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日本海事新聞ニュース Japan Maritime Daily Oct 17, 2025 (Fri)

TradeWinds Forum : Pappas Cites Capesize Investment Opportunity

(From the right) Mr. Kono, Mr. Ninomiya, Ms. Pappas, Mr. Rah, Mr. Kubota, and Julian Bray, Editor-in-Chief of TradeWinds

　At the shipping forum held by the British newspaper TradeWinds in Tokyo on October 2, Milena Pappas ・・・続きはログインして下さいnext %E3%80%80At+the+shipping+forum+held+by+the+British+newspaper+%3Cb%3ETradeWinds%3C%2Fb%3E+in+Tokyo+on+October+2%2C+Milena+Pappas%2C+director+of+Star+Bulk%2C+a+major+Greek+shipowner%2C+said+when+asked+about+promising+investment+targets+over+the+next+five+years%2C+%E2%80%9CAmong+dry+bulk+carriers%2C+I+would+definitely+choose+Capesize.%E2%80%9C+The+reasons+include+a+limited+backlog+of+new+orders%2C+the+operation+of+the+Simandou+iron+ore+mine+in+Guinea%2C+and+increased+bauxite+cargo+movements.+Kensuke+Kubota%2C+general+manager+of+MITSUI+%26+CO.%2C+LTD.%E2%80%99s+Marine+Solutions+Division%2C+shared+his+expectations%2C+saying%2C+%E2%80%9CThere+is+significant+room+for+growth+in+the+areas+of+AI+%28artificial+intelligence%29+and+FSRU+%28Floating+LNG+%EF%BC%9Cliquefied+natural+gas%EF%BC%9E+Storage+and+Regasification+Unit%29.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+Capesize+backlog+is+very+low.+There+are+always+risks%2C+but+also+opportunities.+We%E2%80%99re+seeing+ton+mile+growth+from+Simandou+and+the+bauxite+trade%2C+and+with+Chinese+interests+there%2C+we+know+there+will+be+demand-side+support+over+the+next+five+years.%E2%80%9C+%3Cbr%3E%E3%80%80Pappas+points+to+positive+signs+for+the+Capesize+market.+%3Cbr%3E%E3%80%80However%2C+when+it+comes+to+actual+investments%2C+she+said%2C+%E2%80%9CIt%E2%80%99s+difficult+to+find+suitable+investment+targets.+All+shipowners+are+looking+at+the+same+thing%2C+so+the+prices+of+the+best+candidates+end+up+skyrocketing%2C%E2%80%9C+pointing+out+the+issues.+%3Cbr%3E%E3%80%80She+then+emphasized+the+effectiveness+of+M%26A+%28mergers+and+acquisitions%29%2C+saying%2C+%E2%80%9CThere+is+also+an+opportunity+to+acquire+a+pure-play+listed+company+at+a+discount+to+its+net+asset+value+%28NAV%29+and+acquire+the+entire+fleet.%E2%80%9C+%3Cbr%3E%E3%80%80Byung-Chul+Rah%2C+executive+vice+president+of+South+Korean+shipping+company+Pan+Ocean%2C+said+regarding+the+Capesize%E2%80%99s+prospects%2C+%E2%80%9CCurrently%2C+35%25+of+dry+bulk+carriers+are+10+to+15+years+old%2C+and+the+figure+is+particularly+high+for+Capesize+vessels%2C+reaching+40%25.+Over+the+next+five+years%2C+they+will+age%2C+and+supply+will+likely+become+insufficient.%E2%80%9C+%3Cbr%3E%E3%80%80Kubota+pointed+out+that+one+of+the+factors+behind+the+increased+demand+for+FSRUs%2C+saying%2C+%E2%80%9CThere+is+a+potential+for+many+%28LNG%29+upstream+projects+to+be+launched+by+2030.%E2%80%9C+Furthermore%2C+he+pointed+out+that+the+advantages+of+FSRUs+at+offshore+terminals+are+currently+attracting+attention+due+to+the+challenges+faced+by+land+terminals%2C+such+as+rising+costs+of+materials+and+equipment%2C+limited+land+space%2C+and+long+construction+lead+times.+%3Cbr%3E%E3%80%80%E2%96%A0+The+devil+is+in+the+details+%3Cbr%3E%E3%80%80The+forum+also+discussed+the+mid-term+GHG+%28greenhouse+gas%29+measures+that+the+IMO+%28International+Maritime+Organization%29+aims+to+adopt+this+weekend.+%3Cbr%3E%E3%80%80Kubota+said%2C+%E2%80%9CIf+adopted%2C+the+measures+are+expected+to+come+into+effect+in+2028%2C+so+the+next+two+years+will+be+a+very+important+period+for+finalizing+the+details.%E2%80%9C+%3Cbr%3E%E3%80%80He+cited+the+English+aphorism%2C+%E2%80%9CThe+devil+is+in+the+details%2C%E2%80%9C+and+posed+questions+about+%E2%80%9Cthe+prospects+of+the+LCA+guidelines+%28which+determine+the+GHG+intensity+of+each+fuel%29+and+the+manners+in+which+incentives+will+be+provided+with+the+funds+collected+by+the+IMO.+As+the+Japanese+maritime+cluster%2C+we+should+actively+participate+in+rule-making.%E2%80%9C+%3Cbr%3E%E3%80%80Pappas+said%2C+%E2%80%9CPersonally%2C+I+would+like+to+see+a+little+more+clarity+on+how+carbon+capture+and+storage+%28CCS%29+is+handled.+This+is+technology+that+can+be+introduced+to+existing+ships+starting+today.+We+also+hope+for+support+in+port+infrastructure+and+fuel+scalability.%E2%80%9C+%3Cbr%3E%E3%80%80Furthermore%2C+in+light+of+the+possibility+of+introducing+CCS+functionality+into+onboard+scrubbers+%28exhaust+gas+cleaning+systems%29%2C+she+said%2C+%E2%80%9COur+fleet+is+equipped+with+scrubbers%2C+so+we+can+be+one+step+ahead.+It%E2%80%99s+important+as+a+middle+ground+solution+that+can+be+done+with+existing+ships.%E2%80%9C+%3Cbr%3E%E3%80%80NYK+Vice+President+Akira+Kono+said%2C+%E2%80%9CDecarbonization+is+a+major+challenge%2C+but+it+also+represents+an+opportunity.+We+see+this+as+an+opportunity+for+innovation+and+are+promoting+digitalization+and+decarbonization%2C+which+will+become+core+pillars+for+the+development+of+the+shipping+industry+in+the+coming+decades.%E2%80%9C+%3Cbr%3E%E3%80%80MOL+Executive+Officer+Koichiro+Ninomiya+said%2C+%E2%80%9COur+company+has+a+140-year+history+in+the+shipping+industry+and+excels+at+moving+things+forward+accurately+and+steadily.+Furthermore%2C+we+are+now+embarking+on+innovation%2C+taking+risks+and+striving+to+venture+into+new+fields.+Carbon-saving+technologies+to+combat+global+warming%2C+rigid+sails%2C+CCS%2C+etc.+are+all+great+opportunities+and+areas+where+we+should+invest+money+and+effort.%E2%80%9C+%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