日本海事新聞ニュース Japan Maritime Daily Jun 02, 2023 (Fri)

‌【Interview】Peter Norborg, CEO of Swire Bulk, the debt-free management, a strong commitment to the operation

Norborg (right) with Senior Commercial Manager Shohei Kamenozono

　Swire Bulk (headquartered in Singapore), a major dry bulk carrier, operates 125 to 150 medium-sized ・・・ 続きはログインして下さいnext %E3%80%80%3Cb%3ESwire+Bulk%3C%2Fb%3E+%28headquartered+in+Singapore%29%2C+a+major+dry+bulk+carrier%2C+operates+125+to+150+medium-sized+bulkers+as+a+shipping+company+of+the+Swire+Group%2C+a+huge+conglomerate+in+Hong+Kong.+We+asked+CEO+%28Chief+Executive+Officer%29+Peter+Norborg+about+the+management+strategy+of+the+company%2C+which+has+built+long-term+cooperative+relationships+with+Japanese+shipyards+and+ship+owners.+%3Cbr%3E%28Interviewer+Azumi+Kashiwai%29+%3Cbr%3E%E3%80%80--I+would+like+to+know+the+overview+and+the+history+of+%3Cb%3ESwire+Bulk%3C%2Fb%3E.+%3Cbr%3E%E3%80%80%E2%80%9COur+company+belongs+to+Hong+Kong%E2%80%99s+Swire+Group%2C+which+owns+Cathay+Pacific+Airways%2C+real+estate+and+beverage+businesses%2C+and+started+in+2012+as+the+dry+bulk+business+division+of+China+Navigation+%28CNCo%2C+now+Swire+Shipping%29%2C+a+shipping+company.+In+2021%2C+we+became+an+independent+dry+bulk+business+company+of+the+group+and+a+wholly-owned+subsidiary+of+UK%E2%80%99s+John+Swire+%26+Sons+%28headquartered+in+London%29%2C+which+is+run+by+the+Swire+family%2C+the+founding+family.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CHaving+the+Swire+family+with+150+years+of+maritime+experience+as+a+shareholder+is+definitely+a+strength+of+our+company.+The+secret+to+staying+successful+in+shipping+is+to+be+patient+sometimes.+The+Swire+family+is+looking+beyond+the+next+quarter+to+the+next+generation.+They+understand+the+market+cycles.+They+understand+they+should+sell+ships+when+prices+are+high%2C+and+wait+a+little+and+buy+ships+when+prices+are+low.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E2%96%A0+Over+20+long-term+chartered+vessels+%3Cbr%3E%E3%80%80--What+is+your+current+fleet%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+an+owner-operator+of+a+total+of+125+to+150+Handysize%2C+Ultramax+and+Panamax+vessels.+The+core+fleet%2C+which+accounts+for+one-third+of+them%2C+consists+of+28+owned+vessels+and+more+than+20+long-term+chartered+vessels+with+terms+of+five+years+or+longer.+The+rest+of+the+portfolio+consists+of+medium-term+charters+with+terms+of+1-3+years%2C+spot+charters+and+short-term+charters.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+cargo+coverage+rate+of+the+Ultramax+fleet+in+2023+has+already+reached+100%25%2C+while+Handysize+covers+75%25.%E2%80%9C+%3Cbr%3E%E3%80%80--How+did+you+grow+your+dry+bulk+business%3F+%3Cbr%3E%E3%80%80%E2%80%9CIn+2013%2C+CNCo%2C+the+predecessor+of+the+company%2C+placed+an+order+for+24+new+Handysize+bulkers+with+Chinese+shipyards%2C+with+the+aim+of+diversifying+its+business+beyond+its+mainstay+containership+business.+In+2019%2C+we+acquired+the+dry+bulk+business+of+Hamburg+S%C3%BCd%2C+a+German+shipping+company.+Its+45-vessel+fleet+included+many+long-term+charters+from+Japan%2C+further+expanding+our+relationship+with+Japanese+shipowners.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CFurthermore%2C+we+started+ordering+Handysize+ships+from+Japanese+shipyards.+We+have+built+four+ships+at+Imabari+Shipbuilding+%28completed+in+2016-2017%29%2C+two+ships+at+Namura+Shipbuilding+%28completed+in+2020%29%2C+and+eight+ships+at+Oshima+Shipbuilding+%28completed+in+2020-2022%29.+In+this+way%2C+there+is+a+growing+number+of+ships+that+are+made+in+Japan+in+our+fleet%2C+while+all+the+ships+we+have+sold+recently+were+built+in+China.%E2%80%9D+%3Cbr%3E+%3Cbr%3E%E2%96%A0+Leverage+suppression+%3Cbr%3E%E3%80%80--What+is+the+trend+in+business+performance%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+secured+high+profits+in+2022+against+the+backdrop+of+a+strong+market.+Our+balance+sheet+shows+that+we+are+debt-free%2C+partly+due+to+profits+from+the+sale+of+vessels.+The+average+age+of+the+28+owned+vessels+is+5+years+with+a+book+value+of+about+%24450+million%2C+which+has+a+considerable+margin+compared+to+the+market+price.+Our+solid+balance+sheet+shows+that+choosing+us+as+a+long-term+charter+destination+helps+shipowners+and+financial+institutions+get+a+good+night%E2%80%99s+sleep.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+take+a+conservative+approach+to+leverage+%28the+ratio+of+debt+to+investment%29.+In+the+future%2C+if+there+is+a+newbuilding+program+project%2C+we+plan+to+receive+financial+support+from+the+parent+company+in+London.+The+%24200+million+in+dividends+we+have+returned+to+our+shareholders+are+kept+in+London+and+will+be+available+for+funding+when+we+need+it.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E2%96%A0+Competing+with+regular+voyages+in+the+environment+%3Cbr%3E%E3%80%80--%3Cb%3ESwire+Bulk%3C%2Fb%3E+has+set+a+target+of+reducing+GHG+%28greenhouse+gas%29+by+50%25+by+2030+and+achieving+net+zero+by+2050.+%3Cbr%3E%E3%80%80%E2%80%9CThis+is+a+very+ambitious+target+based+on+shareholder+requests.+We+would+like+to+collaborate+with+Japanese+shipyards+on+future+ship+designs.+We+will+have+the+opportunities+to+select+next-generation+fuels%2C+such+as+methanol+and+ammonia%2C+toward+decarbonization.+In+my+35+years+in+the+shipping+industry%2C+I+have+never+felt+a+greater+challenge+than+now.+We+are+continuously+exchanging+ideas+with+Japanese+shipyards.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CFrom+the+dry+bulk+operator%E2%80%99s+point+of+view%2C+I+feel+a+sense+of+urgency%2C+in+that+some+container+shipping+companies+have+placed+orders+for+state-of-the-art+vessels+for+carbon-neutral+transport.+If+dry+bulk+owners+and+operators+are+unable+to+offer+green+alternatives%2C+some+of+the+commodities+carried+by+bulkers+now+could+shift+to+containers+tomorrow.%E2%80%9D+%3Cbr%3E+%3Cbr%3E%E2%96%A0+Sharing+with+Japanese+ship+owners+%3Cbr%3E%E3%80%80--How+do+you+deal+with+the+increased+construction+costs+of+next-generation+fuel+ships%3F+%3Cbr%3E%E3%80%80%E2%80%9CAt+the+moment%2C+it+is+very+difficult+to+find+a+customer+willing+to+pay+even+a+penny+more+in+freight+to+match+the+cost+of+new+technology.+That+is+why+investing+should+be+based+on+belief.+Most+of+the+costs+and+risks+of+new+technology+will+probably+have+to+be+borne+by+us.+We+have+the+power+and+the+support+from+our+shareholders.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CJapanese+shipowners+should+not+bear+all+the+risks+associated+with+next-generation+vessels.+We+understand+that+as+long+as+we+charter+vessels+from+them%2C+most+of+the+depreciation+should+be+paid+through+time+charter+fees.+We+have+built+cooperative+relationships+with+Japanese+ship+owners%2C+including+shared+vessels%2C+and+are+open+to+sharing+the+upside+and+downside.%E2%80%9D+%3Cbr%3E+%3Cbr%3E%E2%96%A0+With+20+Japanese+ship+owners+%3Cbr%3E%E3%80%80--+What+about+business+development+in+Japan%3F+%3Cbr%3E%E3%80%80%E2%80%9CJapan+is+a+very+important+country%2C+and+our+involvement+as+the+Swire+Group+began+with+the+opening+of+our+Yokohama+branch+in+1867.+Currently%2C+we+have+established+business+relationships+with+importers+and+exporters+in+Japan%2C+and+are+transporting+copper+concentrates%2C+cement%2C+wood+pellets%2C+lumber%2C+and+wheat+among+other+things.+We+have+secured+a+COA+%28Contract+of+Affreightment%29+for+biomass+loaded+in+North+America+and+unloaded+in+Japan+up+to+2042.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CJapanese+shipyards+are+reliable+partners+for+us+to+invest+in+new+technologies.+We+must+not+forget+our+cooperative+relationship+with+Japanese+ship+owners%2C+and+we+have+long-term+charter+contracts+for+more+than+20+vessels+with+about+20+companies.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CWe+do+not+have+a+base+office+in+Japan%2C+but+our+Japanese+staff%2C+including+senior+commercial+manager+Shohei+Kamenozono+and+commercial+manager+Sayaka+Okamoto%2C+cover+the+Japanese+market+from+our+Singapore+headquarters+and+visit+Japan+at+least+once+a+quarter.%E2%80%9C+%3Cbr%3E%E3%80%80--What+are+your+thoughts+on+utilizing+sale+and+leaseback+%28S%26LB%2C+leaseback+after+sale%29+transactions+with+Japanese+ship+owners%3F+%3Cbr%3E%E3%80%80%E2%80%9CIt+depends+on+the+bare+boat+charter+rate.+It+is+true+that+Japanese+yen+interest+rates+are+low%2C+and+financing+is+competitive.+However%2C+since+we+are+a+debt-free+company%2C+we+do+not+need+that+much+funding.+In+addition%2C+we+always+make+decisions+after+comparing+that+option+with+the+option+of+ownership+and+repeated+consideration+of+ROIC+%28return+on+invested+capital%29.%E2%80%9D+%3Cbr%3E+%3Cbr%3E%E2%96%A0+Long-term+charter+period+%3Cbr%3E%E3%80%80--What+is+the+possibility+of+investing+in+secondhand+vessels%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+don%E2%80%99t+have+a+tradition+of+being+asset+players.+However%2C+since+we+became+independent+as+a+business+company+in+2021%2C+we+will+probably+build+our+own+asset+management+method+and+turn+our+attention+to+investment+opportunities+in+secondhand+vessels.+In+addition%2C+we+have+secured+a+purchase+option+%28PO%29+in+several+long-term+charter+agreements%2C+which+can+be+exercised+in+the+future.%E2%80%9D+%3Cbr%3E%E3%80%80--The+trend+in+the+charter+market+is+toward+shorter+contracts.+%3Cbr%3E%E3%80%80%E2%80%9CThere+is+certainly+a+trend%2C+but+in+order+to+maintain+a+core+fleet+with+the+cooperation+of+Japanese+shipowners%2C+it+is+necessary+to+accept+long-term+charters+for+a+certain+period+or+longer.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+the+future%2C+when+we+charter+competitive+ammonia-fueled+or+methanol-fueled+ships+from+Japanese+shipowners%2C+the+charter+period+may+become+even+longer.+Long-term+charters+from+Japanese+shipowners+will+continue+to+be+part+of+our+core+fleet.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E2%96%A0+Limits+of+outsourcing+%3Cbr%3E%E3%80%80--Some+European+operators+%28operating+shipping+companies%29+are+adopting+an+%E2%80%9Casset-light+strategy%E2%80%9C+that+actively+utilizes+short-term+chartered+vessels.+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+not+an+asset-light+operator.+For+example%2C+signing+a+seven-year+long-term+charter+contract+with+a+Japanese+shipowner+is+a+very+big+commitment.+You+have+to+have+confidence+that+you+will+continue+to+pay+your+charter+fees+regardless+of+market+fluctuations.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThere+are+many+benefits+to+owning+and+long-term+chartering+vessels%2C+and+I+personally+cannot+grasp+the+meaning+of+the+so-called+asset-light+business+model.+For+example%2C+during+a+period+of+high+market+conditions%2C+we+can+sell+two+of+our+six+vessels%2C+and+we+can+also+have+the+opportunity+to+exercise+our+charter+contract+POs.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAnother+reason+we+own+ships+is+that+we+like+simplicity.+The+shipping+industry+is+becoming+more+complex+as+more+new+rules%2C+compliance+items+and+betting+%28audits%29+proliferate.+If+we+were+to+handle+only+operations%2C+without+owning+our+own+vessels%2C+we+would+have+to+work+closely+with+the+ship+managers+to+keep+abreast+of+the+ever-changing+situation.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CWhat+is+happening+on+board+now%3F+What+kind+of+training+is+needed+for+the+crew%3F+How+is+OPEX+%28operating+expenses%29+changing%3F+We+don%E2%80%99t+think+we+can+outsource+everything+to+handle+these+challenges+and+changes.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80Peter+Norborg+entered+the+world+of+shipping+as+a+trainee+in+1986.+After+serving+as+Senior+Vice+President+of+Norden+%28Dry+Bulk+Division+Chief%29%2C+Chief+Operating+Officer+%28COO%29+of+Gearbulk%2C+and+CEO+of+Clipper+Group%2C+he+assumed+his+current+position+in+January+2021.+%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

【インタビュー　アジア不定期船大手の戦略】スワイヤバルクCEO　ピーター・ノーバーグ氏、デット・フリーを実現

2023/06/02(金)

日本海事新聞 JMD

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