Tuesday, December 18, 2012

[Ship Building] Ordering "Lowest "

Ordering "Lowest "

During the first eleven months of this year, a total of 999 vessels of a cumulative 39.9m dwt or 18.8m cgt have been contracted, which plunged by 47% in dwt terms year-on-year. This is the lowest number of contracts since 1999.

According to Clarkson Research's latest report, overall $72.5bn is estimated to have been invested in newbuildings during January-November period, which represents 26% decrease year-on-year.

An estimated $41.4bn (32 drillships totalling $23.1bn, etc.) has been invested in new offshore contracts, taking up 57% of total investment. This has already marked the largest record, exceeding total investment seen in the full 2011, $40bn.

During the same period, Chinese shipyards have booked 16.7m dwt/6.5m cgt or $14bn of newbuildings, while Korean shipbuilders have been placed with 11.9m dwt/6m cgt totalling $26.1bn of orders, Japanese received 9m dwt/2.8m cgt or $5.1bn orders and Brazilian signed 0.6m dwt/0.8m cgt totalling $13.5bn orders.

Meanwhile, a total of 32 chemical tankers have been ordered, increased by 27 vessels contracted in the full last year. Moreover, total number of contracted MR PC and VLCC rose from 52 vessels to 55 and from three to 12 ships, each.

The Clarkson Newbuilding Price Index, which finally made an upturn in October after 15 consecutive months of decline, has fallen again in November. The index recorded 126.8 points in the end of September, which grew to 127.2 points in the end of October. But as of the end of November it dropped again to 125.9 points, decreased by 9.4% from early of this year and recorded the lowest since February 2004 with 124.9 points.

During the first eleven months of 2012, a total of 2,286 vessels of a combined 144.4m dwt/43m cgt have been delivered, with full year deliveries being prospected to reach 162.8m dwt. 2012's total delivery has been slightly downsized due to a slowdown in deliveries in the second half of this year.

Chinese shipyards have delivered overall 1,052 vessels of a cumulative 60.5m dwt/38.7m cgt, of which bulkers accounted for 79% in terms of deadweight, while Korean shipbuilders have made deliveries of 443 vessels of a combined 46.8m dwt/36.8m cgt, during the same period.

As of the end of November, global newbuilding orderbook stands at 93.3m cgt, declined by more than half from 215.2m cgt recorded in September 2008 and recorded the lowest since February 2005.

Bulkers still account for the largest proportion of the orderbook with the 33.4m cgt of bulkers on order representing 36% of the total orderbook. Boxship and tanker secures 18.5m cgt and 14.6m cgt each of orderbook, while offshore vessel (drillship, FPSO, OSV, etc.) and LNG carrier stood on 10.5m cgt and 6.4m cgt of orders, respectively.

From January to November of the year, a total of record-high 1,163 vessels of a cumulative 54.4m dwt have been sold for demolition, including 522 bulkers of a combined 31.3m dwt, 154 containerships, etc.

Published : December 17, 2012

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