日本海事新聞ニュース Japan Maritime Daily Jun 27, 2025 (Fri)

‌【Global lens】D’Amico’s strong relationship with Japan; 18 newbuilds from Japaneseyard, Long-term TC with 119 vessels in twenty years

D’Amico executives emphasize strong partnership with Japan (photographed in 2023)

The management of Italy’s shipping company, the d’Amico Group, responded in writing to The Japan Mar ・・・ 続きはログインして下さいnext The+management+of+Italy%E2%80%99s+shipping+company%2C+the+d%E2%80%99Amico+Group%2C+responded+in+writing+to+The+Japan+Maritime+Daily%2C+emphasizing+their+strong+partnership+with+Japan.+They+stated%2C+%E2%80%9COver+the+last+two+decades%2C+the+d%E2%80%99Amico+Group+has+made+payments+on+hire+contracts+and+on+shipbuilding+contracts+of+over+US%243+billion+to+Japanese+counterparties%2C+by+ordering+18+newbuildings+in+7+different+shipyards+and+taking+on+long-term+time-charter-in+101+vessels.%E2%80%9D%3Cbr%3E%3Cbr%3ELast+year%2C+on+the+drybulk+side%2C+the+company+has+financed+2+vessels+with+Japanese+banks%2C+one+with+BOT+Lease+and+the+other+with+The+Iyo+Bank+for+a+total+of+24+million.+In+the+product+tanker+segment%2C+it+has+financed+two+product+tankers+with+Japanese+institutions%2C+one+with+NTT+TC+Leasing+and+the+other+one+with+The+Iyo+Bank%2C+for+a+total+amount+drawn+down+of+US%2432.8+million.%3Cbr%3E%3Cbr%3E%3Cbr%3E1%29Could+you+provide+an+overview+of+your+tanker+and+dry+bulk+fleet%2C+including+the+number+of+vessels+chartered+from+Japanese+owners%2C+and+your+current+newbuilding+orderbook%3F%3Cbr%3E%3Cbr%3EAs+of+the+end+of+March%2C+dry+bulk+carrier+operator+d%E2%80%99Amico+Dry%E2%80%99s+core+fleet+consisted+of+24+owned+vessels+and+nine+vessels+on+long-term+TC+%28time+charter%29%2C+totaling+33+vessels.+All+of+the+ships+are+built+in+Japan+or+at+Japanese-affiliated+shipyards%2C+and+the+ship+sizes+range+from+mini-Capesize%2C+Kamsarmax%2C+Ultramax%2C+to+Handysize.+Over+the+past+two+years%2C+d%E2%80%99Amico+Dry+has+strengthened+its+geared+vessel+fleet%2C+%E2%80%9Ccreating+additional+revenue+opportunities%2C%E2%80%9C+according+to+the+company%E2%80%99s+management.+%3Cbr%3E%E3%80%80The+remaining+newbuilding+orders+includes+two+Ultramax+vessels+from+a+Chinese+shipyard%2C+as+well+as+two+Ultramax+vessels+%28scheduled+for+completion+in+2028-2029%29+and+five+Kamsarmax+vessels+%28scheduled+for+completion+in+2025-2028%29%2C+which+are+built+in+Japan%2C+secured+through+long-term+time+charter+contracts.+%3Cbr%3E%E3%80%80Product+carrier+operator+d%E2%80%99Amico+International+Shipping+%28DIS%29+had+a+core+fleet+of+32+vessels+as+of+the+end+of+March.+Of+these%2C+29+are+owned+ships%2C+and+the+remaining+three+are+on+bare+boat+charters+from+two+Japanese+shipowners+and+through+JOLCO+%28Japanese+Operating+Lease+with+Call+Option%29.+%3Cbr%3E%E3%80%80It+has+six+MR+%28Medium+Range%29+1+type%2C+20+MR2+type%2C+and+six+LR+%28Large+range%29+1+type.+The+technical+management+of+all+vessels+is+handled+by+the+company+group.+%3Cbr%3E%E3%80%80Between+2014+and+2019%2C+DIS+ordered+22+new+ships+at+a+total+investment+of+approximately+%24750+million.+Since+2022%2C+it+has+exercised+Purchase+Options+%28POs%29+for+six+time+charter+vessels%2C+acquired+shares+in+four+MR2-type+vessels+owned+by+a+joint+venture%2C+and+ordered+four+LR1-type+vessels+%28delivery+in+the+second+half+of+2027%29+from+a+Chinese+shipyard.+%3Cbr%3E%3Cbr%3E%3Cbr%3E2%29How+did+you+develop+your+business+in+the+dry+bulk+and+product+tanker+segments+in+2024%3F+%3Cbr%3E%3Cbr%3EDry+bulk+%3Cbr%3EOn+the+Dry+bulk+segment%2C+we+have+decided+to+take+a+prudent+approach+and+to+focus+on+securing+coverage+mainly+with+Japanese+Charterers+and+few+Europeans.+Additionally%2C+we+have+sold+all+our+handies+mainly+mid-2024+and+the+last+one+in+Q1+2025+and+decided+to+focus+on+Ultramax%2C+Kamsarmax%2C+and+PostPanamax+segment.+Last+year+we+also+hired+a+team+focusing+on+developing+mainly+fertilizers+and+clinker+trades+worldwide.+Finally%2C+we+have+added+a+couple+of+LTTC+ships+to+be+delivered+2028+and+2029%2C+bringing+our+orderbook+through+LTTC+fleet+at+7+units.+%3Cbr%3E%3Cbr%3E%3Cbr%3EProduct+Tankers%3Cbr%3EIn+2024%2C+d%E2%80%99Amico+International+Shipping+%28DIS%29+reported+a+consolidated+net+profit+of+US%24+188.5+million%2C+closely+trailing+our+record+profit+of+US%24+192.2+million+from+the+previous+year.+Our+daily+spot+rate+improved+to+US%24+33%2C871%2C+surpassing+2023%E2%80%99s+rate+of+US%24+32%2C873%2C+reflecting+continued+strong+demand+for+our+services+despite+a+still+robust+but+less+exuberant+freight+market+in+the+second+half+of+the+year.%3Cbr%3E%3Cbr%3EIn+2024%2C+DIS+thrived+in+a+vibrant+freight+market%2C+driven+by+limited+fleet+growth%2C+growing+global+oil+trade%2C+and+numerous+trade+disruptions.+Notably%2C+the+attacks+by+Houthis+to+vessels+transiting+the+Red+Sea+and+Gulf+of+Aden+required+us+to+reroute+vessels+around+the+Cape+of+Good+Hope%2C+significantly+increasing+travel+distances.+Additionally%2C+the+ongoing+conflict+in+Ukraine+and+related+EU+sanctions+reshaped+oil+trade+flows%2C+reducing+Russian+oil+shipments+to+the+EU+while+increasing+exports+to+more+distant+locations+such+as+Asia+and+South+America%2C+prompting+Europe+to+source+more+oil+from+the+US%2C+the+Middle+East%2C+and+Asia.+These+changes+significantly+extended+the+average+distances+sailed+by+our+product+tankers.%3Cbr%3E%3Cbr%3E%3Cbr%3E3%29What+is+your+outlook+for+the+dry+bulk+and+product+tanker+markets+2025%3F+Please+include+potential+impacts+from+tariffs+and+the+USTR+port+fee+framework.%3Cbr%3E%3Cbr%3EDry+bulk%3Cbr%3EOn+the+dry+segment%2C+we+are+neutral+on+the+market+for+balance+of+2025+with+rates+range+bound+slightly+above+our+breakeven+levels.+We+expect+the+usual+seasonal+positives+in+Q3%2FQ4+%28Brazil+Corn+and+US+Grain+++decent+Iron+Ore+and+Coal+demand%2C+and+good+bauxite+flows%29+against+a+higher+than+usual+amount+for+Newbuilding+deliveries+in+second+half+of+2025.+Steel+exports+continue+to+be+firm+at+the+moment.+However%2C+the+effect+of+tariffs+and+other+geopolitical+events+are+too+hard+to+predict+and+the+uncertainty+is+sure+to+continue+for+the+balance+of+the+year.+Already+we+saw+over+the+weekend+the+escalation+between+Israel+%26+Iran%2C+with+price+effect+on+oil.+Supply+chain+disruptions+are+usually+positive+for+freight+markets%2C+however+the+effect+of+a+full+blown+trade+war+on+aggregate+demand+would+of+course+be+negative.%3Cbr%3E%3Cbr%3E%3Cbr%3EProduct+tankers+%3Cbr%3EWe+have+a+positive+outlook+for+the+product+tanker+market+in+2025.+The+market+is+currently+benefitting+from+significant+trade+disruptions+deriving+from+the+impact+of+the+Ukrainian+war+and+the+Houthi+attacks+in+the+Bab-el-Mandeb+strait.+Looking+ahead%2C+although+potential+peace+agreements+in+Ukraine+and+Gaza+could+restore+some+logistical+efficiency%2C+we+believe+underlying+supply+tightness%2C+reconfigured+trade+patterns%2C+and+regulatory+pressures+will+continue+to+support+a+healthy+market.+Notably%2C+even+if+Suez+Canal+transits+normalize+or+sanctions+on+Russia+were+lifted%2C+mitigating+factors+such+as+higher+European+imports+from+Asia+and+the+Middle+East%2C+or+the+scrapping+of+ageing+tonnage+in+the+shadow+fleet%2C+should+continue+to+sustain+the+market.+Additionally%2C+tighter+U.S.+restrictions+on+Iranian+oil+exports+could+shift+volumes+to+non-sanctioned+producers%2C+benefiting+VLCC+demand+with+positive+knock-on+effects+across+other+tanker+segments.+%3Cbr%3E%3Cbr%3EIn+this+respect%2C+the+current+war+between+Israel+and+Iran+could+have+a+major+impact+on+the+tanker+market.+The+risk+of+a+possible+closure+of+the+Hormuz+strait+has+been+very+positive+for+the+market.+An+outright+closure+could%2C+however%2C+have+very+detrimental+effects+in+the+short-term%2C+leading+to+a+surge+in+the+oil+price+while+depressing+world+economic+growth+and+oil+demand.+Around+16+million+bpd+of+crude+and+5+million+bpd+of+refined+products+usually+transit+through+this+strait%2C+representing+around+30%25+of+total+seaborne+oil+trade.+Such+a+large+drop+in+volumes+shipped+could+not+be+compensated+by+higher+production+in+other+regions.+The+dramatic+nature+of+such+an+event+implies+that+it+should+be+short-lived%2C+leading+to+an+involvement+of+the+US+in+the+conflict+and+in+ensuring+the+resumption+of+normal+trade+flows+through+the+strait.%3Cbr%3E%3Cbr%3ELonger-term%2C+several+possible+scenarios+could+unfold+from+this+conflict%2C+including+a+resumption+of+nuclear+negotiations+by+the+US+with+an+agreement+limiting+Iran%E2%80%99s+nuclear+development+plans%2C+entailing+potentially+the+removal+of+sanctions%3B+an+end+to+the+conflict+not+arising+from+an+agreement+on+nuclear+and+therefore+followed+by+a+maximum+pressure+campaign+by+the+US+to+further+weaken+the+current+Iranian+regime%3B+and+the+more+remote+possibility+of+a+toppling+of+the+current+regime+as+the+population%2C+sensing+its+weakness%2C+uprises+to+obtain+change.+All+of+these+scenarios+would+be+positive+for+compliant+tanker+operators.+In+two+cases+Iranian+oil+would+not+be+sanctioned+anymore%2C+opening+a+new+market+for+compliant+tankers+to+the+detriment+of+shadow+fleet+operators.+In+the+other+case%2C+Iran%E2%80%99s+exports+would+be+severely+curtailed%2C+creating+space+for+more+non-sanctioned+oil+exports+on+compliant+tankers.%3Cbr%3E%3Cbr%3EWe+have+also+seen+recently+an+acceleration+in+tanker+sanctioning+by+EU+and+UK+authorities%2C+reducing+the+pool+of+vessels+able+to+transport+Russian+cargoes%3B+productivity+of+targeted+vessels+should+decline%2C+favoring+the+compliant+fleet.+Furthermore%2C+the+rapid+planned+increase+in+oil+production+by+OPEC++should+lead+to+more+crude+oil+and+refined+products+being+transported+in+the+coming+months.+There+is+also+a+possibility+that+if+OPEC+continues+raising+production+at+this+rapid+pace%2C+the+forward+oil+price+curve+could+move+into+contango%2C+encouraging+stock+builds+and+slower+sailing+speeds%2C+further+bolstering+the+market%2C+at+least+short-term.+Longer-term+the+main+factors+supporting+product+tanker+demand+are+the+continuing+expected+refinery+closures+in+Europe+and+the+US+as+they+lose+market+share+to+the+more+competitive+refining+units+being+built+in+Asia+and+the+Middle+East%2C+resulting+in+an+increase+in+average+distances+sailed.+On+the+supply+side%2C+the+rapidly+ageing+fleet+should+result+in+an+acceleration+in+demolitions+from+2028%2C+as+large+chunks+of+the+currently+trading+fleet+start+reaching+their+25th+anniversary.+We+therefore+expect+another+strong+year+for+d%E2%80%99Amico+International+Shipping+in+2025%2C+with+a+positive+outlook+also+for+the+following+years.++%3Cbr%3E%3Cbr%3EAs+per+the+latest+proposal+from+the+US+Trade+representative%2C+tankers+of+up+to+55+thousand+dwt+are+excluded+from+the+US+port+fees.+It+is+also+possible+that+LR1s+will+be+excluded%2C+since+the+proposal+refers+to+an+exclusion+for+vessels+with+a+bulk+capacity+of+up+to+80k+dwt%2C+without+specifying+whether+it+refers+also+to+liquid+bulk.+Currently+the+proposals+are+not+directly+affecting+us%2C+but+if+LR1s+were+not+excluded+they+should+affect+us+from+the+second+half+of+2027%2C+when+our+LR1s+currently+being+built+in+China+are+going+to+start+being+delivered+to+us.+Since+by+then+we+will+have+a+fleet+of+10+LR1s%2C+of+which+only+4+built+in+China%2C+we+will+be+able+to+plan+the+employment+of+our+fleet+to+minimize+the+negative+impact+of+such+fees.+%3Cbr%3E%3Cbr%3EThe+current+strong+bi-partisan+willingness+of+the+US+parliament+to+revitalize+its+shipbuilding+industry+while+weakening+the+Chinese+one%2C+should+weaken+the+appetite+for+tanker+newbuild+orders+in+China%2C+including+for+those+vessels+apparently+excluded+from+such+fees%3B+US+policies+have+been+very+volatile+and+unpredictable+under+the+Trump+administration+and+in+the+future+a+more+restrictive+stance+than+currently+proposed+cannot+be+excluded.%3Cbr%3E%3Cbr%3E%3Cbr%3E4%29Based+on+your+market+forecast%2C+what+strategies+are+you+implementing+to+enhance+profitability%3F+%3Cbr%3E%3Cbr%3EDry+buk%3A%3Cbr%3EAnswered+for+dry+segment+given+in+question2.%3Cbr%3E%3Cbr%3EProduct+Tankers+%E2%80%93+d%E2%80%99Amico+International+Shipping%3Cbr%3EOur+base+case+market+forecast+for+2025+and+the+coming+years+is+positive.+As+discussed+above%2C+there+are+many+geopolitical+factors%2C+beyond+our+control+and+depending+on+how+they+unfold%2C+a+short-term+market+correction+cannot+be+excluded.+We+have%2C+therefore%2C+decided+to+increase+fixed+rate+contract+coverage+relative+to+the+last+few+years%3B+for+the+last+three+quarters+of+2025+our+coverage+through+such+contracts+stands+at+around+52%25.+Our+coverage+is+lower+and+of+only+21%25+for+2026%2C+but+we+plan+to+increase+it+in+the+coming+quarters.+Furthermore%2C+following+the+sale+of+the+oldest+vessel+in+our+fleet%2C+the+Glenda+Melanie%2C+last+year%2C+we+plan+to+sell+the+three+currently+oldest+vessels+in+our+fleet%2C+all+built+in+2011%2C+in+the+coming+quarters%2C+having+recently+signed+MOAs+for+the+sale+of+two+of+these%2C+the+Glenda+Melody+and+the+Glenda+Melissa%2C+to+be+delivered+to+their+buyers%2C+respectively%2C+by+the+end+of+July+and+the+end+of+December+this+year.%3Cbr%3E%3Cbr%3EWe+also+plan+to+continue+investing+to+increase+the+energy+efficiency+of+our+vessels%2C+through+the+installation+of+energy+saving+devices%2C+such+as+propeller+boss+cap+fins%2C+mewis+ducts%2C+wake+equalizing+ducts+and+low+friction+paint%2C+and+through+operational+measures%2C+including+by+seeking+to+optimize+routes+and+sailing+speeds%2C+to+reduce+fuel+consumption.++%3Cbr%3E%3Cbr%3EThe+4+LR1s+we+ordered+and+that+should+be+delivered+to+us+in+the+second+half+of+2027%2C+should+also+contribute+to+our+profitability.%3Cbr%3E%3Cbr%3EFinally%2C+over+the+last+few+years+we+have+substantially+deleveraged+our+balance+sheet%2C+with+a+ratio+of+net+debt%2F+fleet+market+value+of+10%25+at+the+end+of+March+2025.+This+same+ratio+was+of+around+73%25+at+the+end+of+2018.+This+substantial+reduction+in+financial+leverage+coupled+with+the+timely+purchase+of+most+of+our+vessels%2C+at+very+attractive+prices%2C+close+to+the+all-time+lows+of+the+last+twenty+years%2C+contribute+to+our+very+competitive+P%26L+and+financial+break-evens.%3Cbr%3E%3Cbr%3E%3Cbr%3E5%29Please+outline+your+fleet+renewal+program%2C+including+plans+for+newbuildings%2C+long-term+charters%2C+and+second-hand+purchases.%3Cbr%3E%3Cbr%3EDry+bulk+segment%3A%3Cbr%3EFor+the+dry+business+unit%2C+we+have+ordered+2+new+building+vessels+%28Sdari+64.000+dwt%29.%3Cbr%3E%3Cbr%3EFor+the+dry+business+unit%2C+we+have+also+ordered+through+LTTC%2C+2+Ultramax+for+delivery+2028+and+2029+and+5+Kamsarmax+for+delivery+from+2025+until+2028.%3Cbr%3E%3Cbr%3E%3Cbr%3EProduct+tankers%3Cbr%3EWe+have+ordered+4+LR1s+at+Yangzijiang+Shipbuilding+in+China%2C+which+will+be+delivered+to+us+in+the+second+half+of+2027.+These+vessels+are+designed+to+comply+with+EEDI+Phase+3+and+NOx+Tier+III+standards+and+are+equipped+with+a+suite+of+advanced+Energy+Saving+Devices+%28ESDs%29%2C+including%3A%3Cbr%3E%E2%80%A2%09Propeller+Boss+Cap+Fins+%28PBCF%29%3Cbr%3E%E2%80%A2%09Pre-swirl+vanes%3Cbr%3E%E2%80%A2%09LED+lighting+systems%3Cbr%3E%E2%80%A2%09CSW+pump+Variable+Frequency+Drives+%28VFDs%29%3Cbr%3E%E2%80%A2%09Engine+Room+Fans+%3Cbr%3E%E2%80%A2%09Cold+Ironing%3Cbr%3EAll+vessels+are+certified+to+operate+on+Hydrotreated+Vegetable+Oil+%28HVO%29+and+biofuel+blends+up+to+B50.+We+are+also+evaluating+the+possibility+of+installing+wind+assisted+propulsion+on+these+vessels.%3Cbr%3EOur+total+investment+for+the+4+LR1s+is+of+around+US%24235+million%2C+of+which+US%24191+million+in+future+commitments.%3Cbr%3E%3Cbr%3EWe+currently+do+not+plan+further+investments+on+newbuildings+or+secondhand+vessels.+We+will%2C+however%2C+continue+monitoring+the+market+closely+to+seize+attractive+opportunities+that+might+arise%2C+being+able+to+rely+on+the+financial+flexibility+provided+by+our+very+strong+balance+sheet+today.%3Cbr%3E%3Cbr%3E%3Cbr%3E6%29%09Given+the+U.S.+policy+towards+China%2C+how+do+you+assess+the+future+risks+associated+with+Chinese-built+ships%3F%3Cbr%3EDry+bulk%3Cbr%3EOn+the+dry+side%2C+we+feel+any+effect+will+be+limited+to+Container%2C+LNG+and+PCC+vessels.+Operators+on+these+routes+will+be+subject+to+fees+and%2For+restrictions+if+ships+are+built+in+China.+Chinese+built+Bulk+Carriers+%28and+Product+Tankers%29+will+likely+see+little+disruption+or+fees.+It+is+possible+the+US+SHIPS+Act+may+bring+in+new+restrictions+for+Chinese-built+ships%2C+but+it+is+hard+to+speculate+at+this+point.%3Cbr%3E%3Cbr%3EProduct+tankers%3Cbr%3EThe+current+strong+bi-partisan+willingness+of+the+US+parliament+to+revitalize+its+shipbuilding+industry+while+weakening+the+Chinese+one%2C+should+reduce+the+appetite+for+tanker+newbuild+orders+in+China%2C+including+for+those+vessels+apparently+excluded+from+such+fees%3B+US+policies+have+been+very+erratic+and+unpredictable+under+the+Trump+administration+and+in+the+future+a+more+restrictive+stance+than+currently+proposed+cannot+be+excluded.%3Cbr%3E%3Cbr%3EChinese+newbuilding+prices+are+therefore+likely+to+trade+at+a+bigger+discount+than+in+the+past+relative+to+newbuildings+in+Japan+and+Korea.%3Cbr%3E%3Cbr%3E7%29%09What+activities+did+you+carry+out+in+the+Japanese+market+in+2024%2C+such+as+newbuilding+orders%2C+long-term+charter%2C+sale-and-leaseback+transactions%2C+and+financing%3F%3Cbr%3E%3Cbr%3EDry+bulk%3A%3Cbr%3EOn+the+dry+side+we+have+financed+2+vessels+with+Japanese+banks%2C+one+with+BOT+Lease+and+the+other+with+The+Iyo+Bank+for+a+total+of+24+million.+%3Cbr%3E%3Cbr%3EProduct+tankers%3Cbr%3EIn+2024+we+have+financed+two+product+tankers+with+Japanese+institutions%2C+one+with+NTT+and+the+other+one+with+The+Iyo+Bank%2C+for+a+total+amount+drawn+down+of+US%2432.8+million.%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3E8%29%09What+are+your+plans+for+the+Japanese+market+in+2025%3F%3Cbr%3E%3Cbr%3Ed%E2%80%99Amico+Group%3Cbr%3E%3Cbr%3EOver+the+last+two+decades%2C+the+d%E2%80%99Amico+Group+has+made+payments+on+hire+contracts+and+on+shipbuilding+contracts+of+over+US%243+billion+to+Japanese+counterparties%2C+by+ordering+18+newbuildings+in+7+different+shipyards+and+taking+on+long-term+time-charter-in+101+vessels.%3Cbr%3E%3Cbr%3EDuring+the+same+period%2C+the+d%E2%80%99Amico+Group+has+also+obtained+over+US%24600+million+in+financing+from+Japanese+counterparties%2C+through+18+facilities+from+7+Japanese+banks+and+through+9+sale-leaseback+transactions+including+a+JOLCO.%3Cbr%3E%3Cbr%3E+%3Cbr%3E%3Cbr%3EDry+bulk%3Cbr%3EOn+the+dry+side+we+plan+to+continue+to+be+active+players+with+a+strong+presence.+We+are+not+giving+ourselves+a+target+for+the+activities+to+be+done+in+2025%2C+but+we+are+happy+to+share+that+since+the+beginning+of+our+presence+in+Japan.+We+concluded+over+3+Joint+Venture%2C+and+hopefully+we%E2%80%99ll+manage+to+conclude+a+4th+one+within+the+next+12+months.+Our+target+for+2025%2C+is+to+continue+on+our+route+trying+to+develop+and+strengthen+our+business+relationships.+%3Cbr%3E%3Cbr%3E%3Cbr%3EProduct+tankers%3Cbr%3EWe+plan+to+refinance+some+of+our+vessels+in+2025.+We+are+achieving+very+competitive+pricing+on+our+financings+currently+and+will+be+discussing+these+opportunities+with+some+of+our+close+Japanese+counterparties.+It+is+likely+that+at+least+one+of+these+vessels+will+end+up+being+financed+by+a+Japanese+institution.+%3Cbr%3E%3Cbr%3EWe+do+not+have+plans+to+order+newbuildings+in+Japan+currently.+Although+we+recognize+the+high-quality+of+Japanese+shipyards%2C+we+consider+their+prices+still+too+high+and+their+deliveries+slots+too+distant.+We+also+do+not+plan+to+take+vessels+on+long-term-time-charter-in+at+today%E2%80%99s+still+very+high+levels.+We+hope+that+in+the+future%2C+when+market+conditions+change%2C+we+will+be+able+to+pursue+such+transactions+in+Japan+again.%3Cbr%3E%3Cbr%3E9%29+Could+you+share+your+recent+activity+regarding+the+exercise+of+purchase+options%3F+What+is+your+policy+regarding+purchase+options+in+upcoming+charter+contracts+with+Japanese+owners%3F%3Cbr%3E%3Cbr%3EDry+bulk%3A%3Cbr%3EOn+the+dry+side%2C+we+have+never+exercised+purchase+options+with+the+sole+purpose+of+reselling+the+vessel+for+an+immediate+profit.+Instead%2C+our+strategy+has+always+been+to+exercise+the+purchase+option+of+LTTC%2C+allowing+us+to+take+over+the+vessel+and+continue+operating+it+under+our+ownership+and+management.%3Cbr%3E%3Cbr%3EProduct+Tankers%3Cbr%3ESince+%E2%80%9922+we+have+exercised+6+purchase+options+on+time-chartered-in+vessels%2C+investing+around+US%24190+million.+We+have+also+exercised+since+%E2%80%9921+options+on+9+vessels+which+were+on+bareboat+charter-in%2C+with+two+of+these+subsequently+refinanced+through+new+bareboat+charter-in+deals.+Most+of+these+deals+were+with+Japanese+counterparties+and+included+a+JOLCO+for+one+LR1+vessel.+We+have+exercised+the+options+on+the+time-charter-in+contracts+since+they+were+well+in-the-money+and+we+were+getting+close+to+the+end+of+the+time-charter-in+periods.+Furthermore%2C+by+exercising+these+options+we+wanted+to+gain+full+control+of+the+vessels%2C+being+able+to+manage+them+technically+according+to+our+high+standards%2C+with+the+objective+of+increasing+their+fuel+efficiency+as+well+as+their+useful+life.%3Cbr%3E%3Cbr%3E%3Cbr%3E10%29%09How+are+you+preparing+to+comply+with+FuelEU+Maritime+regulations%3F%3Cbr%3EWe+have+covered+all+our+forecasted+compliance+balance+deficit+arising+from+the+FuelEU+maritime+regulations+though+a+pooling+arrangement+with+a+counterparty+which+has+a+positive+compliance+balance.%3Cbr%3E%3Cbr%3EIn+the+future%2C+we+also+see+biofuel+blends+as+a+potential+alternative+to+pooling+arrangements.+Biofuels+are+the+most+viable+drop-in+fuel+option+for+our+fleet+to+comply+with+the+FuelEU.+Among+the+various+alternatives+being+explored+across+the+industry%2C+biofuels+stand+out+due+to+their+adaptability.+Scalability+today+is+a+common+issue+for+all+alternative+fuels.%3Cbr%3E%3Cbr%3EA+key+advantage+is+that+our+existing+vessel+engines+can+operate+on+biofuels+without+requiring+major+modifications%2C+making+them+a+cost-effective+and+practical+solution+that+can+be+deployed+immediately.%3Cbr%3E%3Cbr%3E%3Cbr%3E11%29%09What+is+your+assessment+of+the+IMO%E2%80%99s+mid-term+measures+for+GHG+reduction%3F%3Cbr%3EAlthough+some+details+of+the+regulation+still+need+to+be+defined+and+a+more+careful+analysis+of+all+its+implications+still+needs+to+be+performed%2C+we+welcome+the+current+proposals%2C+which+should+contribute+to+the+decarbonisation+of+the+industry.%3Cbr%3E%3Cbr%3EThe+IMO%E2%80%99s+mid-term+measures+are+likely+to+generate+substantial+costs+for+operators+that+continue+using+only+conventional+fossil+fuels+and+should+therefore+contribute+to+the+adoption+of+lower+carbon+fuels+and+new+technologies+such+as+wind+assisted+propulsion.+We+also+hope+that+the+implementation+of+these+regulations+will+result+in+the+repeal+of+regional+regulations+such+as+the+FuelEU%2C+simplifying+compliance.+%3Cbr%3E%3Cbr%3EOlder+tonnage+will+financially+be+at+large+disadvantage+to+modern+vessels+as+we+move+beyond+2032%2C+forcing+the+removal+of+a+large+part+of+the+fleet+built+between+2009+and+2012.%3Cbr%3E%3Cbr%3E%3Cbr%3E%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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【Global lens】ダミコ、日本発注・長期用船 過去20年で119隻。24年は資金調達4隻

2025/06/27(金)

日本海事新聞 JMD

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