{"id":5177,"date":"2025-11-04T06:18:54","date_gmt":"2025-11-03T22:18:54","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=5177"},"modified":"2025-11-04T06:39:54","modified_gmt":"2025-11-03T22:39:54","slug":"post-5177","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5177\/","title":{"rendered":"4\/Nov\/2025 \u2013 Tamai Steamship: Discussion with President Kiyozaki and Subsequent Large Shareholding Related Report"},"content":{"rendered":"

On October 29, Hibiki Path Advisors (\u201cwe\u201d) filed an Amendment Report (Japanese Only)<\/a> on Large Shareholding, disclosing that our stake in Tamai Steamship Co., Ltd. (the \u201cCompany\u201d or \u201cTamai Steamship\u201d) increased by over 1%.<\/p>\n

Now, our shareholding has reached 7.49% (7.50%\u00b9<\/u> excluding treasury shares\uff09.<\/u><\/p>\n

Prior to the filing of the Amendment Report on Large Shareholdings, our CIO, Yuya Shimizu, met with the Company\u2019s President Kiyozaki, Director\u3000Matsumoto and Director Nagai on October 20. During this meeting, we explained our views on the Company\u2019s takeover response policy, as well as the contents of the letter (including the Letter of Request)<\/a> that we sent to the Company\u2019s Board of Directors on September 25. When we inquired about the status of the Company\u2019s response policy, President Kiyozaki stated that \u201cthere is a possibility that Mr. Sun and ISC are acting in concert, and that we are still in the process of verifying this. Since we have not yet obtained a response suitable for disclosure to investors, the discussions are continuing.\u201d<\/p>\n

Tamai Steamship disclosed on September 1, in its \u201cNotice of Receipt of Response to Letter of Inquiry to Mr. Sun You Ning and ISC (Japanese Only)\u201d<\/a> that it had received answers to its Letter of Inquiry addressed to ISC on August 22, 2025 and to Mr. Sun dated August 31. However, although more than two months have elapsed since the receipt of responses from Mr. Sun and ISC, and two weeks have passed since our meeting in which we requested prompt disclosure, Tamai Steamship has neither reported the result of its deliberation of its large-scale purchase response policy nor provided an interim update. <\/u><\/p>\n

We have repeatedly urged the Company to promptly disclose information that aids the general shareholders\u2019 understanding of the current situation. We are disappointed by the Company\u2019s management, which appears to disregard these sincere requests. In light of this response, we intend to thoroughly assess whether the current management possesses the necessary qualifications and capabilities, and will determine our voting decisions at next year\u2019s shareholders\u2019 meeting accordingly.<\/p>\n

As noted in our previous letter<\/a>, we are deeply concerned that the management team, instead of taking clear and effective steps to enhance corporate value, has allowed the stock price to remain persistently low and issued a large-scale purchase response policy that essentially \u201cendorses the current management and existing governance structure.\u201d While views may differ depending on one\u2019s standpoint, from our perspective, the introduction of this policy appears to be motivated by \u201cthe incumbent management\u2019s self-preservation\u201d, and we struggle to interpret it otherwise.<\/p>\n

As we noted in our public letter to our portfolio companies titled \u201cMerits and Challenges of Being Publicly Listed\u201d<\/a>, disclosed on October 24, 2024, we regard the most important significance of being publicly listed as a \u201cpowerful tool to win in a competitive landscape\u201d. Specifically, it allows companies to secure a fair stock valuation in the market and competitive advantages that then enable dynamic growth strategies in M&A and capital raising by gaining market support. We once again urge the Company to swiftly and earnestly consider what structure would best serve the interests of all stakeholders, including those within your Company.<\/p>\n

We remain committed to exploring every possible path toward maximizing Tamai Steamship\u2019s corporate value. To our fellow shareholders and to all employees, who are the true source of the Company\u2019s value, we sincerely call on you to continue supporting.<\/p>\n

\u00b9 FY 3\/26 Q1 Summary of Financial Results<\/a> (Japanese only) End of Quarter\u2019s Number of Treasury Shares (1,849) used<\/p>\n

\uff08Past Posts\uff09<\/p>\n

29\/Sep\/2025\u00a0\u2013\u00a0Large Shareholding Report and Letter to Tamai Steamship<\/a><\/p>\n

\n

This document does not solicit applications for or recommend the sale of certain securities, or provide advice on investment, legal, tax, accounting, etc. In respect of information that has been prepared by Hibiki Path Advisors (and not otherwise attributed to any other party) and which appear in the English language version of this letter, in the event of any inconsistency between the English language version and the Japanese language version of this document, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated engagement amongst all shareholders.<\/p>\n

\n

<\/p>","protected":false},"excerpt":{"rendered":"\u3072\u3073\u304d\u30fb\u30d1\u30fc\u30b9\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u30ba\uff08\u300c\u5f0a\u793e\u300d\u3001\u300c\u79c1\u3069\u3082\u300d\uff09\u306f\u300110\u670829\u65e5\u306b\u5927\u91cf\u4fdd\u6709\u306b\u4fc2\u308b\u5909\u66f4\u5831\u544a\u66f8\u3092\u63d0\u51fa\u3057\u3001\u7389\u4e95\u5546\u8239\u682a\u5f0f\u4f1a\u793e\uff08\u300c\u7389\u4e95\u5546\u8239\u300d\u3001\u53c8\u306f\u300c\u5f53\u793e\u300d\uff09\u306e\u682a\u5238\u7b49\u306e\u4fdd\u6709\u5272\u5408\u304c1%\u8d85\u5897\u52a0\u3057\u305f\u3053\u3068\u3092\u3054\u5831\u544a\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002 \u73fe\u5728\u306e\u6301\u5206\u306f\u30017.49%\uff08\u81ea\u5df1\u682a\u3092\u9664\u304d7.50%\u00b9\uff09\u3068\u306a\u308a\u307e\u3059\u3002 \u5927\u91cf\u4fdd\u6709\u306b\u4fc2\u308b\u5909\u66f4\u5831\u544a\u306b\u5148\u7acb\u3061\u300110\u670820\u65e5\u306b\u5f0a\u793eCIO\u306e\u6e05\u6c34\u304c\u3001\u7389\u4e95\u5546\u8239 \u6e05\u5d0e\u793e\u9577\u3001\u677e\u672c\u53d6\u7de0\u5f79\u3001\u6c38\u4e95\u53d6\u7de0\u5f79\u3068\u3054\u9762\u8ac7\u3092\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u3001\u305d\u306e\u4e2d\u30679\u670825\u65e5\u306b\u5f53\u793e\u53d6\u7de0\u5f79\u4f1a\u5b9b\u306b\u9001\u4ed8\u3057\u305f\u3001\u8981\u671b\u66f8\u3092\u542b\u3080\u66f8\u7c21\u306e\u5185\u5bb9\u4e26\u3073\u306b\u3001\u8cb7\u53ce\u5bfe\u5fdc\u65b9\u91dd\u306b\u5bfe\u3059\u308b\u79c1\u3069\u3082\u306e\u8003\u3048\u65b9\u3092\u3054\u8aac\u660e\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002\u79c1\u3069\u3082\u304b\u3089\u3001\u8cb7\u53ce\u5bfe\u5fdc\u65b9\u91dd\u306b\u4fc2\u308b\u3054\u72b6\u6cc1\u3092\u304a\u4f3a\u3044\u3057\u305f\u969b\u306b\u306f\u3001\u6e05\u5d0e\u793e\u9577\u304b\u3089\u306f\u3001\u300cSun\u6c0f\u3068ISC\u304c\u4e00\u7dd2\u306b\u3042\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u305d\u306e\u78ba\u8a8d\u4f5c\u696d\u306e\u9014\u4e2d\u3067\u3042\u308a\u3001\u7686\u69d8\u306b\u304a\u51fa\u3057\u3059\u308b\u3088\u3046\u306a\u56de\u7b54\u304c\u3044\u305f\u3060\u3051\u306a\u304b\u3063\u305f\u3053\u3068\u304b\u3089\u3001\u7d99\u7d9a\u5354\u8b70\u4e2d\u300d\u3068\u306e\u3054\u56de\u7b54\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002 \u7389\u4e95\u5546\u8239\u306f\u5f53\u8a72\u8cb7\u53ce\u5bfe\u5fdc\u65b9\u91dd\u306b\u5bfe\u3059\u308b\u7d4c\u904e\u306b\u3064\u3044\u3066\u30019\u67081\u65e5\u300cSun You Ning \u6c0f\u53ca\u3073\u682a\u5f0f\u4f1a\u793e\u30a2\u30a4\u30a8\u30b9\u30b7\u30fc\u306b\u5bfe\u3059\u308b\u8cea\u554f\u72b6\u3078\u306e\u56de\u7b54\u53d7\u9818\u306e\u304a\u77e5\u3089\u305b\u300d\u306b\u3066\u30012025 \u5e74\uff18\u6708 22 \u65e5\u4ed8\u3051\u3067\u3001ISC \u5b9b\u8cea\u554f\u72b6\u306b\u5bfe\u3059\u308b\u56de\u7b54\u3092\u30018\u6708 31 \u65e5\u4ed8\u3051\u3067\u3001Sun\u6c0f\u5b9b\u8cea\u554f\u72b6\u306b\u5bfe\u3059\u308b\u56de\u7b54\u3092\u53d7\u9818\u3057\u305f\u65e8\u306e\u958b\u793a\u3092\u884c\u3044\u307e\u3057\u305f\u3002\u7136\u3057\u306a\u304c\u3089\u3001Sun\u6c0f\u53ca\u3073ISC\u304b\u3089\u306e\u56de\u7b54\u53d7\u9818\u5f8c2\u30ab\u6708\u4ee5\u4e0a\u304c\u7d4c\u904e\u3057\u3001\u4e14\u3064\u3001\u5f0a\u793e\u304c\u9762\u8ac7\u3067\u65e9\u671f\u306e\u958b\u793a\u8981\u8acb\u3092\u884c\u3063\u3066\u304b\u30892\u9031\u9593\u304c\u7d4c\u904e\u3059\u308b\u4e2d\u306b\u304a\u3044\u3066\u3082\u3001\u7389\u4e95\u5546\u8239\u304b\u3089\u306f\u3001\u5927\u898f\u6a21\u8cb7\u4ed8\u3078\u306e\u5bfe\u5fdc\u65b9\u91dd\u306e\u691c\u8a0e\u7d50\u679c\u82e5\u3057\u304f\u306f\u4e2d\u9014\u7d4c\u904e\u3082\u5831\u544a\u3055\u308c\u3066\u304a\u308a\u307e\u305b\u3093\u3002 \u79c1\u3069\u3082\u3068\u3057\u3066\u306f\u3001\u4e00\u822c\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u3001\u65e9\u6025\u306b\u73fe\u72b6\u306e\u7406\u89e3\u306b\u8cc7\u3059\u308b\u6750\u6599\u3092\u958b\u793a\u3059\u3079\u304d\u3068\u91cd\u306d\u3066\u7533\u3057\u4e0a\u3052\u3066\u304d\u305f\u4e2d\u3067\u3001\u305d\u306e\u771f\u646f\u306a\u610f\u898b\u3092\u8511\u308d\u306b\u3059\u308b\u5f53\u793e\u7d4c\u55b6\u9663\u306b\u5bfe\u3057\u3066\u5931\u671b\u3092\u611f\u3058\u3066\u304a\u308a\u3001\u6765\u5e74\u4ee5\u964d\u306e\u682a\u4e3b\u7dcf\u4f1a\u306b\u304a\u3051\u308b\u53d6\u7de0\u5f79\u9078\u4efb\u8b70\u6848\u306b\u95a2\u3057\u3066\u3082\u3001\u4e88\u65ad\u3092\u6301\u305f\u305a\u306b\u691c\u8a0e\u3092\u9032\u3081\u3066\u53c2\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002 \u524d\u51fa\u306e\u66f8\u7c21\u306e\u4e2d\u3067\u3082\u8a00\u53ca\u3044\u305f\u3057\u307e\u3057\u305f\u304c\u3001\u79c1\u3069\u3082\u3068\u3057\u3066\u306f\u3001\u4f4e\u8ff7\u3057\u305f\u682a\u4fa1\u3092\u653e\u7f6e\u3059\u308b\u7d4c\u55b6\u3053\u305d\u304c\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u3092\u5b9f\u73fe\u3057\u3066\u3044\u306a\u3044\u3068\u898b\u53d7\u3051\u3089\u308c\u308b\u4e2d\u3067\u3001\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306e\u5b9f\u73fe\u306e\u305f\u3081\u306e\u6709\u52b9\u306a\u65bd\u7b56\u3092\u660e\u78ba\u306b\u6253\u3061\u51fa\u3059\u4ee5\u524d\u306b\u300c\u4eca\u306e\u7d4c\u55b6\u9663\u3084\u7d4c\u55b6\u4f53\u5236\u3092\u662f\u3068\u3059\u308b\u300d\u8cb7\u53ce\u5bfe\u5fdc\u65b9\u91dd\u3092\u6253\u3061\u51fa\u3057\u3066\u3044\u308b\u70b9\u306b\u5f37\u3044\u61f8\u5ff5\u3092\u8868\u660e\u81f4\u3057\u307e\u3059\u3002\u7acb\u5834\u306b\u3088\u3063\u3066\u611f\u3058\u65b9\u306f\u7570\u306a\u308a\u307e\u3059\u304c\u3001\u79c1\u3069\u3082\u304b\u3089\u898b\u3066\u3001\u4eca\u56de\u306e\u5f53\u793e\u306b\u3088\u308b\u8cb7\u53ce\u5bfe\u5fdc\u65b9\u91dd\u306e\u5c0e\u5165\u306f\u300c\u73fe\u7d4c\u55b6\u9663\u306e\u4fdd\u8eab\u300d\u3068\u6349\u3048\u3056\u308b\u3092\u5f97\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002 2024\u5e7410\u670824\u65e5\u306b\u79c1\u3069\u3082\u304c\u516c\u958b\u3057\u305f\u6295\u8cc7\u5148\u5411\u3051\u30ec\u30bf\u30fc\uff08\u4e0a\u5834\u306e\u610f\u7fa9\uff09\u306e\u4e2d\u3067\u3082\u89e6\u308c\u3066\u304a\u308a\u307e\u3059\u3088\u3046\u306b\u3001\u4e0a\u5834\u306e\u6700\u3082\u91cd\u8981\u306a\u610f\u7fa9\u306f\u3001\u300c\u53b3\u3057\u3044\u7af6\u4e89\u306b\u52dd\u3064\u305f\u3081\u306e\u5f37\u529b\u306a\u624b\u6bb5\u300d\u3092\u624b\u306b\u5165\u308c\u308b\u3053\u3068\u3067\u3042\u308a\u3001\u5177\u4f53\u7684\u306b\u306f\u3001\u5e02\u5834\u306b\u304a\u3044\u3066\u81ea\u793e\u306e\u6b63\u5f53\u306a\u8a55\u4fa1\u3092\u5f97\u3066\u3001\u6bd4\u8f03\u512a\u4f4d\u6027\u3092\u78ba\u4fdd\u3059\u308b\u3053\u3068\u3067\u5e02\u5834\u3092\u5473\u65b9\u306b\u3064\u3051\u3001M&A\u3084\u8cc7\u91d1\u8abf\u9054\u306b\u304a\u3044\u3066\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u306a\u6210\u9577\u6226\u7565\u3092\u5b9f\u73fe\u3059\u308b\u3053\u3068\u3068\u8003\u3048\u3066\u304a\u308a\u307e\u3059\u3002\u5f53\u793e\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u542b\u3081\u3001\u4f55\u304c\u30d9\u30b9\u30c8\u306a\u5f62\u306a\u306e\u304b\u65e9\u6025\u306b\u3054\u691c\u8a0e\u3044\u305f\u3060\u304d\u307e\u3059\u3088\u3046\u91cd\u306d\u3066\u8981\u671b\u81f4\u3057\u307e\u3059\u3002 \u79c1\u3069\u3082\u306f\u3001\u4eca\u5f8c\u3082\u7389\u4e95\u5546\u8239\u306e\u4f01\u696d\u4fa1\u5024\u6700\u5927\u5316\u306b\u5411\u3051\u305f\u9053\u7b4b\u3092\u6a21\u7d22\u3057\u3066\u307e\u3044\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u682a\u4e3b\u306e\u7686\u3055\u307e\u3001\u5f53\u793e\u306e\u4fa1\u5024\u306e\u6e90\u6cc9\u3067\u3042\u308b\u5f93\u696d\u54e1\u306e\u7686\u3055\u307e\u3001\u5f15\u304d\u7d9a\u304d\u5fdc\u63f4\u3092\u3044\u305f\u3060\u3051\u307e\u3059\u3088\u3046\u3001\u5b9c\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002 \u00b9 2026\u5e74\uff13\u6708\u671f \u7b2c\uff11\u56db\u534a\u671f\u6c7a\u7b97\u77ed\u4fe1 \u671f\u672b\u81ea\u5df1\u682a\u5f0f\u6570 1,849\u682a\u3092\u5229\u7528 \uff08\u904e\u53bb\u306e\u6295\u7a3f\uff09 2025\u5e749\u670829\u65e5\u00a0\u2013\u00a0\u7389\u4e95\u5546\u8239\u306b\u4fc2\u308b\u5927\u91cf\u4fdd\u6709\u5831\u544a\u66f8\u63d0\u51fa\u53ca\u3073\u66f8\u7c21\u306e\u9001\u4ed8\u306b\u3064\u3044\u3066 \u5c1a\u3001\u672c\u6295\u7a3f\u306f\u7279\u5b9a\u306e\u6709\u4fa1\u8a3c\u5238\u306e\u7533\u8fbc\u306e\u52e7\u8a98\u82e5\u3057\u304f\u306f\u58f2\u8cb7\u306e\u63a8\u5968\u307e\u305f\u306f\u6295\u8cc7\u3001\u6cd5\u52d9\u3001\u7a0e\u52d9\u3001\u4f1a\u8a08\u306a\u3069\u306e\u52a9\u8a00\u3092\u884c\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002 On October 29, Hibiki Path Advisors (\u201cwe\u201d) filed an Amendment Report (Japanese Only) on Large Shareholding, disclosing that our stake in Tamai Steamship Co., Ltd. (the \u201cCompany\u201d or \u201cTamai Steamship\u201d) increased by over 1%. Now, our shareholding has reached 7.49% (7.50%\u00b9 excluding treasury shares\uff09. Prior to the filing of the Amendment Report on Large Shareholdings, our CIO, Yuya Shimizu, met with the Company\u2019s President Kiyozaki, Director\u3000Matsumoto and Director Nagai on October 20. During this meeting, we explained our views on the Company\u2019s takeover response policy, as well as the contents of the letter (including the Letter of Request) that we sent to the Company\u2019s Board of Directors on September 25. When we inquired about the status of the Company\u2019s response policy, President Kiyozaki stated that \u201cthere is a possibility that Mr. Sun and ISC are acting in concert, and that we are still in the process of verifying this. Since we have not yet obtained a response suitable for disclosure to investors, the discussions are continuing.\u201d Tamai Steamship disclosed on September 1, in its \u201cNotice of Receipt of Response to Letter of Inquiry to Mr. Sun You Ning and ISC (Japanese Only)\u201d that it had received answers to its Letter of Inquiry addressed to ISC on August 22, 2025 and to Mr. Sun dated August 31. However, although more than two months have elapsed since the receipt of responses from Mr. Sun and ISC, and two weeks have passed since our meeting in which we requested prompt disclosure, Tamai Steamship has neither reported the result of its deliberation of its large-scale purchase response policy nor provided an interim update. We have repeatedly urged the Company to promptly disclose information that aids the general shareholders\u2019 understanding of the current situation. We are disappointed by the…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78,39,81],"tags":[],"class_list":{"0":"post-5177","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-78","8":"category-engagement","9":"category-81"},"views":2118,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=5177"}],"version-history":[{"count":7,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5177\/revisions"}],"predecessor-version":[{"id":5186,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5177\/revisions\/5186"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=5177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}