Capital Market Fragmentation In Ship Finance: Structural Barriers, Stakeholder Costs, And Maritime Asset Tokenization As A Market Mechanism
船舶金融における資本市場の断片化：構造的障壁、ステークホルダーコスト、および市場メカニズムとしての海事資産トークン化 (AI 翻訳)
Vikas Pandey
🤖 gxceed AI 要約
日本語
本論文は、船舶金融の構造的縮小と資本市場の断片化を分析し、IMOの2030年から2050年までのグリーン移行に必要な1.2〜1.6兆ドルの投資資金調達の課題を指摘する。既存の市場対応の限界を評価し、海事資産トークン化を新たな市場メカニズムとして提案する。ドバイの規制枠組みを事例として参照している。
English
This paper analyzes the structural contraction and fragmentation of ship finance, highlighting the challenge of financing the $1.2-1.6 trillion green transition investment required by IMO's 2023 strategy. It evaluates limitations of existing market responses and proposes maritime asset tokenization as a market mechanism, referencing Dubai's regulatory framework.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の海運業界は、グリーン移行に向けた巨額の投資が必要であり、本論文の分析は、日本企業が船舶金融の多様化やトークン化などの新たな資金調達手段を検討する上で示唆に富む。特に、日本郵船や商船三井などの大手海運企業にとっても、資本市場の断片化がもたらすリスクと機会を理解する上で有用。
In the global GX context
This paper provides a global perspective on financing the shipping industry's decarbonization, relevant to IMO and ISSB frameworks. The analysis of capital market fragmentation and asset tokenization offers insights for global investors and policymakers seeking innovative climate finance mechanisms.
👥 読者別の含意
🔬研究者:Provides a novel analysis of ship finance fragmentation and tokenization as a funding mechanism for maritime decarbonization.
🏢実務担当者:Shipowners and finance teams can use the insights on tokenization to explore alternative capital sources for fleet renewal and green investments.
🏛政策担当者:Regulators and IMO delegates should note the potential of asset tokenization to bridge the green investment gap in shipping.
📄 Abstract（原文）
Ship finance has undergone structural contraction over the past twelve years. The aggregate lending portfolio of the top 40 global shipping banks fell from $454.9 billion at end-2011 to $284.3 billion by end-2023, a reduction of 37.5%, while the global fleet continued to expand. 1 The capital withdrawn by European banking institutions has been partially replaced by Chinese state-backed leasing companies, introducing geopolitical concentration risk into a sector that carries approximately 80% of world trade by volume. This paper examines three dimensions of the resulting fragmentation: the effect on independent shipowners' access to fleet renewal capital; the structural exclusion of operationally expert maritime professionals from vessel-level economic participation; and the constrained capacity of the industry to finance the green transition that IMO's revised 2023 decarbonization strategy demands, with cumulative investment estimated at $1.2 to $1.6 trillion between 2030 and 2050. 11,14 The paper assesses existing market responses including maritime investment funds and shipping bonds, identifies their structural limitations, and examines maritime asset tokenization — the issuance of digital instruments representing defined economic rights in vessel-owning Special Purpose Vehicles — as a structural market mechanism. The Regulatory framework in Dubai is referenced as a case study of emerging regulatory architecture for this approach.
🔗 Provenance — このレコードを発見したソース
- Zenodo https://zenodo.org/records/20594236first seen 2026-06-09 04:16:18
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