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日本海事新聞ニュース Japan Maritime Daily May 29, 2026 (Fri)

Japan’s small and medium-sized shipowners continue to struggle to see their next investment move

　“The difficulty of steering the management of small and medium-sized shipowners with fewer than 10 ・・・続きはログインして下さいnext %E3%80%80%E2%80%9CThe+difficulty+of+steering+the+management+of+small+and+medium-sized+shipowners+with+fewer+than+10+vessels+has+become+particularly+pronounced.+It%E2%80%99s+hard+for+them+to+identify+the+next+investment+move.%E2%80%9C+%3Cbr%3E%E3%80%80In+mid-May%2C+a+shipbroker+source+made+that+remark+at+an+office+in+Tokyo.+%3Cbr%3E%E3%80%80In+addition+to+persistently+high+prices+of+newbuilds%2C+delivery+slots+at+Japan%E2%80%99s+major+shipyards+now+extend+into+2030%2C+with+slipways+fully+occupied+by+orders+from+major+shipowners+and+leading+operators.+%3Cbr%3E%E3%80%80Many+mid-sized+shipowners+with+fleets+of+10+or+more+vessels+are+finding+a+way+forward+by+placing+orders+with+Chinese+shipyards+in+search+of+lower+ship+prices+and+available+slipways.+However%2C+small+and+medium-sized+shipowners+with+fewer+than+10+vessels+do+not+have+sufficient+financial+strength+or+personnel+to+move+ahead+with+placing+orders+in+China.+%3Cbr%3E%E3%80%80A+broker+source+said%3A+%E2%80%9CJapanese+regional+banks%2C+judging+small+and+medium-sized+shipowners+to+lack+sufficient+corporate+strength%2C+are+also+reluctant+to+support+them+in+taking+on+the+risk+of+ordering+from+China.+A+fleet+portfolio+of+a+certain+scale+or+larger+is+required+to+withstand+such+risks.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+PO+and+the+risk+of+yen+appreciation+%3Cbr%3E%E3%80%80Then+what+about+S%26LB+%28sale+and+leaseback%2C+rechartering+after+vessel+sale%29+transactions+with+overseas+shipowners%3F+%3Cbr%3E%E3%80%80A+ship+finance+source+at+a+Japanese+regional+bank+pointed+out%2C+%E2%80%9CS%26LB+deals+are+still+available%2C+but+profitability+has+declined+significantly+for+small+and+medium-sized+bulkers%2C+which+are+relatively+accessible+to+small+and+medium-sized+shipowners%2C+due+to+intense+competition+among+shipowners+and+comparisons+with+the+low+interest+rates+offered+by+European+regional+banks%2C+such+as+those+in+Greece%2C+that+are+actively+expanding+lending.%E2%80%9C+%3Cbr%3E%E3%80%80The+source+also+said+that%2C+as+for+charterers+in+S%26LB+deals%2C+first-class+projects+with+highly+creditworthy+counterparties+are+secured+by+major+Japanese+ship+owners%2C+while+the+projects+that+come+to+small+and+medium-sized+shipowners+are+mostly+second-+or+third-class+deals+in+emerging+countries.+%3Cbr%3E%E3%80%80A+financial+industry+source+said%3A+%E2%80%9CMany+of+them+are+tough+deals+that+make+you+wonder+whether+they+are+really+worth+doing+at+this+level+of+profitability.+Although+the+weak+yen+is+providing+a+tailwind+now%2C+if+the+yen+swings+to+appreciation+in+the+future+when+charterers+exercise+their+PO+%28purchase+option%29%2C+shipowners+holding+many+low-profit+deals+will+suddenly+find+themselves+in+serious+difficulty.%E2%80%9C+%3Cbr%3E%E3%80%80It+may+seem+like+a+dead+end%2C+but+the+broker+source+quoted+at+the+beginning+stressed%2C+%E2%80%9CEven+if+it+is+difficult+for+a+small+or+medium-sized+shipowner+to+break+through+on+its+own%2C+there+are+still+ways+forward+if+it+uses+ingenuity+and+networks.%E2%80%9C+%3Cbr%3E%E3%80%80The+broker+source+said%3A+%E2%80%9COur+role+is+to+devise+and+provide+solutions+for+customers+who+are+in+trouble.+We+are+studying+every+possible+financing+scheme+and+considering+options+that+could+serve+as+the+next+move+for+small+and+medium-sized+shipowners.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Orders+placed+by+seasoned+shipowners+%3Cbr%3E%E3%80%80%E2%80%9CI+was+chatting+with+a+Greek+shipowner+who+came+to+Japan+in+May%2C+and+it+seems+that+concerns+have+arisen+over+construction+delays+at+some+of+China%E2%80%99s+major+emerging+shipyards.%E2%80%9C+%3Cbr%3E%E3%80%80A+ship+finance+official+at+a+financial+institution+said+so.+%3Cbr%3E%E3%80%80The+emerging+Chinese+shipyards+in+question+have+been+enjoying+a+rush+of+orders+for+large+vessels+over+the+past+one+to+two+years+and+have+announced+large-scale+facility+expansion+projects.+%3Cbr%3E%E3%80%80However%2C+some+European+shipowners+are+voicing+concerns+that%2C+despite+the+flashy+news+of+massive+order+wins%2C+capabilities%2C+including+the+workforce%2C+may+not+be+keeping+pace.+%3Cbr%3E%E3%80%80Those+placing+orders+with+these+emerging+shipyards+include+seasoned+European+owners.+%3Cbr%3E%E3%80%80A+shipping+finance+source+said%3A+%E2%80%9CThey+are+all+shrewd+ship+owning+executives+who+are+not+easy+to+deal+with.+Being+highly+sensitive+to+market+conditions%2C+they+could+swiftly+move+to+cancel+the+crude+oil+tanker+and+container+ship+orders+they+have+placed+if+those+markets+were+by+any+chance+to+remain+depressed+for+a+prolonged+period.+This+is+something+to+keep+in+mind.%E2%80%9C+%3Cbr%3E%E3%80%80Furthermore%2C+he+reveals%2C+%E2%80%9CWe+have+also+been+hearing+rumors+that+some+emerging+shipyards+are+significantly+easing+ship+price+payment+terms+for+giant+owner-operators+%28shipowners+who+also+operate+shipping+lines%29+that+repeatedly+place+large-lot+orders.%E2%80%9C+%3Cbr%3E%E3%80%80There+is+almost+no+payment+at+the+time+of+ordering%2C+and+money+is+paid+in+gradually+from+the+start+of+construction.+That+approach+is+precisely+what+makes+large-volume+orders+possible.+%3Cbr%3E%E3%80%80%E2%80%9CIf+these+so-called+%E2%80%9Cempty+orders%E2%80%9C+are+indeed+real%2C+it+would+be+like+those+shipyards+are+sitting+on+a+bomb.+If+the+market+environment+worsens%2C+orders+could+easily+be+canceled%2C%E2%80%9C+the+ship+finance+source+warns.+%3Cbr%3E%E3%80%80%E2%96%A0+Barely+Passing+%3Cbr%3E%E3%80%80%E2%80%9CBasel+IV%2C%E2%80%9C+a+capital+adequacy+regulation+for+banks+with+international+operations%2C+is+expected+to+be+fully+implemented+in+2028.+%3Cbr%3E%E3%80%80Speaking+at+an+international+conference+during+Singapore+Maritime+Week+in+late+April%2C+Paul+Taylor%2C+Global+Head+of+Maritime+Industries+at+French+financial+giant+Societe+Generale%2C+commented+as+follows+on+the+impact+the+regulation+would+have+on+the+European+finance+market.+%3Cbr%3E%E3%80%80%E2%80%9CBanks+will+need+to+secure+more+capital+against+the+same+loans%2C+so+lending+rates+should+normally+rise.+If+they+do+not%2C+banks%E2%80%99+profits+will+fall%2C+and+ultimately+the+amount+of+capital+provided+to+the+shipping+industry+will+decrease.%E2%80%9C+%3Cbr%3E%E3%80%80European+Megabanks+are+said+to+be+divided+between+those+that+have+already+moved+ahead+with+Basel+IV+implementation+and+those+that+are+only+now+beginning+to+tackle+it+in+earnest.+Some+European+banks+appear+to+be+proceeding+with+the+transfer+of+low-profit+ship+finance+claims+with+2028+in+mind.+%3Cbr%3E%E3%80%80Meanwhile%2C+Greece%E2%80%99s+major+financial+institutions+are+also+subject+to+Basel+IV%2C+but+many+banks+have+not+eased+their+aggressive+stance+on+low-interest+ship+financing.+%3Cbr%3E%E3%80%80A+shipping+finance+official+said%3A+%E2%80%9CPerhaps+some+Greek+regional+banks+are+aiming+to+just+barely+meet+Basel+IV+requirements+and+think+they+can+somehow+squeeze+through.+Many+Greek+shipowners+among+their+clients+have+been+taking+risks%2C+benefiting+from+high+freight+rates%2C+and+becoming+more+willing+to+make+further+investments+since+the+Russia-Ukraine+war+and+heightened+tensions+in+the+Middle+East.%E2%80%9C+%3Cbr%3E%28Japanese+Ship+Owners+Reporting+Team%29+%3Cbr%3E%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%84%E3%81%8B%E3%81%A4%E6%A9%9F%E6%A2%B0%E7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