日本海事新聞ニュース Japan Maritime Daily Aug 31, 2026 (Mon)

Japanese Trading Houses and Leasing Firms Merge Strengths in Vertical Shipping Strategy

　“Recently, general trading companies have successively invested in major aircraft leasing companies ・・・ 続きはログインして下さいnext %E3%80%80%E2%80%9CRecently%2C+general+trading+companies+have+successively+invested+in+major+aircraft+leasing+companies.+What+happened+in+aviation+could+also+happen+in+shipping.+The+context+is+somewhat+different%2C+but+cooperation+between+trading+companies%E2%80%99+shipping+divisions+and+leasing+companies+could+become+stronger+going+forward.%E2%80%9C+%3Cbr%3E%E3%80%80One+afternoon+in+Tokyo+in+late+August%2C+on+a+day+of+extreme+heat.+A+ship+finance+industry+source+made+the+observation+over+a+meal.+%3Cbr%3E%E3%80%80In+April+this+year%2C+Sumitomo+Corporation+and+Sumitomo+Mitsui+Finance+and+Leasing+Company+%28SMFL%29%2C+together+with+a+US+investment+fund%2C+acquired+Air+Lease+Corporation%2C+a+major+US+aircraft+leasing+company%2C+for+more+than+1+trillion+yen.+%3Cbr%3E%E3%80%80In+August%2C+ITOCHU+Corporation+acquired+a+50%25+stake+in+Aviation+Capital+Group+%28ACG%29%2C+a+major+US+aircraft+leasing+company%2C+from+Tokyo+Century%2C+a+leading+general+leasing+company%2C+and+began+jointly+managing+the+company.+%3Cbr%3E%E3%80%80This+series+of+aircraft+leasing+M%26A+%28mergers+and+acquisitions%29+by+trading+companies+can+be+understood+in+the+context+of+the+%E2%80%9Cfusion+of+trade+and+finance%E2%80%9C+and+%E2%80%9Cvertical+integration%2C%E2%80%9C+which+encompasses+the+entire+supply+chain+from+upstream+to+downstream.+%3Cbr%3E%E3%80%80For+example%2C+ITOCHU+Corporation+has+strengths+in+the+distribution+of+aircraft+parts+and+materials%2C+creating+an+opportunity+to+offer+airlines+to+which+ACG+leases+hundreds+of+aircraft+a+package+of+parts+supply+and+maintenance+services.+%3Cbr%3E%E3%80%80In+this+way%2C+it+aims+to+evolve+from+a+horizontally+expanded+business+in+which+leasing+fees+and+parts+sales+each+generate+revenue+to+a+%E2%80%9Cvertically+integrated+infrastructure+business%E2%80%9C+that+connects+business+areas+more+comprehensively.+%3Cbr%3E%E3%80%80%E2%96%A0+Financial+structuring+capabilities+%3Cbr%3E%E3%80%80An+example+of+collaboration+between+a+trading+company+and+a+leasing+company+in+the+maritime+sector+is+that+between+ORIX+and+Somec%2C+a+subsidiary+engaged+in+ship+trading+%28brokering+newbuilds%2C+charters%2C+and+secondhand+vessels%29.+%3Cbr%3E%E3%80%80In+the+spring+of+2025%2C+ORIX+acquired+Sojitz%E2%80%99s+ship+trading+business+together+with+domestic+shipyards%2C+creating+Somec.+Together+with+Santoku+Senpaku%2C+a+major+shipowner+and+ship+management+company+based+in+Osaka+City+that+it+acquired+in+2024%2C+ORIX+is+solidifying+its+footing+in+a+vertically+integrated+maritime+business+encompassing+trading%2C+financing%2C+ownership%2C+and+ship+management.+%3Cbr%3E%E3%80%80Apart+from+Somec+and+ORIX%2C+the+main+group+affiliations+between+trading+companies+and+leasing+companies+consist+of+the+pairings+of+%E2%80%9CITOCHU+Corporation+and+Tokyo+Century%2C%E2%80%9C+%E2%80%9CSumitomo+Corporation+and+SMFL%2C%E2%80%9C+%E2%80%9CMITSUI+%26+CO.%2C+LTD.+and+JA+Mitsui+Leasing%2C%E2%80%9C+%E2%80%9CMitsubishi+Corporation+and+Mitsubishi+HC+Capital%2C%E2%80%9C+and+%E2%80%9CMarubeni+and+Mizuho+Marubeni+Leasing+Corporation%2C%E2%80%9C+with+the+trading+companies+holding+equity+stakes+in+the+leasing+companies.+%3Cbr%3E%E3%80%80A+source+in+the+shipping+division+of+a+trading+company+explained+the+background%3A+%E2%80%9CGeneral+trading+companies+are+moving+away+from+resources+and+oil-risk+assets%2C+reducing+the+assets+on+their+BS+%28balance+sheets%29+and+allocating+funds+to+business+investments.%E2%80%9C+%3Cbr%3E%E3%80%80He+added%2C+%E2%80%9CSome+trading+companies+are+increasing+the+number+of+vessels+they+own%2C+but+this+is+no+longer+an+era+in+which+they+can+rapidly+build+up+fleets+of+100+or+150+vessels+through+direct+ownership.+Tie-ups+with+leasing+companies+that+excel+at+arranging+financing%2C+including+structuring+projects+with+investors%2C+are+meaningful+from+the+perspective+of+trading+companies.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Assessing+assets+%3Cbr%3E%E3%80%80In+recent+years%2C+leasing+companies+have+increased+their+presence+in+the+shipping+sector+by+providing+direct+financing+to+European+shipowners+and+structuring+JOLCOs+%28Japanese+Operating+Leases+with+Call+Option%29.+%3Cbr%3E%E3%80%80Unlike+the+traditional+ship+financing+of+Japanese+regional+banks%2C+which+emphasizes+corporate+creditworthiness%2C+financing+for+Europe+requires+a+focus+on+asset+value.+This+is+precisely+an+area+in+which+leasing+companies+excel.+%3Cbr%3E%E3%80%80%E2%80%9CBanks+have+the+ability+to+assess+money+and+companies%2C+while+leasing+companies+have+the+ability+to+assess+assets%E2%80%9C+%28financial+industry+source%29+%3Cbr%3E%E3%80%80Amid+high+vessel+prices%2C+inflation%2C+shorter+charter+periods%2C+and+high+market+volatility%2C+it+has+become+even+more+difficult+to+assess+residual+value+risk+for+vessels+in+the+current+shipping+market.+Against+this+backdrop%2C+leasing+companies%E2%80%99+ability+to+evaluate+assets+and+take+appropriate+risks+is+becoming+increasingly+important.+%3Cbr%3E%E3%80%80A+trading+company+source+noted%2C+%E2%80%9CORIX%2C+Santoku+Senpaku%2C+and+Tokyo+Century+are+pursuing+growth+strategies+by+taking+on+vessel+asset+risk.%E2%80%9C+He+then+added%3A+%E2%80%9CBut+deals+will+not+come+simply+by+waiting.+I+think+each+leasing+company+needs+a+trading+function%2C+like+those+of+trading+companies+and+brokers%2C+with+overseas+bases+for+sourcing+and+the+ability+to+find+a+succession+of+different+charterers.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%96%A0+Proposals+for+next-generation+shipowners+%3Cbr%3E%E3%80%80%E2%80%9CTo+develop+business+with+the+next+generation+of+shipowner+executives%2C+trading+companies%E2%80%99+shipping+divisions+will+need+to+evolve+their+trading+capabilities.%E2%80%9C+%3Cbr%3E%E3%80%80A+shipowner-related+source+makes+this+recommendation+regarding+the+future+direction+of+trading+companies%E2%80%99+shipping+businesses.+%3Cbr%3E%E3%80%80Many+of+the+next+generation+of+Japanese+ship+owner+executives+have+extensive+international+experience%2C+such+as+studying+abroad+or+training+at+overseas+shipping+companies.+%3Cbr%3E%E3%80%80In+response+to+changing+times%2C+they+are+seeking+sustainable+growth+by+taking+on+a+certain+degree+of+risk+through+short-term+charters%2C+index-linked+contracts%2C+and+advance+orders%2C+and+are+%E2%80%9Calso+adopting+the+management+style+of+Greek+shipowners%E2%80%9C+%28a+financial+industry+source%29.+%3Cbr%3E%E3%80%80Historically%2C+Japanese+ship+owners+have+expanded+their+fleets+by+broadening+cooperative+relationships+with+overseas+charterers%2C+supported+by+partnerships+with+the+shipping+divisions+of+trading+companies.+However%2C+the+next+generation+of+executives+has+the+ability+to+go+abroad+themselves+and+build+direct+networks+with+overseas+charterers.+%3Cbr%3E%E3%80%80%E2%80%9COf+course%2C+the+importance+of+traditional+trading+remains+unchanged.+However%2C+that+alone+may+be+perceived+as+insufficient+by+the+next+generation+of+managers.+The+shipping+divisions+of+trading+companies+will+be+expected+to+have+the+ability+to+offer+a+variety+of+solutions%2C+including+financial+expertise%2C%E2%80%9C+said+a+shipowner+representative.+%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%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【国内船主の今】(411)商社とリース会社融合。垂直統合でトレード深化

2026/08/31(月)

日本海事新聞 JMD

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