Shoei Kisen — one of Japan’s largest and most private of shipowning companies — found itself at the centre of global media attention during the grounding of the 20,388-teu boxship Ever Given (built 2018) in the Suez Canal.
The Japanese shipowner, controlled by the Higaki family, is based on the western island of Shikoku and, along with parent company Imabari Shipbuilding, has generally preferred to keep a low profile.
However, it did not shy away from its media responsibilities as shipowner when the Ever Given incident happened.
Shoei put out press statements, company president Yukito Higaki held a press conference and the organisation was open to press enquiries throughout the six-day drama.
The incident shows how Shoei is now emerging as a major owner of ultra-large containerships. The Ever Given was one of a series of eight such vessels that Shoei owns under long-term charter contracts with Evergreen. It also owns a pair of 20,182-teu boxships on charter to Mitsui OSK Lines.
Bold ambitions
But the company is set to grow even further in the ULC sector. Imabari is currently building a series of 10 even bigger boxships — each of 24,000 teu — to be owned by Shoei under charter agreements with Ocean Network Express.
It also currently owns 13 new panamax containerships of between 12,000 teu and 14,000 teu, and is building a further 10 vessels in this class.
All of Shoei’s containerships are built at Imabari. The yard and owner have combined to put together competitive newbuilding deals involving Shoei ownership under long-term charter arrangements with leading liner operators.
Ship management has mostly been conducted in-house with a few ships, such as the Ever Given, subcontracted to third-party ship-management companies.
The competitive lease finance packages that Imabari and Shoei have developed have enabled the yards to compete with South Korean shipbuilders, which are regarded as the most competitive in the market for ULC newbuildings.
Shoei’s growth as a containership owner is the result of Imabari’s decision to target the market through the construction of a dedicated ULC dock at its shipyard in Marugame.
