Thursday, October 4, 2012

[Marine] Chinese "into a corner

[Marine] Chinese "into a corner

Facing continued order drought, troubled Chinese shipyards are luring owners with low prices and heavy-tail payment.

China Shipbuilding Industry Corporation (CSIC) contracted a total of CNY 3.9bn ($620.6m) orders during the first half of 2012, declined by 55% year-on-year, with its orderbook down by 58% yoy to CNY 41bn.

During the same period, Guangzhou Shipyard International penned six vessels of a combined 0.3m dwt. It stood on 40 vessels of a cumulative 1.65m dwt of orders, fell by 16% y-o-y.

Jiangsu Rongsheng Heavy Industries booked only a pair of vessels, 152,000 dwt, totalling $55.6m, plummeted by 96% comparing with 28 vessels of a combined 3.4m dwt, $1.3bn contracted from the same period of 2011.

The China's largest private-owned shipyard secured 101 vessels of a combined 15.06m dwt, $5.88bn of orderbook, down by 13% y-o-y.

Moreover, prices of contracted newbuildings turn out to have plunged as well.

Frontline 2012 placed an order for very large gas carrier for around $63.5m at Jiangnan Shipyard, recording the lowest in the last 20 years for the same size.

Published : October 4, 2012

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