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日本海事新聞ニュース Japan Maritime Daily Mar 14, 2023 (Tue)

Imabari shipowners decide to place orders for 30 small and medium-sized bulkers without charter contracts in response to the softening of the ship prices

Orders placed, mainly Handysize (photo is Tsuneishi Shipbuilding’s “TESS42“)

　Among Imabari shipowners, there is a rapid increase in the number of orders for new construction of ・・・続きはログインして下さいnext %E3%80%80Among+Imabari+shipowners%2C+there+is+a+rapid+increase+in+the+number+of+orders+for+new+construction+of+small+and+medium-sized+bulkers+without+charter+contracts+%28charter-free%29.+Due+to+the+mismatch+between+new+shipbuilding+prices+and+charter+rates%2C+it+is+difficult+to+conclude+a+building+contract+and+a+time+charter+%28TC%29+contract+at+the+same+time.+Under+such+circumstances%2C+since+the+end+of+last+year%2C+several+ship+owners%2C+mainly+large+companies+with+excellent+financial+strength%2C+have+decided+to+carry+out+charter-free+newbuilding+programs+in+response+to+the+softening+of+the+ship+prices.+At+least+30+ships+have+been+ordered+so+far.+Not+only+some+of+the+major+companies%2C+but+several+ship+owners+who+need+to+replace+their+fleet+after+the+second+half+of+2025+have+started+to+place+orders%2C+believing+that+the+prices+of+materials+and+equipment+will+remain+high+and+that+the+ship+prices+will+not+fall+significantly+in+the+future.+%3Cbr%3E%E3%80%80%E2%80%9CThe+new+shipbuilding+prices+are+unlikely+to+fall+significantly+over+the+next+few+years+due+to+entrenched+global+inflation.+Conversely%2C+it+is+possible+that+the+current+price+level+turns+out+to+be+reasonable+when+we+look+back+in+the+future.+The+slipways+for+2025+are+filling+up%2C+so+if+we+just+wait%2C+the+fleet+size+will+be+reduced.+Therefore%2C+at+the+end+of+last+year%2C+when+ship+prices+were+weakening%2C+we+decided+to+order+a+new+ship+without+a+TC+for+the+first+time.%E2%80%9D+%28Imabari+ship+owner%29+%3Cbr%3E%E3%80%80%E2%80%9CThere+are+several+existing+ships+that+will+need+to+be+replaced+in+the+next+two+to+three+years.+Given+that+there+are+almost+no+long-term+TC+projects+that+match+the+current+ship+prices%2C+the+only+way+to+proceed+with+fleet+replacement+is+to+take+a+risk+and+place+a+charter-free+order+by+staggering+the+timing+of+the+building+contract+and+the+TC+contract.+The+ship+prices+are+expected+to+rise+further+in+the+medium+term.%E2%80%9D+%28Same+as+above%29+%3Cbr%3E%E3%80%80%E2%80%9CI+don%E2%80%99t+expect+the+price+to+go+down+in+the+future.+However%2C+even+if+the+price+drops%2C+if+we+place+an+order+now%2C+the+shipyard+should+give+us+priority+access+to+the+slipways+then.+It+will+also+be+a+steppingstone+to+prepare+for+a+lower+price+in+the+future.+Of+course%2C+it+would+be+great+if+the+prices+go+up.%E2%80%9C+%28Same+as+above%29+%3Cbr%3E%E3%80%80Even+though+the+gap+between+the+ship+prices+and+the+long-term+charter+fees+are+not+closing%2C+several+%3Cb%3EImabari+shipowners+%3C%2Fb%3Ehave+decided+to+place+orders+for+small+and+medium-sized+bulkers+without+charter+contracts+from+the+end+of+last+year.+%3Cbr%3E%E3%80%80According+to+multiple+sources%2C+the+total+number+of+the+ships%2C+including+unofficial+bids%2C+is+at+least+30.+Most+of+the+vessels+are+40%2C000+dwt+class+Handysize+and+60%2C000+dwt+class+Ultramax%2C+and+some+82%2C000+dwt+Kamsarmax+are+also+included.+%3Cbr%3E%E3%80%80When+Japanese+ship+owners+build+a+new+ship%2C+they+usually+conclude+a+building+contract+and+a+TC+contract+almost+at+the+same+time.+This+is+because%2C+in+most+cases%2C+orders+can+be+placed+after+receiving+a+loan+from+a+financial+institution+backed+by+a+five-year+or+longer+TC+signed+with+an+operator+%28operating+shipping+company%29.+%3Cbr%3E%E3%80%80However%2C+ship+owners+who+have+a+large+fleet%2C+are+financially+sound%2C+and+need+to+replace+existing+ships+in+the+second+half+of+2025+to+the+first+half+of+2026+have+determined+that+the+period+after+the+end+of+last+year%2C+when+ship+prices+have+weakened+slightly%2C+is+a+good+time+to+carry+out+the+newbuilding+program+based+on+the+expectation+that+the+new+shipbuilding+prices+will+remain+high+over+the+medium+term.+They+paid+only+the+down+payment+to+the+shipyards+when+they+signed+the+construction+contracts%2C+and+began+to+place+orders+for+small+and+medium-sized+bulkers+without+charter+contracts.+%3Cbr%3E%E3%80%80By+the+time+the+ships+are+completed%2C+these+ship+owners+plan+to+sign+TC+contracts+at+the+rates+that+match+the+prices+of+the+ships+while+keeping+an+eye+on+the+dry+bulk+market%2C+and+then+finance+the+rest+of+the+construction+costs+with+loans+from+financial+institutions.+%3Cbr%3E%E3%80%80Compared+to+large+Capesize+bulkers%2C+the+hurdles+to+switching+to+LNG+%28liquefied+natural+gas%29+are+higher+due+to+restrictions+on+the+loading+space+of+fuel+tanks%2C+and+therefore+the+risk+of+obsolescence+is+low+for+state-of-the-art+heavy+oil-fired+ships.+This+seems+to+be+one+of+the+reasons+behind+the+advance+orders+from+ship+owners.+%3Cbr%3E%E3%80%80In+terms+of+newbuilding+programs+for+heavy+oil-fired+small+and+medium-sized+bulkers%2C+Japanese+shipping+operators+have+been+in+wait-and-see+mode+for+a+long+time.+For+this+reason%2C+some+%3Cb%3EImabari+shipowners+%3C%2Fb%3Eseem+to+expect+future+demand+for+new+ship+charter%2C+not+only+from+overseas+operators%2C+which+account+for+the+majority+of+charterers+for+this+ship+type%2C+but+also+from+Japanese+shipping+operators.+%3Cbr%3E%E3%80%80In+terms+of+charter-free+newbuilding+programs+of+small+and+medium-sized+bulkers%2C+the+number+of+orders+from+some+major+companies+that+have+accumulated+ample+cash+due+to+the+dry+bulk+market+conditions+and+secondhand+vessel+prices+remained+high+in+2021%2C+when+the+ship+prices+began+to+rise%2C+increased+significantly.+%3Cbr%3E%E3%80%80After+that%2C+the+number+of+the+orders+decreased+in+2022%2C+when+the+ship+prices+rose+further+and+peaked+before+the+summer%2C+but+from+the+end+of+the+year+to+last+month%2C+when+the+prices+started+to+soften%2C+several+ship+owners+decided+to+place+orders+without+charter+contracts.+%3Cbr%3E%E3%80%80In+2021%2C+when+ship+prices+were+on+the+verge+of+rising%2C+charter-free+orderers+were+limited+to+major+companies+with+large+fleets.+However%2C+this+time%2C+in+addition+to+the+major+companies%2C+several+ship+owners+with+20+to+30+ships+anticipate+that+ship+prices+will+remain+high+in+the+future%2C+and+are+taking+a+certain+risk+to+replace+their+fleets.+%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3EDisclaimer%3A+The+English+translations+provided+through+this+service+are+the+result+of+translations+made+by+The+Japan+Maritime+Daily+or+automatically+and+mechanically+translated+by+The+Japan+Maritime+Daily+using+an+automated+translation+system+provided+by+a+third+party+after+certain+processing+of+the+Japanese+content+licensed+by+the+third+party.+In+terms+of+the+English+translation%2C+The+Japan+Maritime+Daily+and+MarineNet+Co.%2C+Ltd.+make+no+warranty+or+burden+of+any+kind%2C+express+or+implied%2C+including+its+accuracy%2C+reliability%2C+validity+or+fitness+for+a+particular+purpose.+MarineNet+Users+should+fully+understand+that+this+service+uses+an+automated+translation+system+that+automatically+and+mechanically+recognizes+and+analyzes+information+and+produces+results.+The+users+should+understand+the+above+conditions+before+using+this+service.%3Cbr%3E%3Cbr%3E%E5%85%8D%E8%B2%AC%E4%BA%8B%E9%A0%85%EF%BC%9A%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%82%92%E4%BB%8B%E3%81%97%E3%81%A6%E6%8F%90%E4%BE%9B%E3%81%95%E3%82%8C%E3%82%8B%E8%8B%B1%E8%A8%B3%E3%81%AF%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%BD%9C%E6%88%90%E3%81%99%E3%82%8B%E3%81%8B%E3%80%81%E5%8F%88%E3%81%AF%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8B%E3%82%89%E4%BD%BF%E7%94%A8%E8%A8%B1%E8%AB%BE%E3%82%92%E5%8F%97%E3%81%91%E3%81%9F%E6%97%A5%E6%9C%AC%E8%AA%9E%E3%81%AE%E3%82%B3%E3%83%B3%E3%83%86%E3%83%B3%E3%83%84%E3%82%92%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%B8%80%E5%AE%9A%E3%81%AE%E5%87%A6%E7%90%86%E3%82%92%E8%A1%8C%E3%81%A3%E3%81%9F%E4%B8%8A%E3%81%A7%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8C%E6%8F%90%E4%BE%9B%E3%81%99%E3%82%8B%E8%87%AA%E5%8B%95%E7%BF%BB%E8%A8%B3%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0%E3%82%92%E5%88%A9%E7%94%A8%E3%81%97%E3%81%A6%E8%87%AA%E5%8B%95%E7%9A%84%E3%83%BB%E6%A9%9F%E6%A2%B0%E7%9A%84%E3%81%AB%E7%BF%BB%E8%A8%B3%E3%81%97%E3%81%9F%E7%B5%90%E6%9E%9C%E3%81%A7%E3%81%82%E3%82%8A%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%80%81%E3%83%9E%E3%83%AA%E3%83%B3%E3%83%8D%E3%83%83%E3%83%88%E3%81%AF%E3%80%81%E5%BD%93%E8%A9%B2%E8%8B%B1%E8%A8%B3%E3%81%AB%E9%96%A2%E3%81%97%E3%81%A6%E3%80%81%E3%81%9D%E3%81%AE%E6%AD%A3%E7%A2%BA%E6%80%A7%E3%80%81%E4%BF%A1%E9%A0%BC%E6%80%A7%E3%80%81%E5%A6%A5%E5%BD%93%E6%80%A7%E5%8F%8A%E3%81%B3%E7%89%B9%E5%AE%9A%E7%9B%AE%E7%9A%84%E3%81%B8%E3%81%AE%E9%81%A9%E5%90%88%E6%80%A7%E3%82%92%E5%90%AB%E3%82%81%E3%80%81%E6%98%8E%E7%A4%BA%E5%8F%88%E3%81%AF%E9%BB%99%E7%A4%BA%E3%81%AB%E3%82%82%E3%80%81%E3%81%84%E3%81%8B%E3%81%AA%E3%82%8B%E4%BF%9D%E8%A8%BC%E3%82%82%E3%81%97%E3%81%BE%E3%81%9B%E3%82%93%E3%80%82%E3%83%9E%E3%83%AA%E3%83%B3%E3%83%8D%E3%83%83%E3%83%88%E3%83%A6%E3%83%BC%E3%82%B6%E3%83%BC%E3%81%AF%E3%80%81%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%81%8C%E3%80%81%E8%87%AA%E5%8B%95%E7%9A%84%E3%81%8B%E3%81%A4%E6%A9%9F%E6%A2%B0%E7%9A%84%E3%81%AB%E6%83%85%E5%A0%B1%E3%82%92%E8%AA%8D%E8%AD%98%E3%83%BB%E5%88%86%E6%9E%90%E3%81%97%E3%81%A6%E7%B5%90%E6%9E%9C%E3%82%92%E5%87%BA%E5%8A%9B%E3%81%99%E3%82%8B%E8%87%AA%E5%8B%95%E7%BF%BB%E8%A8%B3%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0%E3%82%92%E4%BD%BF%E7%94%A8%E3%81%97%E3%81%9F%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%81%A7%E3%81%82%E3%82%8B%E3%81%93%E3%81%A8%E3%82%92%E5%8D%81%E5%88%86%E3%81%AB%E7%90%86%E8%A7%A3%E3%81%97%E3%81%9F%E4%B8%8A%E3%81%A7%E3%80%81%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%82%92%E5%88%A9%E7%94%A8%E3%81%99%E3%82%8B%E3%82%82%E3%81%AE%E3%81%A8%E3%81%97%E3%81%BE%E3%81%99%E3%80%82%3Cbr%3E