metal Corporation; Participating Officer (concurrently in charge of Materials Procurement Dept.) Apr 2018 Executive Officer (concurrently in charge of Materials Procurement Dept.), Nippon Steel & Sumitomo Metal Corporation Apr 2019 Executive Officer (concurrently in charge of Materials Procurement Dept.), Nippon Steel Corporation Apr 2020 Executive Officer (Raw Materials and Materials Procurement), Nippon Steel Corporation Jun 2020 Outside Director, the Company Apr 2021 Managing Executive Officer, Nippon Steel Corporation Apr 2023 Executive Officer, Nippon Steel Corporation Jun 2023 Representative Director, President and Executive Officer, the Company (current)
1963-08-10
Noriko MIYAMOTO
Director, Senior Managing Executive Officer
Apr 1983 Joined Nippon Yusen Kabushiki Kaisha Apr 2002 Team Leader, Liner Operations Management Group, Nippon Yusen Kabushiki Kaisha Jun 2006 Deputy Group Leader, Car Carrier Group, Nippon Yusen Kabushiki Kaisha Apr 2008 Seconded to NYK LINE (MALAYSIA) SDN. BHD., Kuala Lumpur Apr 2012 Group Leader, IR Group, Nippon Yusen Kabushiki Kaisha Apr 2014 Management Committee Member (concurrently Group Leader, IR Group), Nippon Yusen Kabushiki Kaisha Apr 2016 Management Committee Member, Nippon Yusen Kabushiki Kaisha Apr 2018 Managing Management Committee Member, Nippon Yusen Kabushiki Kaisha Jun 2019 Audit and Supervisory Board Member, Nippon Yusen Kabushiki Kaisha Jun 2023 Director, Senior Managing Executive Officer, the Company (current)
1960-09-10
Takamasa TAKAMI
Director, Managing Executive Officer
Oct 1990 Joined Shinwa Kaiun Kaisha, Ltd. Jun 2017 Group Leader, Tramp Shipping Group, the Company Jun 2019 Group Leader, Short-Sea Shipping Group, the Company Jun 2020 Group Leader, Safety Management Group, the Company Jun 2021 Executive Officer (concurrently Group Leader, Safety Management Group), the Company Oct 2025 Executive Officer (concurrently Manager, Maritime Human Resources Group), the Company Jun 2026 Director, Managing Executive Officer, the Company (current)
1967-09-12
Yoshinori SATO
Director, Managing Executive Officer
Apr 1992 Joined Shinwa Kaiun Kaisha, Ltd. Jul 2017 Seconded to NS UNITED SHIPPING (U.K.) LTD. Jun 2022 Executive Officer (concurrently Group Leader, Planning Group), the Company Jun 2025 Executive Officer, the Company Jun 2026 Director, Managing Executive Officer, the Company (current)
1969-02-20
Yasushi SONODA
Director, Managing Executive Officer
Apr 1994 Joined Shinwa Kaiun Kaisha, Ltd. Jun 2020 Group Leader, General Affairs Group, the Company Jun 2023 Executive Officer (concurrently Group Leader, General Affairs Group), the Company Jun 2025 Executive Officer, the Company Jun 2026 Director, Managing Executive Officer, the Company (current)
1970-05-22
Setsu ONISHI
Director
Apr 1978 Joined Industrial Bank of Japan, Ltd. Apr 2002 Head of Eighth Corporate Banking Dept. (Head Office), Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.) Apr 2004 Head of Eighth Corporate Banking Dept. and Head of Fourth Sales Dept., Mizuho Corporate Bank, Ltd. Jun 2004 Head of Fourteenth Sales Dept., Mizuho Corporate Bank, Ltd. Apr 2005 Executive Officer and Head of Fourteenth Sales Dept., Mizuho Corporate Bank, Ltd. Apr 2007 Managing Executive Officer (Head of Global Syndication Unit and Global Products Unit), Mizuho Corporate Bank, Ltd. Apr 2010 Deputy President and Executive Officer (Head of Internal Audit Dept.), Mizuho Financial Group, Inc. Jun 2010 Representative Director, Deputy President (Head of Internal Audit), Mizuho Financial Group, Inc. Apr 2011 Director, Mizuho Financial Group, Inc. Jun 2011 Advisor, Kogin Lease Co., Ltd. Jun 2011 Director and Deputy President, Kogin Lease Co., Ltd. Apr 2013 Representative Director and President, Kogin Lease Co., Ltd. Jun 2016 Executive Officer, Mizuho Financial Group, Inc. Apr 2017 Senior Advisor, Nihon Shogyo Kaihatsu Co., Ltd. (now Jiinushi Co., Ltd.) Jun 2017 Outside Director, the Company (current) Mar 2018 Outside Audit and Supervisory Board Member, Showa Denko K.K. (now Resonac Holdings Corporation)
1955-12-04
Masako YOSHIDA
Director
Apr 1980 Joined Tokio Marine & Nichido Fire Insurance Co., Ltd. Jul 2009 Deputy General Manager and Branch Manager, Funabashi Branch, Keiyo Branch, Tokio Marine & Nichido Fire Insurance Co., Ltd. Aug 2011 General Manager, Travel Agency Sales Dept., Tokio Marine & Nichido Fire Insurance Co., Ltd. Jul 2012 Director and General Manager, Travel Agency Sales Dept., Tokio Marine & Nichido Fire Insurance Co., Ltd. Jun 2013 Executive Officer and General Manager, Travel Agency Sales Dept., Tokio Marine & Nichido Fire Insurance Co., Ltd. May 2017 Outside Director, Matsuya Co., Ltd. Apr 2018 Managing Executive Officer (in charge of Shikoku Area), Tokio Marine & Nichido Fire Insurance Co., Ltd. Apr 2022 Managing Director, Tokio Marine & Nichido Fire Insurance Co., Ltd. Apr 2023 Audit and Supervisory Board Member, Tokio Marine Millea Small-Amount Short-Term Insurance Co., Ltd. (current) Apr 2023 Audit and Supervisory Board Member, Tokio Marine West Small-Amount Short-Term Insurance Co., Ltd. (current) Jun 2023 Outside Director, the Company (current) May 2024 Outside Director (Audit and Supervisory Committee Member), Matsuya Co., Ltd. (current) Nov 2025 Audit and Supervisory Board Member, Tokio Marine Trust Small-Amount Short-Term Insurance Co., Ltd. (current)
1961-06-11
Michiyo KANO
Director
Apr 1993 Registered as an attorney-at-law Jan 2005 Partner, Tanabe Sogo Law Office (current) Apr 2014 Member, Bid Monitoring Committee, Japan Racing Association (current) Aug 2014 Member, Disability Policy Committee, Cabinet Office Jun 2015 Outside Director, The Yamanashi Chuo Bank, Ltd. (current) Feb 2017 Member, Relief Review Board, Ministry of Health, Labour and Welfare (current) Jun 2019 Outside Director, KDDI Corporation Apr 2021 Member, Information Utilization Review Committee, Cancer Genomic Information Management Center, National Cancer Center (current) Dec 2023 Member, Data Use Review Committee, Japan Agency for Medical Research and Development (AMED) (current) Apr 2025 Member, Subcommittee on Employment Environment and Equal Opportunity, Labour Policy Council, Ministry of Health, Labour and Welfare (current) Jun 2025 Outside Director, the Company (current)
1966-05-11
Toru KIHIRA
Full-time Audit and Supervisory Board Member
Apr 1987 Joined Shinwa Kaiun Kaisha, Ltd. Jun 2016 Group Leader, General Affairs Group, the Company Jun 2019 Executive Officer (concurrently Group Leader, Planning Group), the Company Jun 2020 Executive Officer, the Company Jun 2022 Managing Executive Officer, the Company Jun 2024 Full-time Audit and Supervisory Board Member, the Company (current)
1964-06-23
Keisuke TAKEGAHARA
Director
Apr 1989 Joined Development Bank of Japan Inc. May 2011 General Manager, Environment and CSR Dept., Development Bank of Japan Inc. Jun 2016 General Manager, Industrial Research Dept., Development Bank of Japan Inc. Jun 2017 Executive Officer and General Manager, Industrial Research Dept., Development Bank of Japan Inc. Jun 2021 Executive Fellow, Capital Investment Research Institute, Development Bank of Japan Inc. Jun 2023 Director, Capital Investment Research Institute, Development Bank of Japan Inc. Jun 2024 Outside Audit and Supervisory Board Member, the Company Jul 2024 Professor, National Graduate Institute for Policy Studies (current) Jun 2025 Outside Director, the Company (current)
1966-08-18
Soichi MIYAZAWA
Full-time Audit and Supervisory Board Member
Apr 1986 Joined Nippon Steel Corporation Apr 2010 General Manager, HR & General Affairs Dept., Nippon Steel Stainless Steel Corporation Apr 2016 Executive Officer and General Manager, HR & General Affairs Dept., Nippon Steel Stainless Steel Corporation Apr 2019 Executive Officer and General Manager, HR & Labor Relations Dept., Nippon Steel Stainless Steel Corporation Apr 2020 Executive Officer; General Manager, HR & Labor Relations Dept. and Human Resource Development Dept., Nippon Steel Stainless Steel Corporation Apr 2021 Managing Executive Officer (in charge of HR & Labor Relations Dept. and Human Resource Development Dept.), Nippon Steel Stainless Steel Corporation Apr 2023 Managing Executive Officer (in charge of HR & Labor Relations, Human Resource Development, General Affairs, and Internal Control & Audit Depts.), Nippon Steel Stainless Steel Corporation Jun 2023 Director and Managing Executive Officer (in charge of HR & Labor Relations, Human Resource Development, General Affairs, and Internal Control & Audit Depts.), Nippon Steel Stainless Steel Corporation Apr 2025 Advisor (part-time), the Company Jun 2025 Outside Audit and Supervisory Board Member, the Company (current)
1962-09-16
Shohei YAMAMOTO
Audit and Supervisory Board Member
Apr 1984 Joined Nippon Yusen Kabushiki Kaisha Apr 2011 Group Leader, Finance Group, Nippon Yusen Kabushiki Kaisha Apr 2013 Group Leader, Corporate Planning Group, Nippon Yusen Kabushiki Kaisha Apr 2015 Group Leader, Corporate Planning Group and Group Leader, Passenger Ship Business Group, Nippon Yusen Kabushiki Kaisha Apr 2016 Management Committee Member (concurrently Group Leader, Corporate Planning Group), Nippon Yusen Kabushiki Kaisha Apr 2018 Management Committee Member, Nippon Yusen Kabushiki Kaisha Apr 2019 Managing Management Committee Member, Nippon Yusen Kabushiki Kaisha Apr 2020 Managing Management Committee Member (concurrently Group Leader, Real Estate Development Group), Nippon Yusen Kabushiki Kaisha Jun 2020 Managing Executive Officer (title renamed; concurrently Group Leader, Real Estate Development Group), Nippon Yusen Kabushiki Kaisha Apr 2021 Advisor, Nippon Yusen Kabushiki Kaisha Jun 2021 Outside Audit and Supervisory Board Member, the Company (current) Apr 2024 Full-time Senior Advisor (title renamed), Nippon Yusen Kabushiki Kaisha (current)
1960-05-25
Tomohito MOURI
Audit and Supervisory Board Member
Apr 1994 Joined Nippon Steel Corporation Apr 2017 Head of Iron Ore Section 1, Raw Materials Dept. II, Nippon Steel & Sumitomo Metal Corporation Apr 2020 Senior Manager, HR & Labor Relations Dept., Nippon Steel Corporation; seconded to Nippon Steel Australia Pty Ltd Feb 2022 Head of CN Procurement Planning Office, Zero-Carbon Steel Project, Nippon Steel Corporation Apr 2024 General Manager, Raw Materials Dept. II, Nippon Steel Corporation Jun 2024 Outside Audit and Supervisory Board Member, the Company (current) Apr 2025 General Manager, Raw Materials Business Planning Dept., Nippon Steel Corporation (current)
1972-03-18
Large Shareholding Reports
Zennor Asset Management LLP
2026-08-12
5.05%→3.35%
Zennor Asset Management LLP
2026-01-20
5.05%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-12
Large Shareholding Report
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-20
Large Shareholding Report
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINETAmended
2025-06-20
Amended Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2025-06-20
Amended Annual Securities Report
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
EDINET
2023-11-10
Quarterly Securities Report
EDINET
2023-08-07
Quarterly Securities Report
EDINET
2023-06-28
Annual Securities Report
EDINET
2023-02-09
Quarterly Securities Report
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINET
2022-06-28
Annual Securities Report
EDINET
2022-02-09
Quarterly Securities Report
EDINET
2021-11-10
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-28
Annual Securities Report
EDINET
2021-02-09
Quarterly Securities Report
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