Nippon Yusen Kabushiki Kaisha · TSE:9101

Nippon Yusen Kabushiki Kaisha — Investor Presentation (October 2025)

31 slides from Nippon Yusen Kabushiki Kaisha's investor presentation, Oct 24, 2025

  1. Slide 1: Investors Briefing - Next Generation Fuels

    Investors Briefing - Next Generation Fuels 24th October 2025 Takahiro Rokuroda General Manager Next Generation Fuel Business Group NYK Line ©NYK Group. All rights reserved. ・ ・ ・ ・ ・ ・ ・ ・

  2. Slide 2: #0 Directions of International Shipping

    #0 Directions of International Shipping ©NYK Group. All rights reserved. ©NYK Group. All rights reserved. 3 ・ ・ ・ ・ ・ ・ ・ ・

  3. Slide 3: Toward Decarbonization

    Toward Decarbonization International shipping accounts for approx. 2% of global CO₂ emissions Targets Set at MEPC* 80 (July 2023) • Reduce total CO₂ emissions by 20–30% (compared to 2008) 2030 • Achieve 5–20% share of zero-emission fuels in energy mix 2040 • Reduce total GHG emissions by 70–80% (vs

  4. Slide 4: Regulating GHG Emissions from Ships

    Regulating GHG Emissions from Ships Regulations currently running and/or under formulation process EU ETS CBAM Fuel EU maritime GFI Region Europe Europe Europe Global Regulation/ • Market-based emission • Carbon Border • European fuel-based • Global fuel-based GHG Supporting trading system (cap- Adj

  5. Slide 5: Pathways to Achieve IMO 2050 Goal

    Pathways to Achieve IMO 2050 Goal Post Extraordinary MEPC – Temporary Delay, Same Direction • The Adoption at the Extraordinary MEPC has been postponed by one year • Still, the overall direction & momentum to combat GHG remains unchanged International Shipping requires GHG regulations at the IMO lev

  6. Slide 6: #1 Why Ammonia?

    #1 Why Ammonia? ©NYK Group. All rights reserved. ©NYK Group. All rights reserved. 7 ・ ・ ・ ・ ・ ・ ・ ・

  7. Slide 7: Why Ammonia? ① Comparison of characteristics

    Why Ammonia ? ① Comparison of characteristics NYK is betting on All Options, with a particular focus on ammonia ◎ Non-hydrocarbon: No CO₂ emitted when burned 〇 ！ Boiling Point: Requires temperature control but significantly easier than LNG ▲ Toxic/Corrosive: Safety above all ▲ Low Energy Density: Re

  8. Slide 8: Why Ammonia? ② GHG Reduction

    Why Ammonia ? ② GHG Reduction “Clean NH₃” will play a crucial role in reducing GHG emission Fuel Bunkering Extraction/ Processing and Transport and Combustion/ Cultivation refining distribution conversion Well to Tank-- Tank to Wake- WtW GHG TtW GHG Fossil fuels Bio-fuels、Bio-Methane e-Methanol, e-M

  9. Slide 9: Why Ammonia? ③ Affordability

    Why Ammonia ? ③ Affordability Ammonia will grow more affordable (USD/GJ) (USD/tLSFOe) e-methanol(DAC) e-methane(PS) e-methanol(PS) Key Insights e-Ammonia Blue-Ammonia Blue NH₃ is presently positioned as relatively price-effective e-NH₃ expected to outcompete Blue by 2040 or even earlier as H₂ costs

  10. Slide 10: Why Ammonia? ④ Scalability & Availability

    Why Ammonia ? ④ Scalability & Availability Diversified application from fertilizers to power/marine fuels & H₂ carriers Enabling demand aggregation across sectors to realize economies of scale Abundant feedstock availability – clean H₂ and N₂ Can leverage existing supply chain and infrastructure 700

  11. Slide 11: Why Ammonia? ④ Scalability & Availability - Marine Fuel

    Why Ammonia ? ④ Scalability & Availability - Marine Fuel IEA prediction: 44% of marine fuel to be NH₃ by 2050 Fuel consumption: service: x 44% = 216 mil. The required amount for a full transition to tons/year*1 zero-emission fuels would be... 206 mtpa For methanol 440 mil. tons/year For ammonia 470

  12. Slide 12: Why Ammonia? ⑤ Support from Public Sector

    Why Ammonia ? ⑤ Support from Public Sector Public sector’s support will greatly encourage fuel transition to H₂/ NH₃ H2 Global*1 Japanese CfD CHPS IRA - 45Q Region Regulation/ Supporting Supporting Schemes Supporting Schemes Supporting Schemes Supporting Schemes Schemes Commercial Operation Commerci

  13. Slide 13: Why Ammonia? ⑥ IMO Regulations

    Why Ammonia ? ⑥ IMO Regulations At MEPC 83 in this April, a new regulatory framework was approved to reduce GHG emissions by controlling the intensity of fuels used in international shipping and promoting zero-emission vessels. New Enforcement System for Non-Compliance - from 1 Jan 2028 • Fuel-based

  14. Slide 14: #2 NYK's Strategies

    #2 NYK’s Strategies ©NYK Group. All rights reserved. ©NYK Group. All rights reserved. 15 ・ ・ ・ ・ ・ ・ ・ ・

  15. Slide 15: NYK's Strategies – Fuel transition roadmap toward NZ by 2050

    NYK’s Strategies – Fuel transition roadmap toward NZ by 2050 • Multiple alternative fuels will be used concurrently – all within NYK’s scope • Varied trajectories of adoption and diffusion - 2030 2030 - 2050 • Maximize the use of the latest GHG • Primarily shift to NH3-fueled vessels reduction techn

  16. Slide 16: NYK's Strategies – Value Chain Approach

    NYK’s Strategies – Value Chain Approach • Value Chain Approach covering up/mid/down stream • A journey NYK has already experienced in LNG • Clean fuel NH₃ - industries need to join forces to establish new market Upstream Midstream Downstream /Production /Transportation Bunkering / Use LNG Carrier LN

  17. Slide 17: Value Chain (Japanese market)

    NYK’s Strategies - Value Chain (Japanese market) • Japan to lead new clean NH₃ s/c from power sector • Demand aggregation from ships will further boost the scale of supply chain 〔Potential ammonia hub locations〕 Subsidy by Tomakomai, Hokkaido Japanese Gov Soma, Fukushima Expected events around 2030

  18. Slide 18: Value Chain (Midstream)

    NYK’s Strategies – Value Chain (Midstream) Expanding from upstream to downstream, with a focus on midstream CTV 60 27 89 Shuttle Tankers Seaborne NH₃ trade 20mpta (present)→160mtpa (2050) LNG Carrier | Targeting more than 10% share 870 Tankers 439 67 Container 50 Others | Further expanding with ammo

  19. Slide 19: Value Chain (Downstream=Bunkering)

    NYK’s Strategies – Value Chain (Downstream=Bunkering) • One of the world’s largest operating fleet – large amount of captive fuel demand • Leveraged captive demand to pioneer LNG by concurrently driving demand & supply • Uniquely positioned to realize bunkering businesses of next-generation fuels De

  20. Slide 20: Technical Expertise as a Frontrunner

    NYK’s Strategies – Technical Expertise as a Frontrunner Delivered Target in Nov 2026 A-tug “Sakigake” Ammonia Fueled Ammonia Gas Carrier ‘24/7 World's first Truck to Ship ammonia bunkering NYK signed AFAGC SBC (Dec 2023) at Yokohama • Procurement from JERA and Resonac. ‘24/8 Retrofitted at the Keihi

  21. Slide 21: Expand Track Records – Our Milestones

    NYK’s Strategies – Expand Track Records Our Milestones Approval of Basic Design for Bunkering Completion Approval of of theDesign Basic Ammonia-Fueled for Bunkering Boom (Jul 2024) Tugboat Boom (Jul(Aug 2024) 2024) Jointly developed with TB Global Co., featuring emergency- Jointly developed The worl

  22. Slide 22: Expand Track Records – Dec 2023 Press Release

    NYK’s Strategies – Expand Track Records Press Released - Dec 06 2023 Fuel ammonia transportation for the trial BERLIAN EKUATOR SM : NYKMS LOA : 169.9 m Beam : 27.4 m Capacity : about 35,500m3 Built YR : 2004 Key takeaways Importance of Ship Management Thorough maintenance before discharge (Essential

  23. Slide 23: Expand Track Records – Sep 2025 Press Release

    NYK’s Strategies – Expand Track Records Press Released - Sep 24 2025 ©NYK Group. All rights reserved. 24 ・ ・ ・ ・ ・ ・ ・ ・

  24. Slide 24: Expand Track Records

    NYK’s Strategies – Expand Track Records ©NYK Group. All rights reserved. 25 ・ ・ ・ ・ ・ ・ ・ ・

  25. Slide 25: Expand Track Records – Oct 2025 Press Release

    NYK’s Strategies – Expand Track Records Press Released - Oct 15 2025 ©NYK Group. All rights reserved. 26 ・ ・ ・ ・ ・ ・ ・ ・

  26. Slide 26: Expand Track Records

    NYK’s Strategies – Expand Track Records ©NYK Group. All rights reserved. 27 ・ ・ ・ ・ ・ ・ ・ ・

  27. Slide 27: Expand Track Records – Feb 2025 Press Release

    NYK’s Strategies – Expand Track Records Press Released - Feb 10 2025 ©NYK Group. All rights reserved. 28 ・ ・ ・ ・ ・ ・ ・ ・

  28. Slide 28: Advocacy & rule-making

    NYK’s Strategies – advocacy & rule-making Objective : Prove ammonia works & to establish a new NH₃ market • Shipowners to adopt ammonia as a fuel. • Ammonia producers to support production of clean ammonia for bunkers. • Shipbuilders / Engine & Machinery manufacturers to drive production & reduce co

  29. Slide 29: Challenges

    NYK’s Strategies – Challenges Ammonia fuel still faces challenges - join forces across all sectors 1 Supply Chain Establishing the Supply Chain Production, transport, and Production：Development of upstream projects supplying infrastructure for fuel Transportation：Establishing Marine Transportation b

  30. Slide 30: Partnership

    NYK’s Strategies – Partnership • No single player can solve all challenges or create a new market alone • Collaboration across industries, NGOs/NPOs, and regulators is essential MMMC ZCS (Maersk Mc-Kinney Moller Center for Zero Carbon Shipping) CFAA(Clean Fuel Ammonia Association) GCMD(Global Centre

  31. Slide 31: Legal Disclaimer

    免責事項 本資料は、電子的または機械的な方法を問わず、当社の書面による承諾を得ることなく複製又は頒布等を行わないようお願いします。 Legal Disclaimer No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission

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