日本海事新聞ニュース Japan Maritime Daily Nov 25, 2025 (Tue)

‌【Current of Japanese shipowners】Challenge of Red Ocean S&LB Market and Risk of Swiss Franc

　“The S&LB (sale and leaseback) market, where first-class overseas shipowners make deals as chartere ・・・ 続きはログインして下さいnext %E3%80%80%E2%80%9CThe+S%26LB+%28sale+and+leaseback%29+market%2C+where+first-class+overseas+shipowners+make+deals+as+charterers%2C+has+become+a+red+ocean.%E2%80%9C+%3Cbr%3E%E3%80%80An+executive+of+a+local+shipowner+spoke+about+the+current+state+of+the+market+in+his+office%2C+which+was+decorated+with+numerous+commemorative+items+from+launch+ceremonies.+%3Cbr%3E%E3%80%80A+%E2%80%9Cred+ocean%E2%80%9C+refers+to+a+mature+market%2C+with+many+players+competing+for+limited+demand.+It%E2%80%99s+a+metaphor+that+evokes+the+image+of+a+%E2%80%9Cblood-stained+sea%E2%80%9C+due+to+fierce+competition.+%3Cbr%3E%E3%80%80For+Japanese+ship+owners%2C+S%26LBs+are+now+one+of+the+few+options+for+securing+depreciable+assets.+%3Cbr%3E%E3%80%80Business+negotiations+for+long-term+chartering+of+new+ships%2C+which+is+another+major+competitive+field%2C+continue+to+slow+down+as+the+gap+between+high+ship+prices+and+charter+fees+remains.+%3Cbr%3E%E3%80%80Currently%2C+the+only+companies+that+can+make+new+investments+in+new+ships+in+Japan+are+major+shipowners+who+can+invest+a+large+amount+of+their+own+funds+and+who+have+long-standing%2C+strong+ties+with+local+shipyards+to+use+their+slipways.+%3Cbr%3E%E3%80%80%E2%80%9COrdering+new+ships+from+China+or+pursuing+S%26LB+deals+with+overseas.+If+most+mid-sized+shipowners+were+to+move+to+secure+depreciable+assets+now%2C+they+have+these+two+options.%E2%80%9C+%28A+shipping+broker%29+%3Cbr%3E%E3%80%80%E2%96%A0+Taiwanese+finance+also+implements+offensive+strategy+%3Cbr%3E%E3%80%80As+a+result+of+many+shipowners%E2%80%99+depreciation+needs+being+concentrated+in+S%26LB+deals%2C+competition+has+intensified%2C+particularly+for+business+negotiations+with+well-known+overseas+shipowners.+A+broker+said%2C+%E2%80%9CCurrently%2C+S%26LB+profit+levels+are+below+SOFR+%28Secured+Overnight+Financing+Rate%29+plus+2%25%2C+which+means+that+conditions+are+becoming+considerably+tougher+for+shipowners.%E2%80%9C+%3Cbr%3E%E3%80%80In+addition%2C+there+is+competition+from+other+financing+schemes%2C+including+direct+loans+from+European+and+Asian+financial+institutions.+%3Cbr%3E%E3%80%80A+seminar+sponsored+by+the+Nagasaki+shipowners%E2%80%99+association+called+%E2%80%9CKameyama-Shachu+Association%E2%80%9C+was+held+in+Nagasaki+City+in+mid-October.+Takayuki+Kondo%2C+director+of+EPknoT+%28Chuo-ku%2C+Tokyo%29%2C+a+shipping+broker%2C+gave+a+talk+on+international+competition+in+the+ship+finance+market.+%3Cbr%3E%E3%80%80He+said%2C+%E2%80%9CLow-interest+financing+and+direct+bank+loans%2C+primarily+from+leasing+companies+in+China+and+Taiwan%2C+are+increasingly+utilized%2C+resulting+in+an+excess+supply+of+funds+overall.+European+companies+are+also+actively+supplying+funds%2C+and+margins+are+showing+a+downward+trend+due+to+intensifying+competition.%E2%80%9C+%3Cbr%3E%E3%80%80In+Europe%2C+financial+institutions+in+Greece+and+Italy+have+been+actively+providing+low-interest+loans%2C+particularly+to+local+shipowners.+In+Asia%2C+Taiwanese+financial+institutions+are+offering+competitive+financing+by+leveraging+the+ample+dollar+deposits+that+Taiwanese+semiconductor+giant+TSMC+and+electronics+giant+Foxconn+have+earned+from+sales+to+the+US+IT+industry.+%3Cbr%3E%E3%80%80The+S%26LB+market+is+becoming+a+red+ocean+as+Japanese+and+international+companies+compete+for+high-quality+customers.+Is+there+any+way+for+Japanese+ship+owners+to+ensure+a+certain+level+of+sustainable+profits%3F+%3Cbr%3E%E3%80%80In+response+to+a+reporter%E2%80%99s+question%2C+an+executive+at+a+Japanese+ship+owner+with+ample+experience+in+S%26LB+replied%2C+%E2%80%9COne+way+is+to+travel+to+Europe+and+Asia+ourselves%2C+focus+on+building+an+overseas+network%2C+and+develop+new+business+partners.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COf+course%2C+there+are+credit+risks+when+developing+new+businesses.+We+would+like+to+carefully+assess+this+and+find+promising+players+who+have+not+had+much+contact+with+the+Japanese+market+until+now.%E2%80%9C+%28Japanese+ship+owner%29+%3Cbr%3E%E3%80%80Furthermore%2C+the+executive+at+the+Japanese+ship+owner+said%2C+%E2%80%9CIn+addition+to+such+sales+activities%2C+it+will+also+be+important+to+come+up+with+ways+to+increase+the+competitiveness+of+the+content+of+projects%2C+such+as+by+utilizing+the+Swiss+franc.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Choose+currency+carefully+%3Cbr%3E%E3%80%80The+Swiss+franc+is+currently+the+currency+with+the+lowest+interest+rate+in+the+world.+%3Cbr%3E%E3%80%80Switzerland%E2%80%99s+policy+interest+rate+is+currently+0%25.+The+Swiss+franc+is+a+competitive+currency+for+ship+financing%2C+lower+than+Japan%E2%80%99s+0.5%25+and+the+US%E2%80%99s+approximately+4%25%2C+and+many+Japanese+ship+owners+are+considering+switching+to+Swiss+franc-denominated+loans.+%3Cbr%3E%E3%80%80However%2C+since+the+beginning+of+this+year%2C+the+Swiss+franc+has+become+increasingly+volatile+against+the+dollar.+%3Cbr%3E%E3%80%80%E2%80%9CExchange+risk+is+increasing+due+to+the+strong+Swiss+franc.%E2%80%9C+%3Cbr%3E%E3%80%80Following+EPknoT%2C+Yamaguchi+Financial+Group%E2%80%99s+Koujitsu+Shintani%2C+head+of+Ship+Finance+Office%2C+sounded+the+alarm+at+the+Kameyama-Shachu+Association+seminar.+%3Cbr%3E%E3%80%80The+Swiss+franc+has+remained+fairly+stable+in+the+range+of+0.9+to+1+Swiss+franc+to+the+dollar+for+most+of+the+past+decade.+However%2C+with+uncertainty+growing+following+the+inauguration+of+the+Trump+administration+in+the+United+States%2C+buying+of+the+Swiss+franc+as+a+safe+asset+surged.+By+late+July%2C+the+exchange+rate+rose+to+0.79+Swiss+francs+to+the+dollar.+As+of+the+morning+of+November+21%2C+it+is+at+0.805+Swiss+francs.+%3Cbr%3E%E3%80%80Shintani+said%2C+%E2%80%9CIf+an+operator+exercises+a+Purchase+Option+%28PO%29+at+the+current+exchange+rate+of+the+Swiss+franc+against+the+dollar%2C+in+most+cases+an+exchange+loss+will+occur%2C%E2%80%9C+and+stressed+the+importance+of+careful+currency+selection+for+shipowners.+%3Cbr%3E%E3%80%80One+regional+shipowner+said%2C+%E2%80%9CIf+we+consider+that+the+current+situation+is+the+peak+of+the+Swiss+franc%E2%80%99s+appreciation%2C+we+could+convert+our+dollar-denominated+loans+to+Swiss+francs+now+and+wait+for+the+exchange+rate+against+the+dollar+to+fall.+However%2C+there+is+no+guarantee+that+the+exchange+rate+will+move+as+expected.%E2%80%9C+He+said+with+a+troubled+expression.+%3Cbr%3E%E3%80%80A+financial+institution+official+said%2C+%E2%80%9CTen+years+ago%2C+on+January+15%2C+2015%2C+a+change+in+Swiss+monetary+policy+caused+the+Swiss+franc+to+rise+by+40%25+against+the+euro+in+just+20+minutes.+The+memory+of+the+%E2%80%99Swiss+franc+shock%E2%80%99+remains+deeply+ingrained+in+many+European+shipping+companies.%E2%80%9C+%3Cbr%3E%E3%80%80He+added%2C+%E2%80%9CIt+is+difficult+for+us+Japanese+involved+in+the+maritime+industry%2C+who+cannot+speak+German+or+French%2C+to+be+familiar+with+the+latest+developments+in+the+Swiss+economy.+If+something+were+to+suddenly+happen+in+Switzerland%2C+we+would+not+be+able+to+respond+immediately.+We+should+have+a+balanced+currency+strategy+without+relying+too+heavily+on+the+Swiss+franc.%E2%80%9C+%3Cbr%3E%E3%80%80%28Japanese+ship+owners+coverage+team%29+%3Cbr%3E%E3%80%80%E3%80%80%E3%80%80%E3%80%80%3D+Published+once+a+month+%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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【国内船主の今】(402)S&LBの赤い海。スイスフラン高 為替リスク警戒

2025/11/25(火)

日本海事新聞 JMD

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