＜Upper-Intermediate＞ Lesson No.6
Shipbuilding Finance Discussion with Maritime Financial Institution / 船舶金融機関との建造資金調達協議
０．Greetings & Ice-break (2min.)｜挨拶と導入
0-1 Greetings
Let’s practice a short small talk that you can use to greet a business partner and start building a good relationship.
講師との挨拶を兼ねて、ビジネスパートナーと信頼関係を築くための短いスモールトークを練習してみましょう。
[Tips / 会話のヒント]
・Can you hear me clearly?
私の声はクリアに聞こえますか？
・How's your day going so far?
今日はどんな一日でしたか？
・Talk about one small topic (Work, Weather, News, Hometown, Sports event, etc.)
軽い話題について話しましょう（仕事、天気、ニュース、地元、スポーツイベントなど）
0-2 Introduction
In today’s lesson, we’ll learn about the following situation. Have you ever experienced something similar?
本日のレッスンでは以下のようなシチュエーションについて学びます。同様のシチュエーションを経験したことがありますか？
- If you have experience, please tell us what it was like, what was difficult, or what you learned.
経験があれば、どんな内容だったか、難しかったことや学んだことなどを教えて下さい。
- If you don’t have experience, try to imagine yourself handling that situation in English.
What do you think would be challenging?
経験がなければ、英語でその状況に対応しているところを想像してみましょう。どんなことが難しそうですか？
Situation / シチュエーション
Coordinating with overseas ship financing institutions to establish optimal funding structures for large shipbuilding projects as an intermediary between shipowners and financiers.
大型船舶建造プロジェクトで海外船舶金融機関と船主の橋渡し役として最適な資金調達構造を構築する場面です。
1. Read (2 min)｜型を学ぶ
Let's read the following key sentences aloud!
下記の文章や単語を順番に音読しましょう！
1-1 Basic phrases
１．We prepared a comprehensive cash flow projection based on...（...に基づいた包括的なキャッシュフロー予測を準備した）
２．We calculated the debt service coverage ratio at...（元利金返済カバー率を...と算出した）
３．We will assign the vessel itself and the charter contract as...（船舶そのものと用船契約を...として割り当てる）
４．If the charter payment is delayed...（用船料の支払いが遅延した場合...）
５．We can commit to quarterly disclosure...（四半期開示に同意できる）
６．We will coordinate with the ship owner to...（...するよう船主と調整する）
７．These measures will mitigate your exposure to...（これらの措置により貴行の...へのエクスポージャーを軽減する）
1-2 Essential words
１．calculate（算出する）
２．assign（割り当てる）
３．relocate（移転する）
４．impose（課す）
５．commit（同意する）
６．coordinate（調整する）
７．enhance（向上させる）
８．monitor（監視する）
９．accelerate（加速する）
１０．mitigate（軽減する）
2. Try (3 min)｜ロールプレイ練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
Situation / シチュエーション（Reference again）
Coordinating with overseas ship financing institutions to establish optimal funding structures for large shipbuilding projects as an intermediary between shipowners and financiers.
大型船舶建造プロジェクトで海外船舶金融機関と船主の橋渡し役として最適な資金調達構造を構築する場面です。
👨💼【Teacher / Ship Finance Manager】:
Thank you for meeting with us today. We reviewed your shipbuilding project proposal and we need to discuss the financing structure in detail. Could you explain how you plan to demonstrate the project's revenue stability?
（本日はお会いいただきありがとうございます。貴社の造船プロジェクト提案を検討しましたが、資金調達構造について詳しく協議する必要があります。プロジェクトの収益安定性をどのように証明する予定ですか？）
🧑🎓【Student / Sales Representative】:
Thank you for your time. We prepared a comprehensive cash flow projection based on the charter contract with the ship owner. The contract guarantees stable revenue for 15 years, and we calculated the debt service coverage ratio at 1.4, which exceeds your minimum requirement of 1.2.
（お時間をいただきありがとうございます。船主との用船契約に基づいた包括的なキャッシュフロー予測を準備しました。契約は15年間の安定収益を保証しており、元利金返済カバー率を1.4と算出しました。これは貴行の最低要件である1.2を上回っています。）
👨💼【Teacher / Ship Finance Manager】:
I appreciate the detailed calculation. However, we are concerned about the collateral arrangement. What assets can you assign as security, and how will you address the risk if the ship owner defaults on charter payments?
（詳細な計算に感謝します。しかし、担保設定について懸念があります。どのような資産を担保として割り当てられますか。また、船主が用船料の支払いを怠った場合のリスクにどう対処しますか？）
🧑🎓【Student / Sales Representative】:
We will assign the vessel itself and the charter contract as primary collateral. Additionally, the ship owner will provide a corporate guarantee from their parent company, which has an investment grade credit rating. If the charter payment is delayed, we have the right to relocate the vessel to another operator within 90 days.
（船舶そのものと用船契約を主要担保として割り当てます。加えて、船主は投資適格の信用格付けを持つ親会社からの企業保証を提供します。用船料の支払いが遅延した場合、90日以内に船舶を別の運航者に移転する権利を有しています。）
👨💼【Teacher / Ship Finance Manager】:
That sounds reasonable, but we need to impose stricter covenants on the loan agreement. We require quarterly financial disclosure from both the shipyard and the ship owner. Can you commit to this reporting obligation?
（それは妥当に聞こえますが、融資契約により厳格な特約条項を課す必要があります。造船所と船主の両方から四半期ごとの財務開示を求めます。この報告義務に同意いただけますか？）
🧑🎓【Student / Sales Representative】:
Yes, we can commit to quarterly disclosure. We will coordinate with the ship owner to submit consolidated financial statements within 45 days of each quarter end. This will enhance transparency and allow you to monitor the project's financial health continuously.
（はい、四半期開示に同意できます。各四半期末から45日以内に連結財務諸表を提出するよう船主と調整します。これにより透明性が向上し、プロジェクトの財務健全性を継続的に監視いただけます。）
👨💼【Teacher / Ship Finance Manager】:
Excellent. One final point: we need to assess the construction risk more carefully. What measures will you take if the delivery is postponed beyond the scheduled completion date of 24 months?
（素晴らしい。最後の点ですが、建造リスクをより慎重に評価する必要があります。予定完工日である24か月を超えて引渡しが延期された場合、どのような措置を講じますか？）
🧑🎓【Student / Sales Representative】:
We understand your concern. First, we will accelerate the construction schedule by adding a second shift if any delay is detected. Second, we carry a delay insurance policy that covers up to 6 months of postponement. Third, we will reduce the final payment by 2 percent for each month of delay. These measures will mitigate your exposure to construction risk.
（ご懸念は理解しています。第一に、遅延が検知された場合は第二シフトを追加して建造スケジュールを加速します。第二に、最大6か月の延期をカバーする遅延保険に加入しています。第三に、遅延1か月ごとに最終支払額を2パーセント削減します。これらの措置により、貴行の建造リスクへのエクスポージャーを軽減します。）
👨💼【Teacher / Ship Finance Manager】:
Thank you for the comprehensive explanation. Based on what you described, I believe we can proceed with structuring the financing package. We will prepare a term sheet that reflects these conditions and submit it to you by next Friday.
（包括的な説明をありがとうございます。ご説明いただいた内容に基づき、資金調達パッケージの組成を進められると考えます。これらの条件を反映したタームシートを準備し、来週金曜日までに提出いたします。）
3. Use (4 min)｜ロールプレイ & 実践（空欄補完）
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
Situation / シチュエーション（Reference again）
Coordinating with overseas ship financing institutions to establish optimal funding structures for large shipbuilding projects as an intermediary between shipowners and financiers.
大型船舶建造プロジェクトで海外船舶金融機関と船主の橋渡し役として最適な資金調達構造を構築する場面です。
👨💼【Teacher / Ship Finance Manager】:
Thank you for meeting with us today. We reviewed your shipbuilding project proposal and we need to discuss the financing structure in detail. Could you explain how you plan to demonstrate the project's revenue stability?
🧑🎓【Student / Sales Representative】:
Thank you for your time. We prepared a comprehensive cash flow projection based on the charter contract with the ship owner. The contract guarantees stable revenue for 15 years, and we ［算出する］d the debt service coverage ratio at 1.4, which exceeds your minimum requirement of 1.2.
👨💼【Teacher / Ship Finance Manager】:
I appreciate the detailed calculation. However, we are concerned about the collateral arrangement. What assets can you assign as security, and how will you address the risk if the ship owner defaults on charter payments?
🧑🎓【Student / Sales Representative】:
We will ［割り当てる］ the vessel itself and the charter contract as primary collateral. Additionally, the ship owner will provide a corporate guarantee from their parent company, which has an investment grade credit rating. If the charter payment is delayed, we have the right to ［移転する］ the vessel to another operator within 90 days.
👨💼【Teacher / Ship Finance Manager】:
That sounds reasonable, but we need to impose stricter covenants on the loan agreement. We require quarterly financial disclosure from both the shipyard and the ship owner. Can you commit to this reporting obligation?
🧑🎓【Student / Sales Representative】:
Yes, we can ［同意する］ to quarterly disclosure. We will ［調整する］ with the ship owner to submit consolidated financial statements within 45 days of each quarter end. This will ［向上させる］ transparency and allow you to ［監視する］ the project's financial health continuously.
👨💼【Teacher / Ship Finance Manager】:
Excellent. One final point: we need to assess the construction risk more carefully. What measures will you take if the delivery is postponed beyond the scheduled completion date of 24 months?
🧑🎓【Student / Sales Representative】:
We understand your concern. First, we will ［加速する］ the construction schedule by adding a second shift if any delay is detected. Second, we carry a delay insurance policy that covers up to 6 months of postponement. Third, we will reduce the final payment by 2 percent for each month of delay. These measures will ［軽減する］ your exposure to construction risk.
👨💼【Teacher / Ship Finance Manager】:
Thank you for the comprehensive explanation. Based on what you described, I believe we can proceed with structuring the financing package. We will prepare a term sheet that reflects these conditions and submit it to you by next Friday.
4. Challenge (7 min)｜応用実践
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
*Let's practice this part repeatedly until we can speak it smoothly.
このパートはスムーズにスピーキングできるようになるまで繰り返し練習しましょう。
Situation / シチュエーション（Reference again）
Coordinating with overseas ship financing institutions to establish optimal funding structures for large shipbuilding projects as an intermediary between shipowners and financiers.
大型船舶建造プロジェクトで海外船舶金融機関と船主の橋渡し役として最適な資金調達構造を構築する場面です。
👨💼【Teacher / Ship Finance Manager】:
Thank you for meeting with us today. We reviewed your shipbuilding project proposal and we need to discuss the financing structure in detail. Could you explain how you plan to demonstrate the project's revenue stability?
🧑🎓【Student / Sales Representative】:
Thank you for your time. ［船主との用船契約に基づいた包括的なキャッシュフロー予測を準備しました。］ ［契約は15年間の安定収益を保証しており、元利金返済カバー率を1.4と算出しました。］ This exceeds your minimum requirement of 1.2.
👨💼【Teacher / Ship Finance Manager】:
I appreciate the detailed calculation. However, we are concerned about the collateral arrangement. What assets can you assign as security, and how will you address the risk if the ship owner defaults on charter payments?
🧑🎓【Student / Sales Representative】:
［船舶そのものと用船契約を主要担保として割り当てます。］ Additionally, the ship owner will provide a corporate guarantee from their parent company, which has an investment grade credit rating. If the charter payment is delayed, we have the right to relocate the vessel to another operator within 90 days.
👨💼【Teacher / Ship Finance Manager】:
That sounds reasonable, but we need to impose stricter covenants on the loan agreement. We require quarterly financial disclosure from both the shipyard and the ship owner. Can you commit to this reporting obligation?
🧑🎓【Student / Sales Representative】:
Yes, we can commit to quarterly disclosure. ［各四半期末から45日以内に連結財務諸表を提出するよう船主と調整します。］ This will enhance transparency and allow you to monitor the project's financial health continuously.
👨💼【Teacher / Ship Finance Manager】:
Excellent. One final point: we need to assess the construction risk more carefully. What measures will you take if the delivery is postponed beyond the scheduled completion date of 24 months?
🧑🎓【Student / Sales Representative】:
We understand your concern. First, we will accelerate the construction schedule by adding a second shift if any delay is detected. Second, we carry a delay insurance policy that covers up to 6 months of postponement. Third, we will reduce the final payment by 2 percent for each month of delay. These measures will mitigate your exposure to construction risk.
👨💼【Teacher / Ship Finance Manager】:
Thank you for the comprehensive explanation. Based on what you described, I believe we can proceed with structuring the financing package. We will prepare a term sheet that reflects these conditions and submit it to you by next Friday.
\ If you have some extra capacity, give it a try（余力があればやってみましょう）/
5. Real-world application (5 min)｜実務応用
Let's speak freely with the phrases and flow we learned today. If you can, imagine your real job—it makes practice more effective.
本日学習した単語やフレーズ、会話の流れを思い出しながら、自由に話してみましょう。可能であれば、自身の実務を想像しながら話すと効果的です。
Situation / シチュエーション
A ship finance institution is reviewing your large vessel construction project and requires detailed explanation of the financing structure.
You must demonstrate revenue stability, collateral arrangement, and risk mitigation measures to secure the construction loan.
海外の船舶金融機関が貴社の大型船舶建造プロジェクトを審査しており、資金調達構造の詳細な説明を求めています。
建造資金融資を確保するため、収益安定性、担保設定、リスク軽減策を証明する必要があります。
👨💼【Teacher / Ship Finance Manager】:
Could you walk me through your financing proposal? We need to understand how you will ensure repayment capacity and manage construction risk.
（資金調達提案について説明していただけますか？返済能力の確保と建造リスクの管理方法を理解する必要があります。）
🧑🎓【Student / Your Role】:
(Free Speaking based on today's lesson)
Hints / ヒント
１． Explain the revenue projection basis
２． Describe the collateral structure
３． Clarify the financial reporting commitment
４． Present the construction delay countermeasures
※This is not a role-play. Please speak until you finish your thoughts.
このパートはロールプレイ形式ではありません。最後まで通して話してみましょう。
6. Wrap-up (2 min) ｜レッスンの振り返り
Let's review today's lesson with your teacher!
今日のレッスンについて講師と振り返ってみましょう！
6-1 Comments from student
・Good points / 良かったところ・上手くできたところ
・Things to work on / 今後強化したいところ
6-2 Feedback from teacher
・Good points / 良かった点
・Things to work on / 今後の強化ポイント
・What to review / 復習ポイント
*6-3 Questions from student (if any)
Japanese translation（日本語訳）
1. Read (2min)（型を学ぶ）｜基本フレーズ
2. Try (4min)（ロールプレイ練習）｜型を使った練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
3. Use (7min)｜応用
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
4. Challenge (7min)｜実践
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
5. Wrap-up (3min) – レッスンの振り返り
"Let’s review today’s lesson with your teacher!”
「今日のレッスンについて講師と振り返ってみましょう！」
5-1. Comments from Student
- Good points / 良かったところ・上手くできたところ
- Things to work on / 今後強化したいところ
5-2. Feedback from Teacher
- Good points / 良かった点
- Things to work on / 今後の強化ポイント
- What to review / 復習ポイント
5-3. Question from Students (If any)