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日本海事新聞ニュース Japan Maritime Daily Dec 04, 2025 (Thu)

Chugoku Bank: Strategic Overview and Expansion in Ship Finance

Ryosuke Yamato (right), Investigator in the Examination Department, and Kyohei Yamashita, Investigator in the Consulting Sales Department
　■ Towards 500 billion yen by spring 2027 　--I would like to ask about the outstanding balance of sh ・・・ %E3%80%80%E2%96%A0+Towards+500+billion+yen+by+spring+2027+%3Cbr%3E%E3%80%80--I+would+like+to+ask+about+the+outstanding+balance+of+ship+finance+loans+at+%3Cb%3EChugoku+Bank%3C%2Fb%3E.+%3Cbr%3E%E3%80%80%E2%80%9CAs+of+the+end+of+September%2C+it+was+approximately+420+billion+yen.+This+is+an+increase+of+approximately+40+billion+yen+from+the+end+of+March+due+to+the+weak+yen+and+an+increase+in+loan+executions.+Compared+to+other+Japanese+regional+banks%2C+our+growth+has+been+slow.+The+balance+was+about+265+billion+yen+as+of+the+end+of+September+2020%2C+about+five+years+ago%2C+and+since+the+shipping+market+started+to+improve+around+2021%2C+we+have+seen+an+increase+in+new+shipbuilding+projects+being+brought+in.%E2%80%9D+%3Cbr%3E%E3%80%80%E2%80%9CTaking+into+account+loan+commitments+for+the+next+two+to+three+years%2C+we+expect+this+to+reach+500+billion+yen+by+the+end+of+March+2027%2C+depending+on+exchange+rate+trends.+This+forecast+takes+into+account+factors+that+could+result+in+a+decrease%2C+such+as+scheduled+repayments+and+the+exercise+of+purchase+options+%28POs%29.%E2%80%9C+%3Cbr%3E%E3%80%80--What+are+the+plans+for+the+Singapore+branch%2C+which+opened+in+June+2023%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+have+assigned+two+people+with+experience+in+ship+finance%2C+and+as+of+the+end+of+March%2C+the+Singapore+branch%E2%80%99s+ship+financing+balance+was+30.5+billion+yen%2C+accounting+for+60%25+of+the+branch%E2%80%99s+total+balance+of+51+billion+yen.+While+focusing+on+providing+support+such+as+loans+and+information+to+Japanese+shipowners%2C+the+branch+also+provides+direct+loans+to+overseas+shipowners%2C+and+aim+to+expand+its+ship+loan+balance+to+80+billion+yen+by+the+end+of+March+2027.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Inevitably+ordering+from+China+and+Korea+%3Cbr%3E%E3%80%80--How+did+the+ship+finance+market+develop+in+the+first+half+of+this+year%3F+%3Cbr%3E%E3%80%80%E2%80%9CAlthough+the+situation+is+beginning+to+calm+down+somewhat%2C+Japanese+ship+owners+continue+to+place+orders+for+new+ships%2C+and+domestic+shipyards%2C+which+have+slipways+booked+for+the+foreseeable+future%2C+are+unable+to+keep+up+with+the+demand.+As+a+result%2C+Japanese+ship+owners+are+being+forced+to+place+orders+with+Chinese+and+Korean+shipyards+in+order+to+replace+their+fleets.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CLarge+shipowners+in+particular+have+been+taking+the+lead+in+placing+orders+overseas%2C+and+it+seems+that+small+and+medium-sized+shipowners+are+following+suit.+In+terms+of+investment+patterns%2C+there+are+cases+where+a+European+shipowner+places+an+order+with+China%2C+which+is+then+purchased+by+a+Japanese+shipowner+as+a+newbuild+resale%2C+and+there+are+also+cases+where+a+Japanese+shipowner+reserves+a+slipway+at+a+Chinese+shipyard+and+tries+to+gauge+the+market+without+deciding+on+a+charter.%E2%80%9C+%3Cbr%3E%E3%80%80--How+do+you+view+the+risks+of+lending+to+ships+built+in+China%3F+%3Cbr%3E%E3%80%80%E2%80%9CThe+environment+surrounding+Chinese-built+ships%2C+such+as+the+USTR%E2%80%99s+%28United+States+Trade+Representative%29+port+entry+fees%2C+is+not+optimistic%2C+and+we+anticipate+negative+impacts+on+future+charter+fees+and+ship+values%2C+as+well+as+shippers+avoiding+them%2C+so+we+recognize+that+identifying+future+risks+is+an+issue.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CRegarding+the+refund+guarantee+%28guarantee+of+return+of+advance+payment%29%2C+we+are+mainly+assuming+the+risk+that+the+ship+will+not+be+completed%2C+so+we+believe+that+there+will+be+no+problem+if+the+yard+has+a+solid+construction+track+record.+Furthermore%2C+even+if+Chinese+shipyards+face+a+management+crisis%2C+they+are+still+safe+because+of+government+support.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+S%26LB+at+high+ship+prices+%3Cbr%3E%E3%80%80%E2%80%9CSale+and+leaseback+%28S%26LB%29+transactions+have+seen+a+decline+in+interest+rate+benefits%2C+making+it+difficult+to+find+favorable+terms+for+deals+with+high-quality+charterers.+Meanwhile%2C+we+are+seeing+an+increase+in+S%26LB+deals+brought+in+by+smaller+charterers+who+are+more+likely+to+meet+the+terms.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+addition%2C+while+S%26LB+projects+previously+focused+on+existing+ships%2C+I+have+the+impression+that+there+has+been+an+increase+in+newbuilding+projects+for+high-priced+ships+from+reputable+charterers%2C+specifically+LNG+%28liquefied+natural+gas%29+carriers%2C+VLGCs+%28Very+Large+LPG+%EF%BC%9Cliquefied+petroleum+gas%EF%BC%9E+Carrier%29%2C+and+medium-+to+large-sized+dual-fuel+container+ships.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWith+investments+in+large+ships+with+high+ship+prices+and+environmentally+friendly+ships+increasing%2C+syndicated+loans+between+banks+are+also+on+the+rise.+Furthermore%2C+schemes+for+sharing+ships+between+friendly+shipowners+are+gradually+increasing%2C+and+in+some+cases%2C+each+shipowner+chooses+to+procure+from+a+different+financial+institution%2C+which+ultimately+leads+to+bank+collaboration.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Project+difficulty+increases+%3Cbr%3E%E3%80%80--What+issues+need+to+be+addressed%3F+%3Cbr%3E%E3%80%80%E2%80%9CIn+addition+to+rising+ship+prices%2C+the+amount+of+financing+per+ship+is+increasing+due+to+factors+such+as+larger+ships+and+the+use+of+new+fuels%2C+and+uncertainty+in+the+charter+rate+market+is+making+projects+more+difficult.+However%2C+shipping+and+shipbuilding+are+key+industries+in+the+local+area%2C+and+as+a+Japanese+regional+bank+in+the+Setouchi+region%2C+we+intend+to+respond+proactively.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+the+case+of+newly+built+ships%2C+ship+prices+remain+high+and+mid-+to+long-term+charter+rates+do+not+match%2C+so+we+are+seeing+cases+where+short-term+charters+are+chosen+to+assess+the+charter+rate+market.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CAs+a+financial+institution%2C+we+have+no+choice+but+to+place+emphasis+on+asset+value%2C+or+LTV+%28loan-to-value%2C+the+ratio+of+borrowings+to+asset+value%29%2C+as+an+evaluation+indicator+for+single-ship+projects%2C+due+to+the+uncertainty+of+future+profitability.+Furthermore%2C+as+mentioned+above%2C+the+level+of+ship+prices+and+charter+fees+is+not+in+line%2C+so+we+are+now+in+an+environment+where+we+need+more+self-financing+than+before.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+20%25+or+more+of+own+funds+%3Cbr%3E%E3%80%80--What+is+the+trend+in+the+self-financing+ratio+of+Japanese+ship+owners+when+ordering+new+ships%3F+%3Cbr%3E%E3%80%80%E2%80%9CIn+the+past%2C+it+was+generally+possible+to+make+a+profit+by+investing+around+10%25+of+one%E2%80%99s+own+funds%2C+but+nowadays+it+seems+like+one+needs+to+start+with+20%25+of+one%E2%80%99s+own+funds+to+close+the+gap+between+the+ship+price+and+the+charter+fee.+It+seems+that+mid-sized+shipowners+are+investing+between+20-30%25.+In+some+cases%2C+the+rate+is+as+high+as+40%25+for+super-large+shipowners+who+are+investing+heavily.%E2%80%9C+%3Cbr%3E%E3%80%80--How+do+you+evaluate+LTV%3F+%3Cbr%3E%E3%80%80%E2%80%9CWe+use+the+historical+median+price+of+secondhand+vessels+as+a+guideline%2C+and+we+believe+that+if+the+LTV+based+on+this+level+is+below+a+certain+level%2C+we+can+tolerate+it.+Currently%2C+the+market+is+experiencing+an+upswing%2C+so+the+historical+median+tends+to+look+like+a+risk+scenario%2C+but+it+is+important+to+understand+that+the+median+is+merely+a+standard+scenario.%E2%80%9C+%3Cbr%3E%E3%80%80--How+do+you+set+the+duration+of+the+loan+agreement%3F+%3Cbr%3E%E3%80%80%E2%80%9COur+bank+has+a+relatively+conservative+approach%2C+and+we+basically+ask+that+the+loan+period+be+set+to+match+the+charter+period.+However%2C+in+the+case+of+advance+orders%2C+shipowners+often+require+a+15-year+loan+from+the+outset.+In+such+cases%2C+we+ask+them+to+make+a+substantial+investment+of+their+own+funds+and+then+monitor+the+LTV+figures+each+year+to+determine+whether+they+can+withstand+long-term+financing.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80--How+do+you+view+the+impact+of+environmental+regulations+from+the+IMO+%28International+Maritime+Organization%29+and+the+EU+%28European+Union%29%3F+%3Cbr%3E%E3%80%80%E2%80%9CSome+estimates+suggest+that+by+around+2030%2C+regulatory+costs+will+make+alternative+fuels+cheaper+overall.+However%2C+it+is+difficult+to+determine+to+what+extent+this+will+be+reflected+in+charter+fees+and+ship+values%2C+as+future+regulations+are+still+uncertain%2C+the+supply+systems+and+price+trends+for+each+fuel+are+unclear%2C+and+in+the+case+of+dual-fuel+ships%2C+operational+costs+may+be+incurred+when+switching+fuel.+We+need+to+consider+how+to+cover+various+risks.%E2%80%9C+%3Cbr%3E%E3%80%80--What+about+the+issues+surrounding+exchange+rates%3F+%3Cbr%3E%E3%80%80%E2%80%9CWhen+borrowing+in+dollars%2C+which+have+a+relatively+high+interest+rate%2C+it+is+difficult+to+make+a+profit+due+to+the+interest+burden%2C+so+shipowners+often+prefer+to+borrow+in+Japanese+yen+or+Swiss+francs%2C+which+have+a+relatively+low+interest+rate.+However%2C+with+the+world+currently+being+influenced+by+the+statements+and+policies+of+US+President+Trump%2C+it+is+difficult+to+predict+long-term+market+trends%2C+and+there+are+major+concerns+about+exchange+rate+risk.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+addition%2C+there+have+been+sudden+exchange+rate+fluctuations+between+the+time+of+ordering+the+new+ship+and+its+completion%2C+which+has+forced+us+to+re-examine+our+projected+income+and+expenditures+and+consider+changing+the+currency+of+our+borrowings+before+completion.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Creditworthiness+analysis+DX+%3Cbr%3E%E3%80%80--Last+fall%2C+you+entered+into+a+capital+alliance+with+Ship+Partners+%28headquarters%3A+Chuo%2C+Tokyo%29%2C+which+operates+the+ship+finance+portal+site+%E2%80%9CShipFinance.jp.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COur+bank+has+a+long+history+in+the+shipping+sector+among+regional+banks%2C+but+we+felt+that+promoting+ship+financing+and+credit+management+required+a+lot+of+personal+know-how+and+analog+analytical+work%2C+and+that+there+were+high+levels+of+difficulty%2C+such+as+understanding+technical+terminology%2C+English+contracts%2C+and+laws+that+differ+from+those+in+Japan%2C+which+was+a+challenge.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CI+have+known+Mr.+Suguru+Fukutomi+of+Ship+Partners+since+my+days+at+my+previous+job+at+Marubeni%2C+and+when+I+heard+about+Ship+Partners%E2%80%99+development+of+services+in+the+shipping+and+ship+finance+sectors+using+AI+%28artificial+intelligence%29+and+DX+%28Digital+Transformation%29%2C+I+felt+that+we+could+solve+problems+by+combining+the+company%E2%80%99s+strengths+with+our+bank%E2%80%99s+ship+finance+know-how%2C+which+led+to+the+capital+alliance.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+collaboration+with+Ship+Partners%2C+we+would+like+to+digitalize+the+analysis+of+charterers%E2%80%99+creditworthiness+and+the+review+of+various+contracts+so+that+even+bank+employees+with+little+experience+in+ship+financing+can+participate+in+the+work+without+feeling+uncomfortable.+Eventually%2C+we+would+like+to+have+our+business+partners+use+it+as+well%2C+and+provide+a+useful+tool+for+shipowners+and+their+management.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Cooperation+with+Poseidon+%3Cbr%3E%E3%80%80--What+is+the+organizational+structure+of+%3Cb%3EChugoku+Bank%3C%2Fb%3E%E2%80%99s+ship+finance+business%3F+%3Cbr%3E%E3%80%80%E2%80%9CThe+sales+headquarters+function+is+handled+by+the+Consulting+Sales+Department+at+the+head+office%2C+which+provides+support+and+planning+for+sales+offices.+The+Lending+Department+is+responsible+for+reviewing+consultation+materials+and+ratings+submitted+by+branches.+Sales+to+customers+are+conducted+by+each+branch%2C+and+in+2020+we+consolidated+sales+personnel+in+Hiroshima+Prefecture+and+established+the+%E2%80%99Ship+Finance+Center%E2%80%99+in+Onomichi+City%2C+which+currently+has+12+employees%2C+including+the+center+director.%E2%80%9C+%3Cbr%3E%E3%80%80--In+October+2023%2C+%3Cb%3EChugoku+Bank%3C%2Fb%3E+signed+the+Poseidon+Principles%2C+an+international+framework+that+provides+financial+support+for+the+decarbonization+of+shipping.+%3Cbr%3E%E3%80%80%E2%80%9CSince+signing+the+Principles%2C+we+have+received+understanding+and+cooperation+from+many+of+our+business+partners+in+our+response+to+the+Poseidon+Principles%2C+for+which+we+are+extremely+grateful.+We+would+like+to+establish+a+system+that+allows+us+to+contribute+to+the+environment+by+supporting+the+replacement+of+existing+vessels+with+eco+ships+and+by+being+flexible+in+our+response+to+environmentally+friendly+vessels%2C+but+this+does+not+mean+that+we+are+opposed+to+efforts+to+use+conventional+or+secondhand+vessels.+We+always+put+customer+needs+first%2C+but+we+also+want+to+be+mindful+of+the+environment.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CGoing+forward%2C+we+hope+to+accumulate+knowledge+through+analyzing+the+scores+of+the+Poseidon+Principles+and+exchanging+information+with+signatory+banks+both+in+Japan+and+overseas%2C+so+that+we+can+support+our+business+partners+when+they+consider+decarbonization+strategies.%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%A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【地銀に聞く　船舶融資最前線】(5)中国銀行　審査部調査役・大和亮介氏、コンサルティング営業部調査役・山下恭平氏。アセット・LTV重視
2025/12/04(木)
日本海事新聞 JMD


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