New all-Japanese joint venture inks contracts with three domestic shipyards to strengthen country’s maritime industry competitiveness
Japan’s Sakura Ocean Corp has signed shipbuilding contracts for its first three handysize bulk carriers, marking the company’s initial foray into fleet development since its establishment earlier this year.
The newly minted shipowner inked deals with three Japanese shipyards, with Imabari Shipbuilding and Onomichi Dockyard each constructing one 40-type bulk carrier, and Tsuneishi Shipbuilding building a 42-type vessel. When delivered in 2030, all three dry bulk cargo vessels will be under long-term charter arrangements with domestic shipping companies in Japan.
The aim of the all-Japanese joint venture is to strengthen the international competitiveness of the Japanese shipbuilding industry, which has been steadily losing ground to China and South Korea. As of 1 May, China’s shipbuilding order book has swollen to 4,796 vessels, dwarfing those of South Korea (754 units) and Japan (657 units). The value of Japan’s shipbuilding order book was US$31.4Bn, the fourth largest globally, trailing China (US$351.8Bn), South Korea (US$122.6Bn) and Italy (US$35.2Bn), according to Clarksons World Shipyard Monitor.
Tokyo-based Sakura Ocean was established in January 2026 following a capital and business alliance agreement between Japanese maritime companies. Investors in the ship owning joint venture are Orix Group’s ship trading subsidiary SOMEC Corp (10%), and Shoei Kisen Kaisha, Onomichi Dockyard (30%), and Kambara Kisen, each of which controls a 30% stake.
SOMEC will be responsible for brokerage services for new vessel orders and chartering contracts, as well as management and administration at Sakura Ocean. Santoku Senpaku, a wholly owned subsidiary of ORIX, will be responsible for construction supervision and vessel management services.
