日本海事新聞ニュース Japan Maritime Daily Jul 22, 2025 (Tue)

‌【Current of Japanese shipowners】Low PBR Fuels M&A Pressure on Japanese Shipping Sector

　July 14 at 1:30pm. Tamai Steamship (headquartered in Minato Ward, Tokyo), whose core business is Ha ・・・ 続きはログインして下さいnext %E3%80%80July+14+at+1%3A30pm.+Tamai+Steamship+%28headquartered+in+Minato+Ward%2C+Tokyo%29%2C+whose+core+business+is+Handymax+bulk+shipping+operations%2C+has+disclosed+to+the+Tokyo+Stock+Exchange+its+%E2%80%9Cresponse+policy+in+light+of+the+large-scale+purchase+of+Company+shares+by+Mr.+Sun+You+Ning.%E2%80%9C+%3Cbr%3E%E3%80%80Singaporean+investor+Sun+has+acquired+just+over+9%25+of+Tamai+Steamship+shares.+In+an+interview+with+Tamai+Steamship%2C+he+explained+his+aim+by+saying%2C+%E2%80%9CI+invest+by+looking+at+the+fair+value+of+companies+that+are+trading+at+low+stock+prices.%E2%80%9C+%3Cbr%3E%E3%80%80A+Tokyo-based+ship+finance+official+said%2C+%E2%80%9CWe+don%E2%80%99t+yet+know+the+background+to+this+purchase%2C+but+shipping+companies+with+low+PBRs+%28price-to-book+ratios%29+are+generally+easy+targets+for+M%26A+%28mergers+and+acquisitions%29.+In+theory%2C+you+can+make+a+profit+by+buying+the+companies+cheaply+and+then+selling+the+ships.%E2%80%9C+%3Cbr%3E%E3%80%80PBR+is+an+indicator+obtained+by+dividing+a+company%E2%80%99s+stock+price+by+its+net+assets+per+share.+As+of+July+17%2C+Tamai+Steamship%E2%80%99s+PBR+is+0.51.+Generally+speaking%2C+PBR+below+1+is+considered+to+be+undervalued+relative+to+its+net+assets.+%3Cbr%3E%E3%80%80Net+assets%2C+which+are+the+denominator+of+PBR%2C+are+based+on+book+value.+For+this+reason%2C+in+current+circumstances+where+secondhand+vessel+prices+%28%3D+current+market+value%29+are+at+high+levels%2C+the+feeling+of+undervaluation+of+shipping+companies+becomes+even+more+apparent.+%3Cbr%3E%E3%80%80%E2%96%A0+Distrust+in+capital+markets+%3Cbr%3E%E3%80%80%E2%80%9CMany+shipping+stocks+are+trading+below+their+corporate+value.+There+could+be+several+reasons+for+this.+It+could+be+sub-scale%2C+lack+of+liquidity+in+the+stocks%2C+people+not+having+confidence+in+the+shipping+market+in+the+long+term%2C+etc.%E2%80%9C+%3Cbr%3E%E3%80%80Alexander+Saverys%2C+CEO+%28Chief+Executive+Officer%29+of+Belgian+shipping+major+CMB.TECH%2C+explained+the+stock+market+valuation+of+shipping+in+this+way+during+a+webinar+held+in+May.+%3Cbr%3E%E3%80%80This+spring%2C+CMB.TECH+decided+to+acquire+Golden+Ocean+Group+%28GOGL%29%2C+a+major+Norwegian+dry+bulk+company.+At+that+point%2C+GOGL%E2%80%99s+PBR+had+been+fluctuating+around+0.9%2C+less+than+1%2C+since+the+turn+of+this+year.+%3Cbr%3E%E3%80%80Low+PBR+is+a+common+concern+for+listed+shipping+companies+around+the+world.+%3Cbr%3E%E3%80%80Even+the+three+shipping+majors%2C+NYK%2C+MOL%2C+and+%E2%80%9CK%E2%80%9DLine%2C+which+continue+to+perform+well%2C+currently+have+PBRs+of+only+around+0.6-0.8.+%3Cbr%3E%E3%80%80%E2%80%9CThe+capital+markets+are+not+valuing+shipping.+From+an+investor%E2%80%99s+perspective%2C+the+cyclical+fluctuations+in+the+shipping+market+and+memories+of+past+recessions+are+likely+making+it+difficult+to+dispel+anxiety.%E2%80%9C+%28Japanese+carrier+official%29+%3Cbr%3E%E3%80%80%E2%96%A0+Business+succession+is+a+difficult+issue+%3Cbr%3E%E3%80%80%E2%80%9CM%26A+will+be+a+big+theme+in+shipping+this+year+and+next+year.%E2%80%9C+%3Cbr%3E%E3%80%80The+ship+finance+industry+official+mentioned+at+the+beginning+says+this+confidently.+%3Cbr%3E%E3%80%80He+says+a+representative+from+a+Western+securities+firm+who+visited+Japan+this+spring+visited+various+Japanese+financial+companies+involved+in+ship+financing+and+emphasized+the+likely+scenarios+for+future+M%26A+in+the+container+shipping+industry.+%3Cbr%3E%E3%80%80A+market+insider+familiar+with+liner+vessels+said%2C+%E2%80%9CIt+would+be+difficult+to+pursue+M%26A+between+two+major+companies+at+the+top+of+the+alliance+from+the+perspective+of+antitrust+laws%2C+but+it+can+happen+between+a+major+company+and+a+local+shipping+company.%E2%80%9C+%3Cbr%3E%E3%80%80Japanese+big+carriers+are+also+actively+pursuing+M%26A.+NYK+has+invested+76+billion+yen+to+acquire+an+80%25+stake+in+%E2%80%9CNYK+Energy+Ocean%E2%80%9C%2C+a+new+company+that+has+taken+over+all+shipping+business+operations+except+for+VLCC+%28Very+Large+Crude+Carrier%29+from+ENEOS+Ocean.+%3Cbr%3E%E3%80%80A+top+executive+of+a+Setouchi+shipowner+said%2C+%E2%80%9CJapanese+carriers+are+probably+thinking+that+it+would+be+quicker+to+use+their+saved+cash+to+pursue+M%26A+rather+than+time+chartering+new+ships+one+by+one.%E2%80%9C+%3Cbr%3E%E3%80%80Prices+for+new+ship+orders+remain+high%2C+and+if+an+investment+is+made+now%2C+it+will+take+three+to+four+years+for+the+ship+to+be+completed.+M%26A+has+an+aspect+of+%E2%80%9Cbuying+time.%E2%80%9C+%3Cbr%3E%E3%80%80Unlisted+Japanese+ship+owners+are+also+seen+as+promising+M%26A+targets+by+Japanese+and+overseas+companies.+The+background+to+this+is+the+%E2%80%9Cbusiness+succession+issue%E2%80%9C+faced+by+many+small+and+medium-sized+ship+owners.+%3Cbr%3E%E3%80%80%E2%80%9CRecently%2C+our+staff+have+made+extensive+visits+to+shipowners+in+the+Seto+Inland+Sea+area%2C+and+the+issue+that+many+of+them+mentioned+was+the+problem+of+finding+a+successor.%E2%80%9C+%28A+person+involved+in+ship+finance%29+%3Cbr%3E%E3%80%80As+company+founders+are+aging%2C+shipowners+are+faced+with+a+mountain+of+challenges%2C+including+fuel+switching%2C+stricter+regulations%2C+inflation%2C+and+labor+shortages.+For+some+small+and+medium-sized+shipowners+with+limited+management+resources%2C+the+option+of+transferring+the+company+through+M%26A+is+becoming+more+realistic.+%3Cbr%3E%E3%80%80However%2C+the+M%26A+valuation+of+unlisted+companies+is+often+calculated+with+reference+to+the+stock+prices+of+listed+companies+in+the+same+industry.+In+other+words%2C+the+low+PBR+of+listed+shipping+companies+could+also+have+an+impact+on+unlisted+shipowners%2C+who+could+be+seen+as+undervalued+acquisition+targets.+%3Cbr%3E%E3%80%80An+official+in+the+ship+finance+industry+has+warned%2C+%E2%80%9CIf+Japanese+shipowners+were+to+be+bought+out+cheaply+by+overseas+investors+and+their+ships+were+sold+off%2C+it+would+only+drain+wealth+from+Japan.%E2%80%9C+%3Cbr%3E%E3%80%80%28Japanese+ship+owners+coverage+team%29+%3Cbr%3E%E3%80%80%28Published+on+Tuesday+this+week+because+Monday+is+a+holiday.+From+August+onwards%2C+it+will+be+published+once+a+month.%29+%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

【国内船主の今】(398)低PBR M&A加速。中小船主もターゲットに

2025/07/22(火)

日本海事新聞 JMD

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