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

European banks active again in ship financing

　European financial institutions are active again in ship financing. With the European Central Bank’ ・・・ %E3%80%80European+financial+institutions+are+active+again+in+ship+financing.+With+the+European+Central+Bank%E2%80%99s+ultra-low+interest+rate+long-term+funding+program+%E2%80%9CTLTRO%E2%80%9C+as+a+tailwind%2C+interest+rate+competitiveness+has+improved.+In+addition%2C+the+rise+in+the+market+price+of+secondhand+vessels+has+lowered+the+hurdles+for+LTV+%28Loan+to+Value%29+conditions+when+refinancing+existing+vessels%2C+which+is+also+working+positively.+With+the+support+of+the+%3Cb%3EEuropean+banks%3C%2Fb%3E%2C+European+shipowners+have+been+exercising+one+after+another+Purchase+Option+%28PO%29+of+existing+bulkers%2C+which+is+a+bare+boat+charter+%28BBC%29%2C+from+Japanese+shipowners+since+this+spring.+This+has+led+to+a+decrease+in+the+number+of+vessels+owned+by+Japanese+shipowners+and+a+reduction+in+the+loan+balance+of+Japanese+regional+banks+and+leasing+companies.+%3Cbr%3E%E3%80%80%E2%80%9CFor+the+past+few+months%2C+we+have+been+losing+in+the+competition+with+%3Cb%3EEuropean+banks%3C%2Fb%3E+in+the+BBC+projects+of+Japanese+shipowners+for+Europe+that+are+entering+the+time+to+exercise+PO.%E2%80%9C+%3Cbr%3E%E3%80%80Domestic+ship+finance+officials+describe+the+current+situation+in+which+European+shipowners+are+exercising+PO+one+after+another.+%3Cbr%3E%E3%80%80Currently%2C+the+target+of+PO+exercise+is+the+sail+%26+BBC+back+%28bare+boat+charter+after+sale%29+projects+that+the+Japanese+shipowner+signed+with+the+European+shipowners+around+2015-2016.+%3Cbr%3E%E3%80%80On+the+financial+side%2C+there+is+competition+between+%3Cb%3EEuropean+banks%3C%2Fb%3E%2C+which+support+the+exercise+of+PO+by+European+shipowners%2C+and+Japanese+regional+banks+and+domestic+leasing+companies+that+support+the+BBC+scheme+of+Japanese+shipowners.+%3Cbr%3E%E3%80%80The+reason+behind+the+increase+in+PO+exercise+seems+that+the+%3Cb%3EEuropean+banks%3C%2Fb%3E+are+active+again+in+ship+financing+in+addition+to+the+improvement+of+the+financial+capacity+of+European+ship+owners+due+to+the+dry+bulk+boom.+%3Cbr%3E%E3%80%80Many+%3Cb%3EEuropean+banks%3C%2Fb%3E+temporarily+withdrew+from+ship+lending+in+the+wake+of+the+collapse+of+the+German+KG+%28joint-stock+company%29+ship+fund+after+the+Global+Financial+Crisis.+However%2C+with+the+soaring+prices+of+container+ships+and+dry+bulk+market+since+last+year+and+monetary+easing+in+Europe+as+a+tailwind%2C+they+are+turning+to+ship+financing+again.+%3Cbr%3E%E3%80%80Supporting+%3Cb%3EEuropean+banks%3C%2Fb%3E+in+terms+of+funding+is+the+%E2%80%9CTLTRO%E2%80%9C+%28Targeted+Long+Term+Refinancing+Operation%29%2C+in+which+the+European+Central+Bank+lends+funds+to+banks+for+up+to+four+years+at+ultra-low+interest+rates.+%3Cbr%3E%E3%80%80In+particular%2C+the+deadline+for+the+third+TLTRO%2C+which+started+in+the+fall+of+2019%2C+has+been+extended+by+one+year+until+June+2022%2C+making+it+possible+to+finance+vessels+under+favorable+conditions+at+the+time+of+favorable+shipping+conditions.+%3Cbr%3E%E3%80%80These+low-interest+funds+appear+to+be+boosting+ship+investment+by+German%2C+Italian+and+Greek+shipowners.+%3Cbr%3E%E3%80%80%E2%80%9CUntil+June+next+year%2C+when+the+TLTRO+deadline+expires%2C+Japan+is+likely+to+remain+in+a+difficult+situation%2C%E2%80%9C+said+a+ship+finance+official.+%3Cbr%3E%E3%80%80%E2%96%A0+Actual+easing+of+LTV+%3Cbr%3E%E3%80%80Another+factor+behind+the+increase+in+PO+exercise+is+that+the+hurdles+for+LTV+provisions+have+been+lowered.+%3Cbr%3E%E3%80%80Until+now%2C+strict+LTV+provisions+have+been+an+issue+for+ship+financing+of+European+financial+institutions.+%3Cbr%3E%E3%80%80The+LTV+clause+is+a+loan+condition+that+sets+an+upper+limit+on+the+ratio+of+borrowing+to+the+asset+value+of+a+ship.+If+the+LTV+exceeds+the+limit%2C+the+shipowner+will+be+required+to+invest+additional+funds.+%3Cbr%3E%E3%80%80During+the+dry+bulk+recession+after+the+Global+Financial+Crisis%2C+bulkers+owned+by+European+shipowners%2C+which+had+been+financed+by+the+%3Cb%3EEuropean+banks%3C%2Fb%3E%2C+violated+the+LTV+clause+one+after+another.+In+order+to+deal+with+this+difficult+situation%2C+European+shipowners+have+been+activating+sail+and+BBC+backs+with+Japanese+shipowners+since+2015.+%3Cbr%3E%E3%80%80However%2C+the+asset+value+of+existing+bulkers+has+risen+due+to+the+sharp+rise+in+the+secondhand+vessel+market+this+year.+As+a+result%2C+the+loan+limit+based+on+the+LTV+clause+has+been+actually+eased+for+the+remaining+loan+balance+when+refinancing+existing+ships%2C+making+it+easier+for+European+ship+owners+to+refinance.%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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欧州銀行、船舶融資で再攻勢。低利資金「TLTRO」追い風。欧州船主、PO行使
2021/10/19(火)
日本海事新聞 JMD


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