日本海事新聞ニュース Japan Maritime Daily Jul 03, 2026 (Fri)

Berenberg operates an intermediary business connecting Japanese finance with leading European shipowners

Philipp Wunschmann, Director and Head of Shipping, Berenberg

　Berenberg (headquartered in Hamburg, Germany), the world’s second-oldest bank, was founded in 1590. ・・・ 続きはログインして下さいnext %E3%80%80Berenberg+%28headquartered+in+Hamburg%2C+Germany%29%2C+the+world%E2%80%99s+second-oldest+bank%2C+was+founded+in+1590.+In+ship+finance%2C+it+operates+funds+that+utilize+capital+from+institutional+investors+and+engages+in+an+intermediary+business+that+introduces+leading+European+shipowners+to+Japanese+financial+institutions.+We+spoke+with+Philipp+Wunschmann%2C+head+of+the+shipping+division%2C+about+the+bank%E2%80%99s+business+strategy+and+its+business+development+in+Japan.+%3Cbr%3E%28Interviewer%3A+Azumi+Kashiwai%29+%3Cbr%3E%E3%80%80--Could+you+give+us+an+overview+of+Berenberg%3F+%3Cbr%3E%E3%80%80%E2%80%9CBerenberg+is+a+pure+privately-owned+bank%2C+with+the+founding+family+holding+about+30%25+of+the+shares%2C+while+the+other+shareholders+include+the+three+managing+partners.+Unusually+for+a+bank%2C+it+has+adopted+a+partnership+structure%2C+and+the+presence+of+three+managing+partners+with+personal+liability+gives+it+both+an+entrepreneurial+spirit+and+a+conservative+approach+to+risk+management.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThere+are+two+main+business+areas.+The+first+is+Corporate+Banking+and+Wealth+%26+Asset+Management%2C+which+covers+the+banking%2C+investment%2C+and+financial+needs+of+companies%2C+investors%2C+and+business+owners.+We+have+contributed+to+the+shipping+industry+in+this+field+for+many+years+as+a+banking+and+ship-finance+partner.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+second+is+investment+banking%2C+with+offices+in+Frankfurt%2C+London%2C+New+York%2C+and+Paris.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Zero+losses+over+the+past+15+years+%3Cbr%3E%E3%80%80--What+are+the+characteristics+of+Berenberg%E2%80%99s+ship+financing%3F+%3Cbr%3E%E3%80%80%E2%80%9COne+of+our+distinguishing+characteristics+is+that+we+generally+do+not+make+much+use+of+our+own+balance+sheet.+We+operate+several+%E2%80%99private+credit+funds%E2%80%99+and+raise+funds+from+institutional+investors%2C+such+as+European+insurance+companies+and+pension+funds%2C+who+become+co-lenders+in+ship+financing.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+are+responsible+for+sourcing%2C+structuring%2C+and+credit+management+for+financing+transactions%2C+but+90%E2%80%9395%25+of+the+funding+is+provided+by+the+funds%2C+and+we+typically+commit+at+least+5%25+ourselves+in+order+to+align+our+interests+appropriately+with+those+of+the+investor+base.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWhat+we+offer+in+our+ship+debt+strategy+is+traditional+asset-based+lending.+We+use+an+established+European+financing+approach+involving+non-recourse+loans+with+an+LTV+%28loan-to-value%29+ratio+of+around+50%25%2C+secured+by+first-priority+mortgages.+Our+target+customers+are+high-quality+Tier+2+shipowners+focused+on+the+European+market%2C+as+well+as+professional+maritime+investors.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+have+not+incurred+a+single+loss+in+the+past+15+years%2C+and+this+%E2%80%99zero-loss%E2%80%99+track+record+is+our+greatest+strength.+As+an+asset+manager+entrusted+with+third-party+funds%2C+we+maintain+highly+disciplined+risk+management.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CIn+addition%2C+our+business+model+is+based+on+advisory+and+servicing+fee+income+rather+than+interest+income.+This+strict+discipline+has+enabled+us+to+sustain+our+ship+finance+business+without+interruption+through+cycles+over+the+past+60+years%2C+even+as+other+European+banks+have+withdrawn+from+ship+financing.%E2%80%9C+%3Cbr%3E%E3%80%80--What+is+Berenberg%E2%80%99s+current+ship+financing+balance%3F+%3Cbr%3E%E3%80%80%E2%80%9COur+current+ship+finance+portfolio+under+management+is+about+%24800+million.+Over+the+past+10+years%2C+our+cumulative+lending+has+reached+%242.8+billion%2C+and+new+loans+extended+last+year+totaled+about+%24420+million.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+%24170+million+in+Japan+last+year+%3Cbr%3E%E3%80%80%E2%80%9CAs+a+bank%2C+we+had+limited+ties+with+Japan+until+2016%2C+but+in+that+year%2C+we+and+ORIX+jointly+acquired+a+ship+loan+portfolio+worth+about+%241+billion+that+Royal+Bank+of+Scotland+had+sold%2C+marking+our+first+major+transaction+with+a+Japanese+company.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CUnder+this+framework%2C+ORIX+provided+most+of+the+capital%2C+while+we+introduced+European+shipowners+and+managed+the+credit+portfolio+throughout+the+life+of+the+loans.+This+complementary+division+of+roles+created+strong+synergies+and+gave+us+the+opportunity+to+become+familiar+with+traditional+Japanese+ship+finance.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CCurrently%2C+as+part+of+our+business+development+in+Japan%2C+we+are+offering+Japanese+financial+institutions+financing+opportunities+drawn+from+our+network+of+more+than+400+clients.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CTo+bridge+the+gaps+caused+by+time+differences%2C+language+barriers%2C+and+the+uncertainty+of+dealing+with+unfamiliar+counterparties%2C+we+leverage+our+long-term+understanding+of+our+clients%E2%80%99+businesses+and+governance+to+conduct+preliminary+credit+assessments+of+potential+borrowers.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CWe+then+present+the+project+and+the+anticipated+financing+terms+to+Japanese+banks%2C+leasing+companies%2C+and+JOLCO+%28Japanese+Operating+Lease+with+Call+Option%29+providers%2C+among+others.+If+the+match+is+successful%2C+we+usually+receive+a+portion+of+the+arrangement+fee+and+also+offer+to+take+on+servicing+roles+such+as+payment+administration+and+loan+agency+for+the+duration+of+the+loan.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9COur+fund+pursues+a+non-recourse+strategy%2C+while+Japanese+financial+institutions+tend+to+use+recourse+financing+secured+by+corporate+assets+and+place+greater+emphasis+on+the+corporate+element.+Therefore%2C+we+do+not+compete.+For+due+diligence+purposes%2C+we+sometimes+review+clients%E2%80%99+track+records+going+back+to+before+2008+and+share+those+insights+with+our+Japanese+partners.%E2%80%9C+%3Cbr%3E%E3%80%80--What+is+your+track+record+in+arranging+ship+financing+in+Japan%3F+%3Cbr%3E%E3%80%80%E2%80%9CLast+year%2C+we+successfully+completed+11+transactions+in+Japan%2C+totaling+%24170+million.+However%2C+please+note+that+we+have+no+plans+to+lend+directly+to+Japanese+shipowners%2C+as+we+cannot+compete+with+the+ultra-low+interest+rates+offered+by+Japanese+regional+banks.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80%E2%96%A0+Diversifying+procurement+in+Japan+%3Cbr%3E%E3%80%80--What+is+behind+European+shipowners+seeking+financing+from+Japan%3F+%3Cbr%3E%E3%80%80%E2%80%9CAmong+European+shipowners%2C+there+has+been+a+visible+shift+in+mindset+due+to+geopolitical+changes.+They+are+trying+to+reduce+their+dependence+on+Chinese+leasing%2C+which+has+been+their+main+source+of+funding%2C+and+diversify+their+funding+sources+by+expanding+into+Japan.+Japan+is+regarded+as+a+safe+alternative+as+it+is+a+member+of+the+G7+%28Group+of+Seven%29+and+the+Western+alliance.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CJapanese+financial+institutions+offer+competitive+lending+terms+compared+with+European+banks%2C+and+their+financial+covenants+are+also+more+flexible+and+less+stringent.+Furthermore%2C+loan+tenors+are+typically+5%E2%80%9315+years%2C+longer+than+the+5%E2%80%937+years+offered+by+European+banks.+Once+a+relationship+has+been+established%2C+Japanese+funding+sources+are+very+stable%2C+and+the+rate+of+returning+customers+is+high.%E2%80%9C+%3Cbr%3E%E3%80%80%E2%80%9CThe+main+target+vessel+types+are+bulk+carriers%2C+chemical+tankers%2C+gas+carriers%2C+and+container+ships%2C+while+crude+oil+tankers+are+generally+avoided+because+of+liability+risk.+Newbuild+financing+was+previously+limited+to+vessels+built+at+Japanese+shipyards%2C+but+vessels+built+in+China+are+now+also+accepted.%E2%80%9C+%3Cbr%3E+%3Cbr%3E%E3%80%80Philipp+Wunschmann+has+spent+25+years+in+the+shipping+industry.+He+joined+Berenberg+in+2015+after+working+for+a+ship+finance+company+and+a+shipowning+company.+%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3EDisclaimer%3A+The+English+translations+provided+through+this+service+are+the+result+of+translations+made+by+The+Japan+Maritime+Daily+or+automatically+and+mechanically+translated+by+The+Japan+Maritime+Daily+using+an+automated+translation+system+provided+by+a+third+party+after+certain+processing+of+the+Japanese+content+licensed+by+the+third+party.+In+terms+of+the+English+translation%2C+The+Japan+Maritime+Daily+and+MarineNet+Co.%2C+Ltd.+make+no+warranty+or+burden+of+any+kind%2C+express+or+implied%2C+including+its+accuracy%2C+reliability%2C+validity+or+fitness+for+a+particular+purpose.+MarineNet+Users+should+fully+understand+that+this+service+uses+an+automated+translation+system+that+automatically+and+mechanically+recognizes+and+analyzes+information+and+produces+results.+The+users+should+understand+the+above+conditions+before+using+this+service.%3Cbr%3E%3Cbr%3E%E5%85%8D%E8%B2%AC%E4%BA%8B%E9%A0%85%EF%BC%9A%E3%81%93%E3%81%AE%E3%82%B5%E3%83%BC%E3%83%93%E3%82%B9%E3%82%92%E4%BB%8B%E3%81%97%E3%81%A6%E6%8F%90%E4%BE%9B%E3%81%95%E3%82%8C%E3%82%8B%E8%8B%B1%E8%A8%B3%E3%81%AF%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%BD%9C%E6%88%90%E3%81%99%E3%82%8B%E3%81%8B%E3%80%81%E5%8F%88%E3%81%AF%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8B%E3%82%89%E4%BD%BF%E7%94%A8%E8%A8%B1%E8%AB%BE%E3%82%92%E5%8F%97%E3%81%91%E3%81%9F%E6%97%A5%E6%9C%AC%E8%AA%9E%E3%81%AE%E3%82%B3%E3%83%B3%E3%83%86%E3%83%B3%E3%83%84%E3%82%92%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%81%8C%E4%B8%80%E5%AE%9A%E3%81%AE%E5%87%A6%E7%90%86%E3%82%92%E8%A1%8C%E3%81%A3%E3%81%9F%E4%B8%8A%E3%81%A7%E3%80%81%E7%AC%AC%E4%B8%89%E8%80%85%E3%81%8C%E6%8F%90%E4%BE%9B%E3%81%99%E3%82%8B%E8%87%AA%E5%8B%95%E7%BF%BB%E8%A8%B3%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0%E3%82%92%E5%88%A9%E7%94%A8%E3%81%97%E3%81%A6%E8%87%AA%E5%8B%95%E7%9A%84%E3%83%BB%E6%A9%9F%E6%A2%B0%E7%9A%84%E3%81%AB%E7%BF%BB%E8%A8%B3%E3%81%97%E3%81%9F%E7%B5%90%E6%9E%9C%E3%81%A7%E3%81%82%E3%82%8A%E3%80%81%E6%97%A5%E6%9C%AC%E6%B5%B7%E4%BA%8B%E6%96%B0%E8%81%9E%E3%80%81%E3%83%9E%E3%83%AA%E3%83%B3%E3%83%8D%E3%83%83%E3%83%88%E3%81%AF%E3%80%81%E5%BD%93%E8%A9%B2%E8%8B%B1%E8%A8%B3%E3%81%AB%E9%96%A2%E3%81%97%E3%8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【Global Lens】【インタビュー　独銀行の戦略】ベレンベルクディレクター兼船舶部門長　フィリップ・ウンシュマン氏、欧州船主と日本金融結ぶ

2026/07/03(金)

日本海事新聞 JMD

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