日本海事新聞ニュース Japan Maritime Daily Apr 19, 2021 (Mon)

‌【Current of Japanese shipowners】Japanese shipowners feel the risk to invest in LNG fueled ships

　“The price of second hand vessels for medium-sized bulkers is 15% higher than last December.“ 　A sh ・・・ 続きはログインして下さいnext %E3%80%80%E2%80%9CThe+price+of+second+hand+vessels+for+medium-sized+bulkers+is+15%25+higher+than+last+December.%E2%80%9C+%3Cbr%3E%E3%80%80A+shipping+broker+analyzes+the+recent+second+hand+vessel+market+as+follows.+%3Cbr%3E%E3%80%80%E2%96%A0+Search+among+5+years+and+under+%3Cbr%3E%E3%80%80Most+of+the+second+hand+vessels+for+sale+are+8+to+10+years+old%2C+while+Japanese+shipowners+are+willing+to+buy+new+ships+under+5+years+old.+Although+the+current+Ultramax+market+has+fallen+slightly+below+%24+20%2C000%2C+it+remains+high+price+zone+compared+to+the+general+profitable+line+of+the+same+ship+type%2C+which+is+around+%24+10%2C000.+%3Cbr%3E%E3%80%80The+broker+continues.+%3Cbr%3E%E3%80%80%E2%80%9CBuyers+are+looking+for+second+hand+vessels+that+are+immediately+available+to+keep+up+with+the+current+trend+of+soaring+market+conditions.+In+fact%2C+when+comparing+the+new+shipbuilding+price+and+the+current+used+Ultramax+price%2C+I+heard+that+there+are+cases+where+the+price+of+second+hand+vessels+under+the+age+of+one+year+exceed+the+new+shipbuilding+price+in+October-December+last+year.+It%E2%80%99s+the+same+phenomenon+that+the+price+of+used+Capesize+greatly+exceeded+the+price+of+new+Capesize+during+the+shipping+bubble.+%E2%80%9C+%28A+broker+in+Tokyo%29+%3Cbr%3E%E3%80%80Buy+at+a+low+price+and+sell+at+a+high+price.+%3Cbr%3E%E3%80%80This+should+be+an+ironclad+rule+of+ship+investment+that+applies+not+only+to+new+ships+but+also+to+second+hand+vessels.+%3Cbr%3E%E3%80%80If+the+price+of+second+hand+vessels+is+rising+at+the+moment%2C+it+will+be+a+%E2%80%9Cgrabbing+at+a+high+price%E2%80%9C+and+will+eventually+be+negative+for+shipowner%E2%80%99s+management.+%3Cbr%3E%E3%80%80A+Japanese+shipowner+who+is+eager+to+buy+second+hand+vessels+argues.+%3Cbr%3E%E3%80%80%E2%80%9CWhether+it+is+a+new+ship+or+a+second+hand+vessel%2C+if+you+can+get+a+charter+fee+commensurate+with+the+investment+amount%2C+it+may+be+worth+the+investment+even+if+the+market+price+is+high.%E2%80%9C+%28A+shipowner+in+Kure%29+%3Cbr%3E%E3%80%80Certainly+there+is+a+reason.+%3Cbr%3E%E3%80%80Even+with+a+used+Ultramax+that+has+risen+by+15%25%2C+the+shipowner%E2%80%99s+income+and+expenditure+will+be+met+if+the+charter+fee+of+around+%24+15%2C000+per+day+which+is+commensurate+with+its+price+is+paid+for+multiple+years.+%3Cbr%3E%E3%80%80However%2C+there+are+likely+to+be+some+unexpected+pitfalls.+%3Cbr%3E%E3%80%80In+the+case+of+a+BBC+%28Bare+Boat+Charter%29+restructuring+project%2C+which+is+a+specialty+of+European+operators+%28operating+shipping+companies%29%2C+it+is+possible+for+European+operators+not+to+exercise+PO+%28purchase+option%2C+right+to+purchase+the+ship%29+at+the+current+second+hand+vessel+price.+%3Cbr%3E%E3%80%80A+Japanese+regional+bank+official+speaks.+%3Cbr%3E%E2%80%9CIf+the+price+of+second+hand+vessels+rises%2C+the+set+price+for+exercising+PO+will+naturally+rise.+If+overseas+operators+do+not+exercise+PO+because+the+purchase+price+of+the+ship+is+high%2C+the+shipowner+will+bear+the+risk+of+residual+value+of+the+ship.%E2%80%9C+%28An+officer+in+charge+of+ship+loan%29+%3Cbr%3E%E3%80%80The+risk+of+residual+value+borne+by+shipowners+means+that+if+the+dry+bulk+market+conditions+are+sluggish%2C+only+negative+charter+fees+can+be+obtained+compared+to+the+purchased+ship+price.+%3Cbr%3E%E3%80%80How+to+read+the+%E2%80%9Cthe+risk+of+residual+value%E2%80%9C+for+second+hand+vessels.+This+is+a+difficult+phase+for+shipowners+who+are+considering+investing+in+second+hand+vessels.+%3Cbr%3E%E3%80%80%E2%96%A0+Leaning+towards+co-financing+%3Cbr%3E%E3%80%80%E2%80%9CThe+amount+of+composition+for+each+project+is+increasing.+I+think+the+number+of+Japanese+regional+banks+aiming+for+co-financing+will+increase+in+the+future.%E2%80%9C+%3Cbr%3E%E3%80%80A+Japanese+regional+bank+official+based+in+western+Japan+responded+to+the+interview.+%3Cbr%3E%E3%80%80Due+to+the+sharp+rise+in+the+container+ship+market%2C+new+orders+for+mega+container+ships+over+14%2C000+TEU+are+currently+on+the+rise.+%3Cbr%3E%E3%80%80Projects+to+change+the+structure+of+LNG+%28liquefied+natural+gas%29+carriers+have+also+emerged%2C+and+Japanese+regional+banks+has+sufficient+subjects+of+loan+projects.+%3Cbr%3E%E3%80%80On+the+other+hand%2C+whether+it+is+a+mega+container+ship+or+an+LNG+carrier%E2%80%99s+restructuring+project%2C+the+conditions+are+different+from+the+conventional+bulker+and+tanker+mainstream+loan+projects%2C+and+it+is+certain+that+as+financers%2C+there+are+concerns+about+risks.+%3Cbr%3E%E3%80%80Another+Japanese+regional+bank+official+based+in+the+Shikoku+region+speaks.+%3Cbr%3E%E3%80%80%E2%80%9CRecently%2C+there+have+been+cases+of+LNG+fueled+vessels+owned+by+shipowners.+It+can+be+said+that+we+are+honestly+groping+about+what+points+to+pay+attention+to+in+loan+projects+that+did+not+exist+in+the+past.%E2%80%9C+%28An+officer+in+charge+of+ship+loan%29+%3Cbr%3E%E3%80%80In+particular%2C+multiple+loan+projects+for+environmentally+friendly+vessels+have+emerged%2C+and+new+shipbuilding+projects+for+LNG-fueled+PCTCs+and+Capesize+have+been+materialized.+%3Cbr%3E%E3%80%80It+is+impossible+for+domestic+and+foreign+operators+to+own+all+of+these+environmentally+friendly+vessels+as+%E2%80%9Cown+vessels%E2%80%9D+because+the+scale+of+investment+will+expand+too+much.+Some+flow+to+the+shipowner%E2%80%99s+possession.+%3Cbr%3E%E3%80%80A+shipowner+official+speaks.+%3Cbr%3E%E3%80%80%E2%80%9CRecently%2C+most+of+the+projects+brought+in+are+large-scale+investments.+Although+it+is+unavoidable+that+the+investment+amount+is+large%2C+when+it+comes+to+environmentally+friendly+vessels+such+as+LNG+fueled+vessels%2C+we+cannot+be+confident+in+ship+management.%E2%80%9C+%28Imabari+shipowner%29+%3Cbr%3E%E3%80%80A+Japanese+shipping+operator+executive+explains+that+there+is+%E2%80%9Csupport%E2%80%9C+to+introduce+the+operator%E2%80%99s+own+ship+management+company+for+ship+management+of+such+environmentally+friendly+ships.+%3Cbr%3E%E3%80%80However%2C+once+a+marine+accident+occurs%2C+it+is+clear+that+the+shipowner+will+be+held+responsible+for+the+vessel+under+the+time+charter+contract.+%3Cbr%3E%E3%80%80They+want+to+own+it%2C+but+can%E2%80%99t+see+the+risk.+For+current+large-scale+projects%2C+there+are+many+shipowners+who+have+a+fear+of+not+only+the+size+of+the+investment+scale+but+also+inexperienced+ship+management.+%3Cbr%3E%28Japanese+ship+owner+coverage+group%29+%3Cbr%3E%3D+Posted+every+Monday%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

【国内船主の今】(262)PO不行使 残価リスク。大型案件への投資に戸惑う

2021/04/19(月)

日本海事新聞 JMD

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