日本海事新聞ニュース Japan Maritime Daily Sep 01, 2025 (Mon)

European Owners Shift from Chinese to JOLCO Leases Amid USTR Policy Concerns

　Demand for JOLCO Japanese Operating Lease with Call Option, see word) for ships continues to grow. ・・・ 続きはログインして下さいnext %E3%80%80Demand+for+JOLCO+Japanese+Operating+Lease+with+Call+Option%2C+see+word%29+for+ships+continues+to+grow.+Due+to+concerns+about+China+risks+since+the+inauguration+of+the+Trump+administration+in+the+United+States%2C+mainly+European+shipowners+and+owner-operators+%28shipowners+and+operating+companies%29+are+promoting+refinancing+from+Chinese+leases+to+JOLCO+leases.+JOLCO+is+becoming+increasingly+prominent+as+a+highly+competitive+option+for+European+shipping+companies+to+diversify+their+financing+portfolios.+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%80%9CWe+have+received+many+inquiries+about+JOLCO+from+European+shipping+companies.+Momentum+has+grown+especially+since+the+Trump+administration+came+to+power%2C+with+European+shipowners+keen+to+reduce+their+exposure+to+Chinese+leasing.%E2%80%9C+%3Cbr%3E%E3%80%80A+ship+finance+professional+familiar+with+JOLCO+described+the+recent+market+trend+this+way.+%3Cbr%3E%E3%80%80One+focus+of+attention+regarding+China+risks+in+the+shipping+sector+is+the+port+entry+fee+system+that+the+Office+of+the+United+States+Trade+Representative+%28USTR%29+will+launch+in+October%2C+which+could+result+in+high+port+entry+fees+being+imposed+on+ships+operated+or+owned+by+Chinese+ship+owners+and+operators+calling+at+U.S.+ports.+%3Cbr%3E%E3%80%80It+is+unclear+whether+Chinese-leased+ships+will+also+be+subject+to+the+port+entry+fee%2C+but+some+European+shipping+companies+that+have+been+actively+using+Chinese+leases+are+now+considering+using+JOLCO+leases+as+a+risk+hedging+measure+to+diversify+their+fundraising+portfolios.+%3Cbr%3E%E3%80%80Some+European+shipowners+have+refinanced+to+JOLCO+to+coincide+with+the+exercise+of+POs+%28Purchase+Options%29+on+bare+boat+charter+contracts+with+Chinese+leasing+companies.+In+some+cases%2C+European+shipowners+with+ample+funds+are+holding+the+ship+for+a+certain+period+of+time+and+refinancing+it+into+a+JOLCO+if+the+timing+of+the+Chinese-leasing+PO+and+the+JOLCO+arrangement+do+not+match.+%3Cbr%3E%E3%80%80Currently%2C+LNG+%28liquefied+natural+gas%29+carriers%2C+PCTCs%2C+and+container+ships+are+the+main+types+of+ships+for+which+there+are+inquiries+about+JOLCO+leases.+%3Cbr%3E%E3%80%80Regarding+the+demand+for+funds+for+container+ships%2C+a+person+involved+in+ship+finance+said%2C+%E2%80%9CThe+situation+has+changed+recently%2C%E2%80%9C+and+pointed+out%2C+%E2%80%9CFrom+mega+container+ships%2C+which+were+popular+a+while+ago%2C+there+is+currently+a+shift+to+6%2C000-8%2C000+TEU+class+dual-fuel+ships.+With+the+aging+of+ships+in+this+range%2C+replacement+demand+is+increasing.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+80%25+increase+for+ships+%3Cbr%3E%E3%80%80JOLCO+is+a+scheme+that+allows+investors+in+projects+to+enjoy+tax+deferral+benefits%2C+making+bare+boat+charter+rates+somewhat+competitive.+%3Cbr%3E%E3%80%80%E2%80%9CThere+is+a+strong+demand+for+JOLCO+and+French+tax+leases+that+can+utilize+tax+schemes.+In+particular%2C+JOLCO+is+the+only+one+that+can+be+used+to+refinance+existing+ships%2C+making+its+presence+more+pronounced.%E2%80%9C+%28Ship+finance+source%29+%3Cbr%3E%E3%80%80According+to+estimates+by+financial+research+company+Ankh+Partners+%28headquartered+in+Tokyo%29%2C+the+market+size+of+JOLCO+%28based+on+capital+sales%29+in+fiscal+year+2024+is+expected+to+expand+by+41%25+from+the+previous+fiscal+year+to+544.1+billion+yen.+In+fiscal+year+2025%2C+ships+and+containers+are+expected+to+continue+to+boost+the+market%2C+growing+by+8%25+to+587.7+billion+yen.+%3Cbr%3E%E3%80%80Of+this%2C+the+investment+in+JOLCO+for+ships+in+fiscal+year+2024+increased+by+80%25+to+207.4+billion+yen%2C+exceeding+200+billion+yen+for+the+first+time.+The+composition+of+existing+ships+is+the+main+focus%2C+and+the+types+of+ships+are+expanding.+The+investment+amount+for+JOLCO+is+generally+about+30%25+of+the+price+of+the+target+ship%2C+so+it+is+estimated+that+the+investment+amount+has+reached+over+600+billion+yen+on+a+ship+price+basis.+%3Cbr%3E%E3%80%80In+recent+years%2C+JOLCO+for+ships+has+received+more+inquiries+for+existing+ships+than+for+new+ships.+One+reason+for+this+is+that+the+tax+reform+in+fiscal+year+2023+has+raised+the+hurdle+for+the+special+depreciation+system+for+JOLCO+leases+on+new+ships+built+overseas.+JOLCO+for+existing+ships+is+not+originally+subject+to+the+special+depreciation+system%2C+so+it+has+not+been+affected+by+the+tax+reform.+%3Cbr%3E+%3Cbr%3E%E3%80%80%E3%80%90Word%E3%80%91+%3Cbr%3E%E3%80%80JOLCO%3A+A+scheme+in+which+leasing+companies+and+financial+instruments+trading+companies+act+as+arrangers+and+establish+special+purpose+companies+%28SPCs%29+with+investments+from+Japanese+investors.+SPCs+combine+capital+investments+and+bank+loans+to+purchase+new+or+existing+ships+and+then+lease+them+to+operators+%28shipping+companies%29+or+shipowners.+The+charter+operator+or+shipowner+can+maintain+the+vessel+without+any+of+their+own+funds.+%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

船舶JOLCO拡大。欧州船主、中国リースからシフト。「トランプ政権」拍車

2025/09/01(月)

日本海事新聞 JMD

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