〆SBI has structured a JOLCO, with BNP Paribas, Hiroshima Bank, Chugoku Bank, and Korea Development Bank participating in the financing agreement.
SBI Leasing Services, a subsidiary of Japan’s financial giant SBI Group, headquartered in Roppongi, Minato-ku, Tokyo, has signed a leasing agreement with Greek shipping major Capital Product Partners L.P. (Nasdaq: CPLP) for an LNG (liquefied natural gas) vessel. SBI has structured a JOLCO (Japanese Operating Lease with Call Option) for the newly built LNG vessel “ASSOS,” set to be completed in May 2024. The new LNG vessel is expected to be chartered under a long-term contract by a Japanese gas operator.
A JOLCO (Japanese Operating Lease with Call Option) is a scheme where leasing companies and financial securities firms act as arrangers, establishing a Special Purpose Company (SPC) with investments from Japanese investors.
This SPC becomes the ship-owning entity. The SPC purchases new or existing ships using a combination of equity from investors and loans from banks and then leases these ships to operators or shipowners. This scheme benefits the borrowing operators or shipowners by allowing them to acquire and manage vessels without needing their funds. Additionally, because investors can benefit from tax deferral, the leasing fees are relatively competitive.
Currently, the demand for LNG vessels is high due to increased imports in Europe, with even used ships costing over 20 billion yen. Due to the significant investment required for LNG vessels, they are considered one of the ship types with the highest entry barriers in the ship leasing industry.
Regarding the background of structuring the JOLCO, SBI Leasing explained: “Not only is this an excellent project for CPLP, but it is also highly contributive to the Japanese economy. Furthermore, we decided to undertake this project as we believe it provides an opportunity for investors to engage in ESG (Environmental, Social, and Corporate Governance) investment.”
The lessee, CPLP, is based in Greece and engages in maritime transport of natural gas, container cargo, and dry bulk. CPLP was listed on the U.S. NASDAQ market in 2007. As of March 2024, CPLP owns a fleet of 22 vessels and has announced plans to focus on the LNG vessel business as its mainstay in the future.
SBI Leasing Services was just established in 2017, it has recently signed leasing agreements with major leading international airlines such as Delta Air Lines and Lufthansa Airlines, as well as providing JOLCO and JOL to our investors.
The SBI Group
The SBI Group is based around five business segments: financial services, investment, asset management, crypto-assets, and Next Gen Business. In these, we focus on improving products and services that use the latest technologies and create new businesses that transcend finance, though with finance at our core.
〆ＳＢＩリーシングはギリシャ船主Capital Product Partners と新造ＬＮＧ船１隻を対象にリース契約を結んだ。
〆ＳＢＩはＪＯＬＣを組成し、ＢＮＰパリバ、広島銀行、中国銀行、韓国産業銀行が融資契約に参加する。
日本の金融大手ＳＢＩグループのＳＢＩリーシングサービス（本社・東京都港区六本木）は、ギリシャ船主大手キャピタル・プロダクト・パートナーズ（ＣＰＬＰ）とＬＮＧ（液化天然ガス）船のリース契約を締結した。ＳＢＩは２０２４年５月竣工の新造ＬＮＧ船「ＡＳＳＯＳ」を対象にＪＯＬＣＯ（購入選択権付き日本型オペレーティングリース）を組成した。新造ＬＮＧは日本のガス事業者が長期契約で定期用船契約を結ぶ予定である。