South Korean shipbuilding orders drop 58.6 percent through September 2012. South Korean shipbuilding orders dropped 58.6 percent for the first nine months of this year due to the persistent recession in the global shipbuilding industry, a government report reveals. The drop was attributed to the recession in the global shipbuilding industry. Global shipbuilding orders declined 48 percent to 14.34 CGT over the cited period due to an oversupply of ships and the prolonged global eaconomic slowdown, the report adds that demand for container ships and bulk carriers contracted sharply, informs Xinhua. Despite the global slump, South Korea kept its position as the world's No.1 shipbuilding country with the market share of 36.3 percent. It was followed by China with a 4.98-million-CGT of orders, or 34.7 percent of the total, and Japan with a 1.66 CGT of contracts, or 11.6 percent of the total. The ministry noted that South Korea's shipbuilding orders were led by contracts for ships related to development and transportation of natural resources such as drill ships, tankers and ships that carry liquefied natural gas (LNG).
New foreign orders received by South Korean shipbuilders fell 15.7 percent in the first nine months of this year from a year ago, provisional figures from the Korea Shipbuilders' Association show. Orders in the nine-month period totaled 5.8 million gt for 110 ships, compared with 6.9 million gt for 121 ships in the same period a year earlier. New orders received in September alone totaled 1.2 million gt for 16 vessels. It did not give comparable 1998 figures
China's shipyards launched 60-million dwt in 2012 representing a drop of 21% from the previous year. According to Ministry of Industry and Information Technology government statistics reported by CNTV, new orders for shipbuilding also tumbled by about 44 percent. Industry experts consider that the shipbuilding industry would continue to be weak in 2013, and it’s unlikely the market will pick up in the short term.
The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is not achieved. The recent measures in 2013 which promoted the replacement of older tonnage with newer, in combination with the Chinese financial backing
European Shipowners may increase freight rates or renegotiate bunker clauses in the coming year in order to capitalise on lower crude oil prices and consolidate the recovery seen in 2015, reports ICIS. Bunker fuel prices came down significantly amid lower crude oil prices but some shipowners have been unable to take advantage of this because of the bunker clauses they agreed to. A bunker clause is an agreement between charterer and shipowner whereby the charterer pays
2015 was clearly a very challenging year for the shipping markets. With earnings rock bottom in many sectors, investors shifted into a lower gear with respect to the placement of new vessel orders last year, says Clarksons Research. But whilst for many this might be seen as a step in the right direction in terms of rebalancing supply and demand, for the world’s shipbuilders it might feel like a most abrupt adjustment.
SembCorp Marine posted a 6.4 percent drop in half-year net profit to S$39.2 million ($21.4 million) from S$41.9 million in the first six months of 2001. The Singapore-based group -- a subsidiary of the SembCorp Industries conglomerate which concentrates on ship repair, offshore conversion and shipbuilding -- said in a statement its performance in 2001 was expected to be comparable with the previous year. It valued its outstanding order book for 2001-2004 at S$1.72 billion.
The market for commercial communications satellites is expected to be worth $25.4 billion over the next 10 years, according to Forecast International’s recently completed study "Commercial Communications Satellites: 2005-2014." Also anticipated within the next few years, is the long awaited rebound in the commercial communications market. Fueling this recovery will not only be the growing market for the application of key technologies and services to the commercial consumer but also
According to a report from Yonhap, orders won by Chinese shipbuilders dropped more than 6 percent in the first seven months of this year due mainly to prolonged uncertainties in the global economy, the China Association of the National Shipbuilding Industry said. Source: Yonhap
2014 Floater Orders – We thought it would be useful to provide a summary of floater orders placed last year. As listed below, 25 units were ordered during the year - 10 FPSOs, one Barge, four FLNGs, seven FSRUs and three FSOs. FPSOs (10) • Kaombo CLM • Kaombo GGC • Deep Producer 1 • Catcher • Armada Ali • Libra EWT • Madura BD • Front Puffin • Tartaruga MV 28 • Petrojarl 1 Production Barge (1)
2016 could be a brutal year for Korean Shipyards. Yonhap reports that the country's shipbuilders failed to clinch any new orders in January, underscoring the protracted slump in the global shipbuilding segment. "January is usually an off-season for shipbuilders
The Korean shipping giant Hanjin Shipping improved its financial result in 2015 and came back to profit trajectory. It reported a $6m net profit in 2015 from a $396m loss the previous year and said it expects cost-saving measures to help it weather a tough 2016.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
The dry bulk market faced a lot of headwind in 2015 as dwindling demand and over-supply created very unfavourable market conditions, says BIMCO. 2016 has shown no improvements so far and prospects for the rest of the year are not looking promising
Pakistan State Oil has dropped plans to buy 60 liquefied natural gas (LNG) cargoes from Royal Dutch Shell after receiving a lower price from Qatar, two trade sources with knowledge of the matter said on Friday. Pakistan was to buy from Shell after the oil major submitted the lowest price in a
Rates for shipping containers from ports in Asia to Northern Europe fell 20.6 percent to $740 per 20-foot container (TEU) in the week to Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters. Freight rates plummeted 15
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, touched a record low for the ninth straight session Friday, mostly due to vessel oversupply and lack of global demand. The overall index
In contrast to the carnage in crude oil markets, liquefied natural gas (LNG) prices in Asia have enjoyed relative stability for the past three months, but it's unlikely the calm will persist much longer. Spot Asian LNG prices <LNG-AS> ended last week at $5
Romania's Black Sea ports including the main port of Constanta reopened on Tuesday after a two-day stoppage as snowfalls and winds eased, a port official said. "Constanta reopened at 9:15 a.m. (0715 GMT)," the duty port officer told Reuters.
December 2015 orders covering the whole range SCHOTTEL, a manufacturer of propulsion and steering systems for ships and offshore applications, reports it has entered into 2016 with a bag full of new orders. The December orders underpin again the role the German manufacturer plays in the
Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday
Tidewater Inc. (NYSE:TDW) leading provider of Offshore Service Vessels, announced that its Board of Directors has approved management's recommendation to suspend Tidewater's quarterly dividend and common stock repurchase program. The dividend and share repurchase program suspension is
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
With three species of migrating cod to fish and new commercial species arriving as oceans warm, Norway is a fisheries Valhalla. Yet, recent boat sales suggest the Scandinavian country’s role is changing. Vessel orders and rules in Norway are propping up yards and designers on Europe’s
Piracy and armed robbery on the world’s seas is persisting at levels close to those in 2014, despite reductions in the number of ships hijacked and crew captured, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) annual piracy report reveals.