[Current State of Domestic Shipowners] (series 371)
〆Several Greek shipowners are aiming to reduce carbon dioxide emissions by using heavy fuel oil instead of new fuel types.
On June 5, 2024, the Intercontinental Hotel near Athens, Greece, hosted the “Japan Day” event in its grand subterranean hall.
This event, characterized by its sophisticated atmosphere, attracted a notable crowd, contrasting sharply with the more boisterous overseas parties.
A foreign broker, residing in Japan, shared his thoughts while waiting in line:
“While international parties are often chaotic, Japanese cocktail parties offer a serene environment to engage with professionals from the maritime, shipbuilding, trading, and financial sectors. This is the unique appeal of Japan Day.”
■Advancements in Engine Technology
Japan Day was a joint endeavor by the Japanese Ambassador to Greece and his spouse, along with the Japan Ship Exporters’ Association. The event drew Greek government officials, shipowners, maritime companies, trading houses, and brokers.
The hall was brimming with top executives from shipbuilding companies, trading house ship departments, and Greek shipowners. A reporter posed a straightforward question about whether Greek shipowners, looking at shipyard bookings up to 2028, had any room for negotiation.
A representative from a Japanese trading house responded:
“Japanese shipyards, given their longstanding relationships with Greek shipowners, are certainly open to discussions. However, with the current surge in material costs and labor expenses, it’s not feasible to reduce new ship prices easily. Essentially, both sides are in a wait-and-see mode,” he explained.
Greek shipowners echoed this sentiment.
A leading Greek shipowner commented:
“We concluded our new ship deals two years ago. While there are claims that the current inflated new ship prices represent a ‘new normal’ due to inflation, these prices are not sustainable for commodity vessels like bulk carriers. Particularly, the cost of medium-sized bulk carriers with new fuel technologies is prohibitively high, and we are not considering any new orders,” he stated.
This sentiment was shared by other Greek shipowners present at the event.
A leading Greek shipowner commented:
“We finalized our new ship deals two years ago. There is talk that the current inflated new ship prices represent the ‘new normal’ due to inflation. However, for commodities like bulk carriers, the current new ship prices are not competitive in the long run. Moreover, medium-sized bulk carriers with new fuel technologies are prohibitively expensive, so we are not considering any new orders,” explained the senior Greek shipowner.
Similar sentiments were echoed by other Greek shipowners.
Prior to the international maritime exhibition “Posidonia 2024,” interviews with five Greek shipping companies revealed that most shipowners have no plans to order new ships at this time.
A notable trend is the skepticism towards new fuels.
A Greek shipowner focused on bulk carriers stated:
“Publicly listed companies, both in Japan and overseas, have to consider the voices of shareholders and consumers, which leads them to explore new clean fuels like ammonia and methanol for new ship orders. However, as a family business, we have little need to use environmental issues as a marketing tool. For bulk carriers, engine improvements have made it possible to meet existing environmental regulations using heavy fuel oil,” remarked another Greek shipowner.
■Strengthening Ties with Europe
“NYK Line truly seems determined to strengthen its relationship with Greek shipowners.”
On May 30, 2024, ahead of the Posidonia Maritime Exhibition, NYK Bulkship (Atlantic), the European base of NYK Line, held a networking event near Athens with Greek shipowners.
A Greek shipowner who attended NYK’s event approached me at the Japan Day venue.
The Greek shipowner continued:
“Following the safety practitioners’ conference for Greek shipowners in January this year, NYK Line has created opportunities for us to interact twice a year. Our relationship with MarCoPay, NYK’s financial platform for seafarers, is also deepening,” said the Greek shipowner who owns both bulk carriers and tankers.
Japanese shipping giants have repeatedly attempted to establish their bulk carrier divisions in Europe and the Atlantic.
Their targets have primarily been European grain trading houses and operators, but each time, they have felt the “barrier between Asia and Europe” (former NYK Line executive).
This time, NYK is focusing on Greek shipowners to gain a foothold in Europe through this interaction. It may be the first time a Japanese shipping company has engaged with Greek shipowners at the company level.
A representative from NYK Bulkship (Atlantic) commented:
“The inaugural NYK Dry Bulk Safety Practitioners’ Conference in 2024 was significant. By demonstrating NYK’s safety standards before engaging in chartering transactions, the trust from Greek shipowners increased significantly.”
Greece is the largest ship-owning nation in the world. Japanese shipping companies are exploring opportunities with overseas shipowners while maintaining their ties with Japanese shipowners.
(Domestic Shipowner Reporting Team)
= Published every other Monday
【国内船主の今】（371）
〆「ジャパンデー」に多数のギリシャ船主が参加した。
〆複数のギリシャ船主が新燃料ではなく重油焚きで二酸化炭素の削減を狙っている
２０２４年6月5日、ギリシャの首都アテネ近郊のインターコンチネンタルホテル。地下の大広間では「ジャパンデー」が開催されていた。
日本に拠点を置く外国人ブローカーが受付の列に並びながら、つぶやいた。
「海外のパーティーはお祭り騒ぎだけれど、日本のカクテルパーティーは落ち着いて海運、造船、商社、金融関係者と話ができる。ジャパンデーの良さはそこにある」