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日本海事新聞ニュース Japan Maritime Daily Jan 24, 2022 (Mon)

‌【Current of Japanese shipowners】The super-low interest rate policy over the past 20 years leads to the rapid growth of Japanese shipowners

 “Twenty-five years have passed since the ‘Yamaichi Shock’. Japan’s ultra-low interest rates for a q ・・・ %E3%80%80%E2%80%9CTwenty-five+years+have+passed+since+the+%E2%80%98Yamaichi+Shock%E2%80%99.+Japan%E2%80%99s+ultra-low+interest+rates+for+a+quarter+of+a+century+since+then+have+led+to+the+rapid+growth+of+Japanese+shipowners.%E2%80%9C+%3Cbr%3E%E3%80%80At+a+restaurant+in+Tokyo+surrounded+by+a+relaxed+atmosphere+during+the+New+Year+holidays%2C+a+ship+finance+official+muttered+with+deep+emotion.+%3Cbr%3E%E3%80%80Yamaichi+Securities+voluntarily+closed+its+business+in+November+1997%2C+which+can+be+said+to+be+a+symbol+of+the+deterioration+of+the+Japanese+economy+after+the+burst+of+the+bubble+economy.+Two+years+later%2C+the+Bank+of+Japan%E2%80%99s+zero+interest+rate+policy+began+in+1999%2C+and+from+2016+it+entered+a+negative+interest+rate%2C+and+interest+rates+at+record+lows+still+continue.+%3Cbr%3E%E3%80%80%E2%80%9CThe+charter+business+of+Japanese+shipowners+has+always+been+supported+by+ultra-low+interest+rates.+Isn%E2%80%99t+it+important+to+look+again+at+those+foundation%2C+which+are+by+no+means+rock+solid%3F%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Yen+carry+trade+%3Cbr%3E%E3%80%80According+to+the+IYOGIN+REGIONAL+ECONOMY+RESEARCH+CENTER%2C+the+number+of+ocean-going+vessels+owned+by+Ehime+shipowners%2C+which+was+465+in+2000%2C+has+more+than+doubled+to+more+than+1%2C000+by+2014.+As+of+the+fall+of+2020+in+the+latest+survey%2C+the+number+has+reached+1%2C199.+%3Cbr%3E%E3%80%80Regarding+the+rapid+growth+of+Japanese+shipowners+in+the+2000s%2C+one+Imabari+shipowner+official+revealed%2C+%E2%80%9CAt+the+root+of+that+business+model+is+the+%E2%80%99yen+carry+trade%E2%80%99+that+takes+advantage+of+low+interest+rates.%E2%80%9C+%3Cbr%3E%E3%80%80Yen+carry+trade+is+a+transaction+in+which+funds+are+borrowed+in+yen+with+low+interest+rates+and+are+converted+into+foreign+currencies+with+high+interest+rates+to+use.+%3Cbr%3E%E3%80%80Japanese+shipowners+are+building+ocean-going+vessels+with+ultra-low+interest+rate+yen-denominated+funds+procured+from+regional+banks+and+putting+them+into+the+dollar-denominated+shipping+market.+It+is+exactly+the+yen+carry+trade+itself+using+ships.+In+order+to+enjoy+the+%E2%80%9Cumami%E2%80%9C+of+the+yen+interest+rate%2C+many+overseas+operators+%28operating+shipping+companies%29+repeated+the+visits+to+the+Setouchi+shipowners%2C+taking+aircraft+and+trains+before+the+coronavirus+pandemic.+%3Cbr%3E%E3%80%80Furthermore%2C+since+2016%2C+the+%E2%80%9CSale+%26+BBC+Back%E2%80%9C+%28re-bare+boat+charter+after+sale%29%2C+in+which+Japanese+shipowners+are+appointed+as+refinancing+receivers+for+ships+owned+by+European+shipowners%2C+has+become+active.+It+can+be+regarded+as+a+blatantly+sharpened+figure+of+ships%E2%80%99+yen+carry+trade.+%3Cbr%3E%E3%80%80%E2%80%9CEuropean+operators+give+Japanese+shipowners+comfortable+words+such+as+%E2%80%98the+best+and+most+reliable+business+partner%E2%80%99.+However%2C+it+is+a+business+relationship+only+if+there+is+cost+competitiveness+based+on+low+interest+rates.+It+has+never+been+selected+because+of+the+quality+of+ship+management%2C+etc.%E2%80%9C+%28A+Imabari+shipowner+official%29+%3Cbr%3E%E3%80%80How+long+will+Japan%E2%80%99s+ultra-low+interest+rates+continue%3F+While+the+United+States+and+Europe+are+looking+to+raise+interest+rates+after+the+coronavirus+converges%2C+Japan%E2%80%99s+ultra-low+interest+rate+policy%E2%80%99s+future+remains+unclear.+%3Cbr%3E%E3%80%80The+ship+finance+official+of+the+beginning%2C+emphasize+the+importance+of+looking+ahead+to+shipowner+business%2C+which+is+supported+by+low+interest+rates.+%3Cbr%3E%E3%80%80%E2%80%9CJapan%E2%80%99s+ultra-low+interest+rates+may+continue+for+the+foreseeable+future.+But+nothing+is+permanent.+Shouldn%E2%80%99t+we+cultivate+the+true+ability+of+shipowners+now+in+preparation+for+the+turning+point%3F%E2%80%9C+%3Cbr%3E%E3%80%80Ship+management+ability%2C+market+sense%2C+diversification+of+charter+contract+portfolio%2C+development+of+financing+sources%2C+international+communication+ability%2C+connections+with+leading+overseas+operators+and+shippers.+There+are+a+number+of+directions+that+shipowners+should+take+to+withstand+the+rough+seas+of+international+markets.+%3Cbr%3E%E3%80%80%E2%96%A0+Win+in+Piraeus+%3Cbr%3E%E3%80%80At+the+end+of+last+year%2C+a+piece+of+news+came+in+from+Greece.+It+is+reported+that+CSIC+Leasing%2C+a+leasing+company+under+the+umbrella+of+CSSC+%28China+State+Shipbuilding+Corporation%29%2C+a+major+shipbuilding+in+China%2C+has+detained+the+fourth+product+tanker+that+has+been+chartered+as+a+Bare+Boat+charter+to+Greek+shipowner+Eletson.+%3Cbr%3E%E3%80%80It+is+exercised+force+following+the+detention+of+three+ships+of+the+same+type+in+April+last+year.+A+Japanese+leasing+official+said%2C+%E2%80%9CIt+was+eye-catching+that+the+Chinese+leasing+company%E2%80%99s+complaint+was+granted+in+the+court+of+Piraeus%2C+which+is+in+Greece+where+the+Greek+shipowner+is+from.%E2%80%9C+%3Cbr%3E%E3%80%80About+four+years+ago%2C+in+the+fall+of+2017%2C+Eletson+signed+a+Sale+%26+BBC+back+contract+with+CSIC+Leasing+for+four+product+carriers.+The+%24+65.5+million+transaction+was+the+first+ship+leasing+finance+undertaken+by+CSIC+Leasing%2C+which+was+launched+in+the+same+year.+%3Cbr%3E%E3%80%80However%2C+in+the+slump+in+tanker+markets+under+the+coronavirus%2C+Eletson%E2%80%99s+payment+of+the+bare+boat+charter+fee+was+delayed%2C+and+CSIC+Leasing+demanded+the+cancellation+of+the+BBC+contract+and+immediate+return+of+carriers.+Eletson%E2%80%99s+refusal+brought+the+dispute+to+the+Piraeus+court.+%3Cbr%3E%E3%80%80Even+for+Japanese+shipowners+and+Japanese+regional+banks+who+deal+with+BBC+with+overseas+shipowners%2C+it+is+not+an+irrelevant+story.+%3Cbr%3E%E3%80%80%E2%80%9CIf+it+was+a+Japanese+financial+institution%2C+did+it+take+such+a+resolute+action+at+the+Greek+shipowner%E2%80%99s+home+ground%3F+In+BBC+contracts%2C+it+is+not+easy+for+leasing+companies+of+the+owner+to+regain+ships+because+charterers+will+dispatch+seafarers.+The+executive+ability+of+the+Chinese+leasing+company+that+took+a+firm+action+should+be+evaluated.%E2%80%9C+%28A+leasing+official%29+%3Cbr%3E%E3%80%80In+Japan%2C+during+the+dry+recession+from+2015+to+2020%2C+many+Japanese+ship+owners+and+Japanese+regional+banks+had+a+hard+experience+in+response+to+requests+from+overseas+operators+to+reduce+charter+fees.+With+the+BBC+for+overseas+increasing+significantly+in+recent+years%2C+Japan+should+not+be+regarded+as+an+easy+contract+partner%2C+so+the+decisive+international+responsiveness+at+the+time+of+disputes+will+be+questioned.+%3Cbr%3E%28Japanese+ship+owners+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%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