There is a growing trend for maritime-related companies facing difficulties in succession internally to consider business succession through a third party.
In Japan, the top management of companies is aging. The average age of company representatives has reached 63 years old, with those in their 70s and older making up approximately 35%, both of which are new record highs. Meanwhile, there are many management issues, including rising fuel costs, labor shortages, and responding to decarbonization and digital transformation.
Therefore, the nurturing of next-generation management in maritime industry is an urgent matter.
Japan’s financing and investment giant ORIX Corporation said on Tuesday, Oct. 21 that the procedures for supporting the business succession of Fair Field Shipping, a Japanese shipowner, have been completed.
Fair Field Shipping, established in 1974, is a company that owns ocean-going ships and manages their operation. As part of the succession arrangement, ORIX coordinated for Fair Field Shipping’s ships and employees to be taken over by ORIX’s business partners.
According to ORIX, some of the ships were handed over to ORIX Group’s Santoku Senpaku (a company whose shares were acquired by ORIX in 2024 for the purpose of business succession).
ORIX began a secondhand ship leasing business in Japan in the latter half of the 1960s and has been building up expertise in ship investment (owning and operations); ship purchases, sales, and brokerage; and international ship financing.
Looking ahead, ORIX will launch full-scale business succession support services specializing in the maritime industry to address issues related to business succession, such as the development of business successors and sustainable business growth in maritime-related companies. It will also assign personnel specializing in business succession support for maritime-related companies.
“ORIX will support succession in the most appropriate manner for the client’s circumstances, including the acquisition of shares by ORIX, brokerage for the transfer of assets and shares to third parties as well as the provision of consultancy and advisory services,” ORIX said in its statement.
