Nihon Shipyard (NSY), a recently formed shipbuilding joint venture between Imabari Shipbuilding and Japan Marine United (JMU), is targeting the huge Greek market through a new outpost.
The move follows Imabari's decision to close its main European office in Amsterdam at the start of this year.
In its place, Imabari has decided to set up a NSY representative office in Athens. Imabari said it is working toward opening the new office in the first half of this year.
According to local company registration documents, NSY filed its application to open an Athens representative office in September last year, and was given approval in October.
Under the NSY joint venture, Imabari and JMU cooperate on marketing, design, procurement and construction.
Imabari and NSY will be seeking to generate more business from Greek shipowners through the new office.
The pair secure most of their newbuilding orders from Japanese owners, or the wider Asian region, through strong commercial relations with the likes of Evergreen and Wan Hai Lines.
Among the comparatively few successes in Greece, NSY won an order for two 180,000-dwt capesizes for Samos last year, and JMU is currently building a VLCC for Alberta Shipmanagement.
One of the strengths of Imabari and NSY is a popular finance package for newbuildings.
Under the funding scheme, Imabari subsidiary Shoei Kisen owns the newbuilding for a fixed period under a long-term charter agreement with the operator which holds a purchase option.
Asset play
The package reduces the initial capital expenditure for the operator, but still allows it to get involved in asset play, if it takes up the purchase option.
The scheme has proven a success and resulted in a marked increase in the size of the Shoei Kisen fleet over recent years.
Imabari and NSY are not the only Japanese shipyards to turn their attention to the Greek market recently.
TradeWinds earlier reported how last year Oshima Shipbuilding decided to take orders from a Greek owner after turning down business from the country for 45 years.
Oshima made the decision because it is expanding its shipyard capacity through the acquisition of Mitsubishi Heavy Industries’ Koyagi shipyard and is keen to grow its customer base.
