Reportage on Japanese Shipowners, No. 44　第44回ルポルタージュ日本船主

“Are JVs the Right Choice? Disagreements Over Exit Strategies Can Lead to a Parting of Ways”

「JVは是か非か、出口戦略で物別れも」

　On the morning of October 8 in Singapore, a Japanese shipowner visiting the city on business spoke in an interview at a cafe near Raffles Place MRT station.

　”With newbuilding prices this high, it is becoming difficult to own even a medium-sized bulker independently. The market price of a 64,000 dwt Ultramax resale newbuilding is $44m per vessel, or approximately ¥6.9bn at an exchange rate of ¥157 to the dollar. Even with an equity contribution of 10 per cent, that means putting up around ¥700m.”

　”That is nearly twice the amount required for a conventional newbuilding investment.”

■The full article covers the following points (approximately 3,000 Japanese characters)

→ With Ultramax resale newbuilding prices approaching ¥7bn, why are Japanese shipowners reluctant to own vessels independently?

→ Despite strong earnings, Japanese shipowners face growing tax burdens as they struggle to secure depreciable assets.

→ One large vessel costing ¥40bn, or five to six bulkers at ¥7bn each? Shipowners face difficult investment decisions.

→ JVs can halve equity requirements, but where do the interests of participating shipowners begin to diverge?

→ The global financial crisis exposed the pitfalls of JVs: disagreements over whether to sell or continue holding vessels.

(Please read the full article in the paid edition, available in English and Japanese. The Japanese version follows the English article.)

第44回ルポルタージュ日本船主

「JVは是か非か、出口戦略で物別れも」

　10月8日午前、シンガポール。MRTラッフルズプレイス駅近くのカフェで、同地に出張中の日本船主が取材に応じた。

　「こう新造船価格が高いと、中型バルカーでさえ単独保有が難しくなる。64,000重量トン型ウルトラマックスの新造リセールの市場価格は1隻当たり4,400万ドル、1ドル＝157円換算で約69億円だ。これでは自己資金10％として約7億円。従来の新造船投資の2倍に近い」

■記事本文では以下の内容を読むことができます（記事全文約3,000文字）

→ ウルトラマックスの新造リセール価格70億円時代、日本船主はなぜ単独保有をためらうのか。

→ 好業績でも安心できない日本船主、償却資産不足が招く税負担とは。

→ 400億円の大型船1隻か、70億円のバルカー5～6隻か。揺れる投資判断。

→ 自己資金を半減できるJV、船主同士の思惑はどこで食い違うのか。

→ リーマン・ショックで露呈したJVの落とし穴、「売るか、持つか」の対立。

（続きは英語と日本語で書かれた有料版の本文でお読みください。日本語の記事は英文記事に続いて掲載されています）