Ship financing balances at major regional banks are at record highs, and the weak yen, which has remained at 140-150 yen to the dollar, has boosted the dollar portion of financing. This is also due to the fact that the sale of ships owned by Japanese shipowners has been completed and the number of new shipbuilding projects by Japanese shipowners has increased.
As of the end of September 2023, the outstanding loans of the regional banks (all of which were for ocean shipping only) were 1.04 trillion yen at Iyo Bank, 784.9 billion yen at Hiroshima Bank, 650.0 billion yen at Yamaguchi Bank（YMFG), and 410.0 billion yen at Fukuoka Bank.
Compared with the end of March 2023, Iyo Bank increased by 135 billion yen, Hiroshima Bank by 76.9 billion yen, Yamaguchi Bank by 60.9 billion yen, and Fukuoka Bank by 40 billion yen. （Text by Hirofumi Yamamoto）
■New shipbuilding loans increase
According to Iyo Bank, the factors for the increase or decrease in the balance of domestic loans for ocean-going vessels were new transactions of 133.5 billion yen, foreign exchange effects of 64.7 billion yen, a decrease of 51.7 billion yen due to contractual repayments, and a decrease of 11.5 billion yen due to prepayments.
According to Iyo Bank, in addition to an increase in the number of large transactions, the yen equivalent value of foreign currency loans increased due to the significant depreciation of the yen against the U.S. dollar and Swiss franc. The impact per yen change in exchange rates (as of end-September 2023) is estimated to be 1.43 billion yen for the U.S. dollar and 2.61 billion yen for the Swiss franc.
Ship financing by regional banks has changed significantly since 2021.
Traditionally, loans have focused on bulk carriers built by Japanese shipowners. However, after 2021, orders for new bulk carriers will decline due to the slump in the dry bulk market. Conversely, Japanese shipowners have been selling their bulk fleets against the backdrop of a weak yen, and at one point the pace of loan repayments by Japanese shipowners to regional banks accelerated.
On the other hand, the container ship market was boosted by the outbreak of the new coronavirus after 2021 and the stranding of a large container ship in the Suez Canal.
Japanese shipyards also received more orders for ultra-large containerships in the 20,000 TEU class. Most Japanese shipowners find it difficult to independently own such ultra-large containerships, and the amount of financing available from regional banks is large at around $200 million per ship, making it “difficult for a single regional bank to provide independent financing” (a ship finance officer at a regional bank).
■LNG Vessel Financing
Meanwhile, the global energy supply and demand balance is tightening in the wake of Russia’s invasion of Ukraine.
In particular, LNG (liquefied natural gas) shipments from Qatar and the U.S. to Europe became more active, and orders for LNG carriers from NYK, Mitsui O.S.K. Lines, and Kawasaki Kisen Kaisha increased.
Regional banks have responded differently to LNG carrier financing. In some cases, they are part of syndicated loans arranged by major banks and shipping funds. Some local banks have lent more than $250 million per ship to LNG carriers on their own.
Recently, there has been an increase in the number of loans for new vessels that are compatible with new fuels such as LNG, methanol, and biofuels.
Although the price of new fuel-compatible vessels is higher than that of conventional vessels, “if the vessel is chartered by an operator for medium to long-term use and the Japanese shipowner is able to increase his equity to 30%, which is higher than the usual 10%, the bank is willing to finance the vessel,” said a regional bank official.
The nature of ship financing by Japanese regional banks has also changed significantly from the past.
The majority of regional bank customers are Japanese shipowners, while 60-80% of the vessels chartered by Japanese shipowners are now leased to overseas operators.
In the past, Japanese shipowners ordered newbuildings mainly for time charter to Japanese shipping giants such as NYK, MOL, and Kawasaki Kisen Kaisha.
Since the collapse of Lehman Brothers in September 2008, Japanese shipping giants have become increasingly wary of long-term charter contracts.
The time charters offered by Japanese shipping majors to Japanese shipowners have also become shorter. In contrast, some overseas operators are offering higher charter rates than the Japanese giants, even though the charter period is shorter.
In response to the needs of Japanese shipowners, regional banks are shifting their lending criteria from the traditional “ship charter guarantee” to a comprehensive assessment of the Japanese shipowner’s corporate creditworthiness, the ship’s value (asset finance), the amount of equity invested, and the creditworthiness of the overseas operator.
伊予銀行、広島銀行、山口銀行、福岡銀行の船舶融資残高が過去最高水準。新造船への融資、円安のプラス影響。
主要な地方銀行の船舶融資残高が過去最高水準となっている。１ドル＝１４０円―１５０円で推移した円安が、ドル融資の部分を押し上げた。日本船主の保有船の売却が一巡し、日本船主の新造船の案件が増加したことも背景にある。
２０２３年９月末時点の各地方銀王の融資残高（いずれも外航海運向けのみ）は伊予銀行１兆４００億円、広島銀行７８４９億円、山口銀行(山口フィナンシャルグループ,YMFG)６５００億円、福岡銀行４１００億円だった。２０２３年３月末時点との比較では伊予銀行がプラス１３５０億円、広島銀行が同７６９億円、山口銀行が同６０９億円、福岡銀行が同４００億円、それぞれ増加した。（Text by Hirofumi Yamamoto）
■新造船融資が増加
伊予銀行によると、国内の外航海運向け残高の増減要因は、新規実行1335億円▽為替影響647億円▽約定返済による減少517億円▽繰り上げ返済による減少115億円。
伊予銀行によると、大型案件の実行件数が増えたほか、米ドルとスイスフランに対する大幅な円安進行により、外貨建て貸出金の円建て換算額が増加した。為替変動1円当たりの影響度（２０２３年9月末時点）は、米ドルが14億3000億円、スイスフランが26億1000万円としている。
地方銀行の船舶融資は２０２１年以降、大きく変化している。
従来、日本船主の建造するバルカーへの融資が中心だった。しかし、２０２１年以降はドライ市況の低迷でバルカーの新造発注が減少。逆に日本船主は円安を背景にバルカーの売却を手掛け、日本船主の地方銀行への融資返済ピッチが速くなった時期もある。
一方、２０２１年以降の新型コロナウイルスの発生、スエズ運河での大型コンテナ船の座礁でコンテナ船市況が急騰。
日本の造船所も２万TEUクラスの超大型コンテナ船の受注が増えた。日本船主の大半はこうした超大型コンテナ船を単独で保有することが難しく、地方銀行の融資案件としても１隻当たりの金額が２億ドル前後と大きく、「地方銀行１行での単独での融資は難しい」（地方銀行の船舶融資担当者）という状況だった。
■ＬＮＧ船への融資
一方、ロシアのウクライナ侵攻に伴い世界的にエネルギー需給がひっ迫。
とくにカタール、米国から欧州向けＬＮＧ（液化天然ガス）輸送が活発となり、日本郵船、商船三井、川崎汽船のＬＮＧ船の発注が増加した。
地方銀行はＬＮＧ船への融資対応はそれぞれ異なる。大手銀行や船舶ファンドが組成する協調融資（シンジケート・ローン）の傘下に入るケースもある。逆に地方銀行が単独で１隻当たり２億５０００万㌦超のＬＮＧ船に融資するケースもある。
最近ではＬＮＧ燃料、メタノール燃料、バイオ燃料など新燃料に対応した新造船への融資が増えている。
新燃料の対応船は新造船価格も高いが、「オペレーターの中長期用船が付いている場合、日本船主が自己資金を通常の１０％よりも多い３０％まで増加できる場合には、融資に対応している」（地方銀行幹部）
日本の地方銀行の船舶融資の中身も過去に比べ大きく変わっている。
地方銀行の融資先の大半は日本船主だが、一方で日本船主の用船貸し出し先の６－８割が海外オペレーターとなっている。
過去、日本船主は日本郵船、商船三井、川崎汽船といった日本の海運大手への定期用船を中心に新造船を発注してきた。
日本の海運大手は２００８年９月に発生したリーマン・ショック以降、長期用船に対し警戒心を強めている。
日本の海運大手が日本船主に提示する定期用船期間も短期化している。これに対し、海外オペレーターは用船期間が短くても、日本の海運大手に比べ用船料が高いケースもある。
地方銀行も日本船主のニーズに合わせ、従来の「用船保証」を前提にした融資審査から、日本船主のコーポレート（企業与信）、船舶価値（アセット・ファイナンス）、自己資金の投入額、海外オペレーターの与信―を総合的に判断して船舶融資を判断している状況だ。