Kyoei Tanker Reports Special Gain Due to Vessel Loss Claim Settlement

TOKYO, Jun 26 (Pulse News Wire) – Kyoei Tanker CO.,LTD. (9130.T) reported a special gain of approximately ¥2.400 billion due to the settlement of an insurance claim related to the estimated total loss of its vessel, Challenge Procyon, during the fiscal second quarter ending September 30, 2026.

The ship had been stranded in Mexico since completing cargo unloading on March 21, 2025, without receiving clearance to depart. Despite ongoing efforts to resume operations, the vessel was declared a constructive total loss by the insurer. As a result, the company reached an agreement with the insurance company to receive compensation. The impact on the company's consolidated operating profit for the fiscal year ending March 2027 is currently being assessed.

While there is potential for upward revisions to the forecast, Kyoei Tanker plans to announce detailed adjustments alongside its first-quarter earnings release scheduled for August 05, 2026. Regarding future handling of the vessel, the insurer opted not to acquire ownership, leaving it with Kyoei Tanker Singapore Pte. Ltd. The company intends to continue maintenance efforts while pursuing early departure and recovering associated costs.