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日本海事新聞ニュース Japan Maritime Daily Jan 26, 2026 (Mon)

European Ship Finance Eyes Japan as Basel IV Regulations Curb Lending Capacity

About 50 people, including representatives from financial institutions, participated in the seminar
　On January 23, Sumitomo Mitsui Trust Bank (SMTB) held the “European Ship Finance Seminar“ in Tokyo. ・・・ %E3%80%80On+January+23%2C+Sumitomo+Mitsui+Trust+Bank+%28SMTB%29+held+the+%E2%80%9CEuropean+Ship+Finance+Seminar%E2%80%9C+in+Tokyo.+Nasos+Tsarouchis%2C+Director+of+Shipping+Finance+at+the+London+branch%2C+pointed+out+that+due+to+the+impact+of+the+international+bank+capital+regulation+%E2%80%9C%3Cb%3EBasel+IV%3C%2Fb%3E%2C%E2%80%9C+%E2%80%9Csome+European+banks+will+no+longer+be+able+to+provide+ship+financing+at+the+current+pace.%E2%80%9C+%E2%80%9CThe+European+shipping+industry+knows+that+Japanese+financial+institutions+are+willing+and+able+to+provide+funding+globally%2C%E2%80%9C+he+said%2C+expressing+expectations+for+Japan%E2%80%99s+financial+strength.+%3Cbr%3E+%3Cbr%3E%E3%80%80Nino+Mowinckel%2C+managing+director+%28MD%29+of+Hayfin+Capital+Management%2C+a+major+UK+asset+manager%2C+who+spoke+next%2C+said%2C+%E2%80%9CWe+plan+to+offer+investors+an+opportunity+to+invest+in+a+new+ship+fund+in+the+second+half+of+this+year.%E2%80%9C+%3Cbr%3E%E3%80%80About+50+people+from+financial+institutions+and+trading+companies+participated+in+the+seminar.+Toshiro+Sato%2C+managing+executive+officer+of+SMTB%2C+and+Takahiro+Hirano%2C+general+manager+of+the+Ship+Finance+Department%2C+delivered+the+hosts%E2%80%99+opening+remarks.+%3Cbr%3E%E3%80%80The+outstanding+balance+of+ship+finance+loans+at+SMTB%E2%80%99s+London+branch+is+currently+about+%241.7+billion.+The+portfolio+fleet+totals+about+130+vessels%2C+diversified+across+LNG+%28liquefied+natural+gas%29+carriers%2C+FSRUs+%28floating+storage+and+regasification+units%29%2C+container+ships%2C+bulkers%2C+tankers%2C+and+PCTCs%2C+among+others.+%3Cbr%3E%E3%80%80Mr.+Nasos+emphasized+Europe%E2%80%99s+strong+presence+in+the+global+shipping+market%2C+noting+that+major+shipowning+countries+such+as+Greece+%28second+in+the+world+by+deadweight+tonnage%29+and+Italy+%28fifth%29+are+concentrated+in+Europe.+%3Cbr%3E%E3%80%80In+European+ship+finance%2C+after+the+Global+Financial+Crisis%2C+major+lenders+at+the+time+such+as+Germany%E2%80%99s+Commerzbank+and+the+UK%E2%80%99s+RBS+withdrew.+Germany%E2%80%99s+HCB+and+Norway%E2%80%99s+DNB+also+sharply+cut+their+lending%2C+and+the+ship-loan+balance+of+the+top+30+European+banks+fell+to+about+%24116+billion+in+2024+%E2%80%94+down+roughly+70%25+from+2008%2C+right+after+the+Global+Financial+Crisis.+A+major+factor+was+that+stricter+capital+regulations+since+Basel+III+have+led+ships+to+be+viewed+as+risk-weighted+assets+%28RWA%29.+%3Cbr%3E%E3%80%80Mr.+Nasos+listed+private+equity%2C+capital+markets%2C+leasing+companies+in+China+and+elsewhere%2C+and+corporate+finance+by+Greek+banks+and+newcomer+banks+as+new+sources+of+funding+to+replace+bank+ship+financing.+%3Cbr%3E%E3%80%80He+also+noted+that+the+current+ship+finance+market+is+%E2%80%9Cextremely+competitive.%E2%80%9C+Currently%2C+backed+by+high+profits+since+the+coronavirus+pandemic%2C+shipowners+have+increased+liquidity+on+hand%2C+making+it+a+borrower%E2%80%99s+market.+%3Cbr%3E%E3%80%80He+expressed+concern+that+some+European+banks+are+extending+loans+on+terms+such+as+25-year+tenors+and+margins+below+1%25%2C+saying+this+is+%E2%80%9Cnot+sustainable+in+the+long+term+and+is+distorting+the+market.%E2%80%9C+%3Cbr%3E%E3%80%80He+cited+three+future+investment+opportunities%3A+funding+demand+from+continued+ordering%2C+responses+in+the+event+of+a+market+downturn%2C+and+tighter+ship+financing+by+some+financial+institutions+due+to+%3Cb%3EBasel+IV%3C%2Fb%3E.+%3Cbr%3E%E3%80%80%E2%80%9CIf+market+conditions+worsen%2C+IRR+%28internal+rate+of+return%29+will+deteriorate%2C+alternative+financing+will+be+needed%2C+and+some+financial+institutions+that+have+been+actively+lending%2C+including+those+in+Greece%2C+will+find+it+difficult+to+lend+at+the+same+pace+as+before%2C%E2%80%9C+Nasos+said.+%3Cbr%3E%E3%80%80In+response+to+%3Cb%3EBasel+IV%3C%2Fb%3E%2C+European+financial+institutions+are+also+expanding+syndication+with+other+banks+and+moving+ahead+with+partial+portfolio+sales%2C+which+could+also+become+a+tailwind+for+Japanese+players.+%3Cbr%3E%E3%80%80%E2%96%A0+Ship+investment+in+101+vessels+%3Cbr%3E%E3%80%80Hayfin+is+an+alternative+asset+management+firm+founded+in+London+in+2009.+In+2019%2C+it+acquired+UK-based+Breakwater+Capital%2C+which+manages+a+ship+investment+fund%2C+and+entered+the+shipping+sector.+%3Cbr%3E%E3%80%80To+date%2C+its+track+record+of+ship+investment+and+financing+has+reached+%244.3+billion%2C+and+it+has+secured+%241.9+billion+in+contracted+revenue.+The+company+has+invested+in+101+vessels%2C+including+bulkers%2C+container+ships%2C+tankers%2C+gas+carriers%2C+and+offshore+support+vessels.+Of+these%2C+the+realized+net+IRR+on+the+64+vessels+whose+sale+has+been+completed+is+16.3%25.+%3Cbr%3E%E3%80%80%E2%80%9CWe+have+adopted+a+very+conservative+leverage+approach+and+are+achieving+very+high-quality+returns+with+low+risk%2C%E2%80%9C+said+Andreas+Povlsen%2C+MD.+%3Cbr%3E%E3%80%80A+key+feature+of+Hayfin%E2%80%99s+shipping+business+is+that+it+has+in-house+operation+management%2C+including+vessel+operations.+The+acquired+vessels+will+be+managed+by+its+wholly+owned+subsidiary%2C+Greenheart+Management%2C+which%2C+in+cooperation+with+external+ship+management+companies%2C+will+handle+technical+management%2C+commercial+management%2C+and+operations+management.+%3Cbr%3E%E3%80%80The+company+charters+out+its+owned+vessels+for+an+average+of+4.3+years+to+highly+creditworthy+charterers%2C+including+Japan%E2%80%99s+major+power+producer+JERA%2C+Western+oil+majors+and+leading+traders%2C+and+major+container+shipping+lines.+%3Cbr%3E%E3%80%80%E2%96%A0+Two+newbuilds+at+Oshima+Shipbuilding+%3Cbr%3E%E3%80%80Hayfin%E2%80%99s+ship+investment+fund+currently+under+management%2C+the+Hayfin+Maritime+Yield+Fund%2C+has+a+fund+size+of+%24621+million%2C+with+SMTB+and+Mizuho+Leasing+participating+as+investors.+%3Cbr%3E%E3%80%80To+date%2C+the+company+has+invested+in+21+vessels+and+has+already+completed+the+sale+of+six.+%E2%80%9CWe+have+paid+dividends+15+times+consecutively%2C+and+net+cash+distributions+to+investors+have+reached+about+16%25%3B+the+breakdown+is+10.4%25+from+income+under+charter+contracts+and+5.3%25+from+capital+gains+on+vessel+sales%2C%E2%80%9C+said+managing+director+Mowinckel.+%3Cbr%3E%E3%80%80In+addition+to+eight+newbuilds+to+be+constructed+in+South+Korea+and+China%2C+two+100%2C000-dwt+bulkers+are+scheduled+to+be+completed+at+Oshima+Shipbuilding+in+August-October+this+year.+The+vessel+will+be+chartered+out+to+JERA%E2%80%99s+Singapore+trading+subsidiary%2C+JERA+Global+Markets%2C+on+a+market-linked+basis+for+eight+years%2C+with+a+two-year+extension+option.+%3Cbr%3E%E3%80%80Financing+for+the+two+vessels+will+involve+appointing+Nagashiki+Shipping+and+Hyuga+Kaiun+as+shipowners+and+utilizing+loans+from+the+Chugoku+Bank%2C+the+San-in+Godo+Bank%2C+and+the+Kitakyushu+Bank.+%3Cbr%3E%E3%80%80Povlsen%2C+MD%2C+said%2C+%E2%80%9CWe+have+great+ambitions+in+Japan%2C+and+we+want+to+achieve+more+together+with+our+friends+in+Japan.%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

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三井住友信託セミナー、欧州融資「日本に期待」。ナソス氏、バーゼル4など影響。英ヘイフィン「今年後半に新ファンド」
2026/01/26(月)
日本海事新聞 JMD


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