Reportage: Japanese Shipowners　Part 6 — The Sweet Trap of Joint Newbuilding　ルポ・日本船主　第6回「共有建造の甘い罠」

“If one were to invest in an Ultramax with a newbuilding price of $34 million, even at a daily charter rate of $14,000 the internal rate of return (IRR) would be only around 3%. In that case, investing in US five-year Treasuries with a yield of 3.715% would be the more rational choice, even as a safe asset.”

On the 23rd, at a lunchtime hour in a restaurant in a bustling office district in central Tokyo, a shipping finance professional spoke during an interview.

(Reportage: Japanese Shipowners reporting team, published every Friday)

(Please read the full text, written in both English and Japanese, in the body of the article. The Japanese version follows the English text.)

ルポルタージュ・日本船主　第6回「共有建造の甘い罠」

　「仮に新造船価格が3400万ドルのウルトラマックスに投資した場合、1日当たりの用船料が1万4000ドルでも内部収益率（IRR）は3%程度だ。これでは米国の5年債利回り3.715%に投資した方が、安全資産としても得策ということになる」

　23日、昼時で賑わう東京都心のオフィス街のレストラン。船舶融資関係者が取材に応じた。（ルポルタージュ・日本船主取材班、毎週金曜日配信）

（続きは英語と日本語で書かれた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）

Reportage: Japanese Shipowners

Part 6 — The Sweet Trap of Joint Newbuilding

“If one were to invest in an Ultramax with a newbuilding price of $34 million, even at a daily charter rate of $14,000 the internal rate of return (IRR) would be only around 3%. In that case, investing in US five-year Treasuries with a yield of 3.715% would be the more rational choice, even as a safe asset.”

On the 23rd, at a lunchtime hour in a restaurant in a bustling office district in central Tokyo, a shipping finance professional spoke during an interview.

(Reportage: Japanese Shipowners reporting team, published every Friday)