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Message from the President

Masakazu Yakushiji

The Company tried to expand aggressively its fleet in consideration to the historically low prices of new-buildings after the sudden collapse of the shipping market arising from "Lehman-shock" in Sep, 2008. As a result of the prolonged slump in the market due to the economic crisis in the EU, slow down in China and contrary to our expectation, charter fees generating significant negative margins, the company's results deteriorated. The Company attempted to take various steps to recover its financial situation, such as reduction of charter fees, cancellation of charter contracts with negative margins and new-building contracts, sale of owned vessels and affiliated companies and re-schedul of financialing offinancial plan, however, the continuation of low market levels over the Company's assumptions kept the Company from recovering its financial status, which led it to civil rehabilitation proceedings on 29th Sept, 2015 to minimize the damage for all concerned parties.

Nevertheless, the Company re-started on 29th June, 2016 as "New" Daiichi Chuo Kisen Kaisha thanks to kind support and understanding from a lot of people and the Japanese Maritime industry at this difficult time. This support has allowed the company to restructure its business activities and return to its long and established traditional values.

The Company, with its now reduced fleet, will continue to operate with both overseas and domestic business activities to support our valued customers with our professional know-how of the shipping transportation industry and continue to provide a professional performance that will deliver future rewards.We plan to enhance the Company's value with accumulation of a long and steady profit and Contribution to the society.

The Company will make the utmost effort to develop its business activities and appreciate your continued support and understanding.

Toshihide Egawa

President


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