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日本海事新聞ニュース Japan Maritime Daily Nov 22, 2022 (Tue)

ORIX launches a new ship leasing scheme as a financial product

Demand from investors and bare boat charterers is strong

　Financial services giant ORIX has developed a new ship-related investment product. It is a new type ・・・続きはログインして下さいnext %E3%80%80Financial+services+giant+%3Cb%3EORIX%3C%2Fb%3E+has+developed+a+new+ship-related+investment+product.+It+is+a+new+type+of+Japanese+Operating+Lease+with+call+option+%28JOLCO%29+that+solicits+investors+and+organizes+ship+leasing+projects.+It+is+a+product+in+which+an+investor+owns+the+vessel+alone+and+obtains+an+investment+return.+In+September%2C+the+company+arranged+the+first+project+for+the+new+product.+Koji+Tsutsui%2C+Vice+General+Manager+of+Ship+Investment+and+Loan+Group+and+Team+Leader+of+Team+2%2C+said%2C+%E2%80%9CBoth+investors+and+bare+boat+charterers+have+needs.+I+would+like+to+develop+it+into+a+new+business+in+the+ship+division.%E2%80%9C+%3Cbr%3E%E3%80%80Usually%2C+for+JOLCO%2C+several+investors+invest+in+a+shipowner+company+through+silent+partnerships.+It+is+like+several+investors+share+one+vessel.+In+contrast%2C+in+the+new+investment+product%2C+one+investor+company+owns+it+alone.+%3Cbr%3E%E3%80%80An+investor+establishes+an+SPC+%28special+purpose+company%29+for+the+purpose+of+owning+ships.+The+SPC+acquires+and+owns+the+vessel.+It+is+then+rented+out+to+a+charterer+under+a+bare+boat+charter+%28BBC%29+contract+to+obtain+a+return+on+investment.+%3Cbr%3E%E3%80%80The+first+project+was+realized+at+the+timing+when+a+European+shipping+company%2C+which+has+a+close+relationship+with+%3Cb%3EORIX%3C%2Fb%3E%2C+purchased+a+used+Handysize+bulker+that+was+completed+in+2019+by+a+Japanese+shipyard.+%3Cbr%3E%E3%80%80An+SPC+established+by+an+investor+located+in+western+Japan+who+has+a+long-standing+business+relationship+with+%3Cb%3EORIX%3C%2Fb%3E+purchased+the+vessel.+The+vessel+will+be+leased+to+a+European+shipping+company+on+a+nine-year+bare+boat+charter+contract.+%3Cbr%3E%E3%80%80The+investor+financed+part+of+the+funds+for+acquisition+of+the+vessel+with+a+loan+from+its+main+bank.+The+main+bank+collaborated+with+the+department+specializing+in+ship+finance+at+the+head+office+to+provide+ship+financing+for+the+first+time.+%3Cbr%3E%E3%80%80After+expiry+of+the+bare+boat+charter+contract%2C+the+vessel+is+sold+on+the+vessel+trading+market+for+a+return+on+investment.+In+some+cases%2C+charterers+exercise+Purchase+Options+attached+to+bare+boat+charter+contracts+and+buy+out.+%3Cbr%3E%E3%80%80Charterers+are+basically+assumed+to+be+overseas+ship+owners%2Foperators+%28operating+companies%29.+%3Cb%3EORIX%3C%2Fb%3E%2C+which+has+50+years+of+experience+and+know-how+in+ship+finance%2C+will+support+negotiations+with+charterers.+%3Cbr%3E%E3%80%80The+main+difference+with+JOLCO+is%2C+%E2%80%9CEverything+is+determined+by+the+investor%E2%80%99s+decision%2C+as+the+investor+owns+the+vessel+directly.+The+investor+also+chooses+how+to+raise+funds%2C%E2%80%9D+Tsutsui+said.+%3Cbr%3E%E3%80%80Despite+the+spread+of+the+new+coronavirus%2C+the+market+environment+was+stable+in+the+shipping+sector%2C+and+the+securities+companies+with+investors+and+wealthy+customers+became+more+interested+in+it.+%E2%80%9CProduct+development+accelerated+suddenly%2C%E2%80%9C+Tsutsui+said.+%3Cbr%3E%E3%80%80%3Cb%3EORIX%3C%2Fb%3E+is+also+negotiating+a+follow-on+deal.+From+the+viewpoint+of+liquidity%2C+the+target+vessels+are+mainly+small+and+medium-sized+bulkers+built+in+Japan.+Both+new+and+secondhand+vessels+are+supported.+%3Cbr%3E%E3%80%80The+advantage+of+new+investment+products+is+that+investors+can+diversify+their+investment+risk+by+adding+ships+to+their+portfolio+while+making+various+investments+such+as+real+estate%2C+aircraft%2C+and+stocks.+%3Cbr%3E%E3%80%80The+company+provides+charterers+the+opportunity+to+diversify+their+vessel+procurement.+The+scheme+is+similar+to+the+conventional+sale+and+leaseback.+However%2C+%E2%80%9CThe+biggest+difference+is+that+investors+from+different+industries+own+ships+by+taking+advantage+of+our+customer+network%2C%E2%80%9C+says+Akio+Fujiwara%2C+Vice+President+of+the+Second+Team+of+the+Ship+Investment+and+Loan+Group.+%3Cbr%3E%E3%80%80The+aim+is+also+to+encourage+regional+banks+and+city+banks+that+do+not+handle+ship+finance+to+newly+enter+the+market.+%3Cbr%3E%E3%80%80%E2%80%9CShip+finance+generally+has+high+hurdles+such+as+securing+US+dollars+and+overseas+credit.+With+the+new+structure%2C+it+can+be+financed+mainly+by+investors%E2%80%99+corporate+loans.+Although+it+is+indirect%2C+it+makes+them+easier+to+enter.%E2%80%9D+%28Fujiwara%29+%3Cbr%3E%E3%80%80%3Cb%3EORIX%3C%2Fb%3E+aims+to+expand+investment+products+and+meet+a+wide+range+of+investor+needs.+Regarding+the+composition+of+projects%2C+the+company+will+limit+to+excellent+projects+that+it+can+confidently+recommend+to+investors%2C+and+it+will+carefully+promote+only+initiatives+that+the+company+is+satisfied+with%2C+including+the+credit+of+bare+boat+charterers+and+the+liquidity+of+ships+mainly+built+in+Japan.+%3Cbr%3E%E3%80%80Tsutsui+said%2C+%E2%80%9CBy+expanding+the+base+of+investors+and+financial+institutions%2C+we+hope+to+contribute+to+the+further+development+of+Japan%E2%80%99s+shipping+industry.%E2%80%9C+%3Cbr%3E%E3%80%80%3Cb%3EORIX%3C%2Fb%3E%E2%80%99s+ship+division+consists+of+finance+and+shipping+businesses.+The+three+main+businesses+are+the+loan+business%2C+arranging+lease+agreements%2C+and+the+ship+ownership+and+operation+business.+As+a+new+business%2C+it+will+actively+develop+fields+related+to+SDGs+%28Sustainable+Development+Goals%29%2C+ESG+%28Environmental%2C+Social%2C+and+Governance%29%2C+and+DX+%28Digital+Transformation%29.+%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