• A uniquely defensive shipping company – Volatility is long acknowledged as the biggest weakness of investing in shipping companies, given the cyclical nature of the industry. Iino Kaiun Kaisha is unique among its peers in that it has been able to reduce the volatility of earnings by anchoring its shipping business with a stable real estate business. Although the strategy is not immediately intuitive, the Company has been able to navigate multiple market cycles independently without being acquired while delivering superior BVPS growth. Results speak for themselves, and larger domestic shipping peers are similarly expanding their non-shipping businesses. We believe the Company offers an attractive blend of cyclical growth and foundational earnings stability.