Epoxy
February 7, 2022
Tosoh Results
Tosoh Corporation is pleased to announce its cumulative consolidated results for the first three quarters of its 2022
The company’s consolidated net sales for the nine-month period under review were JPY669.5 billion (US$6.0 billion), up JPY152.8 billion, or 29.6%, from the same period of fiscal 2021. The rise in net sales was attributable to increases in sales prices that reflected increased prices for raw materials and fuels, such as naphtha, including in overseas product markets, and to heightened sales volumes driven by a recovery in demand.
Operating income also increased, JPY56.3 billion, or 111.2%, to JPY106.9 billion (US$962.2 million), from the same period one year earlier. This increase was due to improved trade conditions, whereby high raw material and fuel prices were more than offset by higher sales prices.
Ordinary income rose JPY63.7 billion, or 124.2%, compared with the same period in fiscal 2021, to JPY114.9 billion (US$1.0 billion). Profit attributable to owners of the parent company, in turn, rose JPY42.9 billion, or 124.5%, to JPY77.4 billion (US$696.7 million).
During the first nine months of Tosoh’s 2022 fiscal year, the Japanese economy continued to show signs of recovery. This was due to progress in COVID-19-related vaccinations in Japan and to improved overseas demand amid the lingering effects of COVID-19 infections. The outlook for the domestic economy for rest of the year, however, remains uncertain, as infections are again soaring, causing concern for renewed restrictions on social and economic activities.
Outside Japan, meanwhile, restrictions on economic activities have eased and demand is recovering, particularly in developed countries. There are concerns, though, that global economic recovery will be impeded by intermittent waves of COVID-19 infections, soaring resource prices, rising and prolonged inflationary pressures, and disruptions in the global supply chain.
Results by Business Segment
Chlor-alkali Group
The Chlor-alkali Group’s net sales amounted to JPY257.2 billion (US$2.3 billion), an increase of JPY66.5 billion, or 34.9%, compared with the same nine-month period in fiscal 2021. Its operating income also increased, JPY30.0 billion, or 146.2%, to JPY50.5 billion (US$454.5 million), the result of improved trade conditions for its vinyl chloride products and urethane raw materials.
The group’s shipments of caustic soda, primarily for export, fell, but caustic soda prices rose in keeping with overseas market prices. Its shipments of vinyl chloride monomer and polyvinyl chloride resin, on the other hand, decreased because of drops in their production volumes. But the prices of its vinyl chloride products increased to mirror their heightened prices in overseas markets and the increased cost of their naphtha raw material.
Domestic shipments of cement by the group fell amid sluggish demand.
Domestic and overseas shipments by the group of its methylene diphenyl diisocyanate (MDI), however, increased. This was due to the steady operation of Tosoh’s MDI production subsidiary in China following its shutdown in the previous fiscal year amid the spread of COVID-19 and to the global recovery in demand for MDI. MDI prices rose, too, in line with overseas market prices.
Shipments of the group’s hexamethylene diisocyanate hardening agents increased domestically and abroad because of a recovery in demand, and prices rose in tandem with overseas market prices.
Specialty Group
Net sales by the Specialty Group increased JPY34.8billion, or 26.2%, to JPY167.7 billion (US$1.5 billion), compared with the first three quarters of the previous fiscal year. Specialty Group operating income increased to JPY34.1 billion (US$306.9 million), a rise of JPY16.1 billion, or 89.6%, that was mostly attributable to a recovery in demand that raised sales volume.
The group’s shipments of ethyleneamines increased domestically and overseas owing to a recovery in ethyleneamines demand. Ethyleneamines prices likewise increased, in line with rising overseas market prices.
Among its separation-related products, the group was able to increase its shipments of liquid chromatography packing materials to countries in Europe and to the United States and China. It was also able to elevate shipments of the in vitro diagnostic products in its diagnostics lineup, domestically and to the United States and markets in Europe and Asia, as demand for such products recovered.
Demand likewise recovered for high-silica zeolite, primarily for use in automotive exhaust gas catalysts. That facilitated an increase in the group’s shipments of high-silica zeolite, in Japan and abroad. Its shipments of zirconia for use in dental materials also increased in line with a recovery in demand. Growing demand for semiconductors, meanwhile, boosted the group’s shipments of silica glass. The group increased, too, its shipments of electrolytic manganese dioxide, mainly for dry cells.
February 7, 2022
Tosoh Results
Tosoh Corporation is pleased to announce its cumulative consolidated results for the first three quarters of its 2022
The company’s consolidated net sales for the nine-month period under review were JPY669.5 billion (US$6.0 billion), up JPY152.8 billion, or 29.6%, from the same period of fiscal 2021. The rise in net sales was attributable to increases in sales prices that reflected increased prices for raw materials and fuels, such as naphtha, including in overseas product markets, and to heightened sales volumes driven by a recovery in demand.
Operating income also increased, JPY56.3 billion, or 111.2%, to JPY106.9 billion (US$962.2 million), from the same period one year earlier. This increase was due to improved trade conditions, whereby high raw material and fuel prices were more than offset by higher sales prices.
Ordinary income rose JPY63.7 billion, or 124.2%, compared with the same period in fiscal 2021, to JPY114.9 billion (US$1.0 billion). Profit attributable to owners of the parent company, in turn, rose JPY42.9 billion, or 124.5%, to JPY77.4 billion (US$696.7 million).
During the first nine months of Tosoh’s 2022 fiscal year, the Japanese economy continued to show signs of recovery. This was due to progress in COVID-19-related vaccinations in Japan and to improved overseas demand amid the lingering effects of COVID-19 infections. The outlook for the domestic economy for rest of the year, however, remains uncertain, as infections are again soaring, causing concern for renewed restrictions on social and economic activities.
Outside Japan, meanwhile, restrictions on economic activities have eased and demand is recovering, particularly in developed countries. There are concerns, though, that global economic recovery will be impeded by intermittent waves of COVID-19 infections, soaring resource prices, rising and prolonged inflationary pressures, and disruptions in the global supply chain.
Results by Business Segment
Chlor-alkali Group
The Chlor-alkali Group’s net sales amounted to JPY257.2 billion (US$2.3 billion), an increase of JPY66.5 billion, or 34.9%, compared with the same nine-month period in fiscal 2021. Its operating income also increased, JPY30.0 billion, or 146.2%, to JPY50.5 billion (US$454.5 million), the result of improved trade conditions for its vinyl chloride products and urethane raw materials.
The group’s shipments of caustic soda, primarily for export, fell, but caustic soda prices rose in keeping with overseas market prices. Its shipments of vinyl chloride monomer and polyvinyl chloride resin, on the other hand, decreased because of drops in their production volumes. But the prices of its vinyl chloride products increased to mirror their heightened prices in overseas markets and the increased cost of their naphtha raw material.
Domestic shipments of cement by the group fell amid sluggish demand.
Domestic and overseas shipments by the group of its methylene diphenyl diisocyanate (MDI), however, increased. This was due to the steady operation of Tosoh’s MDI production subsidiary in China following its shutdown in the previous fiscal year amid the spread of COVID-19 and to the global recovery in demand for MDI. MDI prices rose, too, in line with overseas market prices.
Shipments of the group’s hexamethylene diisocyanate hardening agents increased domestically and abroad because of a recovery in demand, and prices rose in tandem with overseas market prices.
Specialty Group
Net sales by the Specialty Group increased JPY34.8billion, or 26.2%, to JPY167.7 billion (US$1.5 billion), compared with the first three quarters of the previous fiscal year. Specialty Group operating income increased to JPY34.1 billion (US$306.9 million), a rise of JPY16.1 billion, or 89.6%, that was mostly attributable to a recovery in demand that raised sales volume.
The group’s shipments of ethyleneamines increased domestically and overseas owing to a recovery in ethyleneamines demand. Ethyleneamines prices likewise increased, in line with rising overseas market prices.
Among its separation-related products, the group was able to increase its shipments of liquid chromatography packing materials to countries in Europe and to the United States and China. It was also able to elevate shipments of the in vitro diagnostic products in its diagnostics lineup, domestically and to the United States and markets in Europe and Asia, as demand for such products recovered.
Demand likewise recovered for high-silica zeolite, primarily for use in automotive exhaust gas catalysts. That facilitated an increase in the group’s shipments of high-silica zeolite, in Japan and abroad. Its shipments of zirconia for use in dental materials also increased in line with a recovery in demand. Growing demand for semiconductors, meanwhile, boosted the group’s shipments of silica glass. The group increased, too, its shipments of electrolytic manganese dioxide, mainly for dry cells.
February 4, 2022
Driver Pay Increases
Driver pay hikes continue to roll in
Midwest Carriers, CFI latest to raise pay
Todd MaidenThursday, February 3, 2022 2 minutes read
Listen to this article 0:00 / 3:40 BeyondWords
High demand and a lack of qualified drivers has pushed truckload carriers to raise pay substantially over the past year and a half. Wage increases have helped fleets maintain size through the pandemic, but few have been able to grow organically. Following a round of large pay increases in 2021, it appears the industry will continue to push pay rates higher to address a labor shortfall.
Two more fleets announced pay hikes this week.
Kaukauna, Wisconsin-based Midwest Carriers announced a 9% pay increase for over-the-road drivers. The pay bump takes average annual pay to a range of $86,395 to $92,250. Average annual pay for the top half of the company’s over-the-road drivers increased to $97,550.
“As a driver-focused trucking company, we know that taking care of our drivers is job number one,” said President Eric Van Handel. “This increase is our way of showing how much we value their hard work and dedication.”
The company also announced a 9% reduction in health insurance premiums for 2022.
Midwest Carriers operates a fleet of 166 trucks and 455 trailers, hauling temperature-controlled and dry freight.
TFI International (NYSE: TFII) affiliate CFI announced Wednesday it increased driver pay in its truckload and temperature-controlled units by two cents per mile. Drivers will also be eligible for incentive bonuses tied to safety, productivity and years of service.
The Joplin-Missouri-based company said it plans to take delivery of 770 new Kenworth tractors and 250 new trailers in 2022, moving its average tractor age to less than 2 years. It also plans to invest $3.75 million in additional fleet upgrades during the year to attract drivers to the company.
“We continue to invest in our people with modern, fuel-efficient equipment, including options and accessories most in demand by professional drivers supporting safe operations and driver comfort,” said CFI President Greg Orr.
CFI employs nearly 3,000 drivers for its fleet of more than 3,900 tractors and 10,000 trailers. The company also utilizes capacity from an owner-operator network of 700.
“We recognize our professional drivers as the ‘captain of their ship’ who pick up and deliver on time and safely, as promised to our customers,” Orr said. “As such, we are implementing driver pay increases that align pay across our services with an attractive compensation package.”
February 4, 2022
Driver Pay Increases
Driver pay hikes continue to roll in
Midwest Carriers, CFI latest to raise pay
Todd MaidenThursday, February 3, 2022 2 minutes read
Listen to this article 0:00 / 3:40 BeyondWords
High demand and a lack of qualified drivers has pushed truckload carriers to raise pay substantially over the past year and a half. Wage increases have helped fleets maintain size through the pandemic, but few have been able to grow organically. Following a round of large pay increases in 2021, it appears the industry will continue to push pay rates higher to address a labor shortfall.
Two more fleets announced pay hikes this week.
Kaukauna, Wisconsin-based Midwest Carriers announced a 9% pay increase for over-the-road drivers. The pay bump takes average annual pay to a range of $86,395 to $92,250. Average annual pay for the top half of the company’s over-the-road drivers increased to $97,550.
“As a driver-focused trucking company, we know that taking care of our drivers is job number one,” said President Eric Van Handel. “This increase is our way of showing how much we value their hard work and dedication.”
The company also announced a 9% reduction in health insurance premiums for 2022.
Midwest Carriers operates a fleet of 166 trucks and 455 trailers, hauling temperature-controlled and dry freight.
TFI International (NYSE: TFII) affiliate CFI announced Wednesday it increased driver pay in its truckload and temperature-controlled units by two cents per mile. Drivers will also be eligible for incentive bonuses tied to safety, productivity and years of service.
The Joplin-Missouri-based company said it plans to take delivery of 770 new Kenworth tractors and 250 new trailers in 2022, moving its average tractor age to less than 2 years. It also plans to invest $3.75 million in additional fleet upgrades during the year to attract drivers to the company.
“We continue to invest in our people with modern, fuel-efficient equipment, including options and accessories most in demand by professional drivers supporting safe operations and driver comfort,” said CFI President Greg Orr.
CFI employs nearly 3,000 drivers for its fleet of more than 3,900 tractors and 10,000 trailers. The company also utilizes capacity from an owner-operator network of 700.
“We recognize our professional drivers as the ‘captain of their ship’ who pick up and deliver on time and safely, as promised to our customers,” Orr said. “As such, we are implementing driver pay increases that align pay across our services with an attractive compensation package.”
February 3, 2022
Propylene Inventory Update
Fuel Report: Prices Spike Higher
February 2, 2022
From the Energy Information Administration
U.S. propane/propylene stocks decreased by 4.3 million barrels last week to 49.8 million barrels as of January 28, 2022, 7.0 million barrels (12.4%) less than the five-year (2017-2021) average inventory levels for this same time of year. East Coast inventories decreased by 2.0 million barrels, Midwest inventories decreased by 1.9 million barrels, and Gulf Coast and Rocky Mountain/West Coast inventories each decreased by 0.2 million barrels.
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