Japan’s Iino Kaiun has reported a significant increase in both sales and profits thanks mostly to improved rates in the dry bulk and chemical tanker market.

Tokyo Stock Exchange listed Iino said that in the first quarter, to the end of June 2022, its net sales increased 42.3% to ¥335.8bn ($2.52bn), from ¥236bn in the same period last year.

Operating profit increased 288.5% to ¥42.6bn, while net profit increased from ¥900m to ¥51.7bn.

Chemical tankers showed a 14.6% increase in operating profit and bulk carriers an 8.9% improvement.

In the chemical market Iino said profitability had improved after the company increased its exposure to the spot market to take advantage of rising rates. In the dry bulk market Iino said conditions continue to be favourable.

Iino’s spot exposure in the chemical market is now 30%, and 47% in the handymax and panamax dry bulk sector.

The Japanese operator said it will boost its fleet next year with addition of a 40,000-dwt bulker newbuilding under a long-term charter agreement. The ship was ordered through a local Japanese shipowner.

The company will take delivery of three bulk carriers this year including one kamsarmax and two handysize vessels. It is also scheduled to take delivery of two 35,000-dwt chemical tankers.

Iino operates a fleet of 94 ships including chemical and oil tankers, bulkers and large and small gas carriers.