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Orders Drop

South Korean Shipbuilders' Order Book Shrinks

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).  

South Korean Foreign Ship Orders Drop

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

2016 Looks Tricky for Shipping Market

Source: Clarksons

 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.  

Recovery for European Shipowners?

Pic: Maersk Line

 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

China Shipbuilding Industry 2012 Profits Sink

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.

Dry Bulk Market Crisis: Opportunity or Threat?

File photo

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

Keppel's Profit Nosedives

Photo: Keppel Corp

 Keppel Corp., the world’s largest builder of oil rigs, posted a 41 per cent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.   The Singapore conglomerate has been hit by the 60 per cent drop in oil prices since mid-2014. Its businesses include property development and infrastructure.  

China's Shipbuilders Suffer Fall in New Orders

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    

U.S. Satellite Industry Dominates

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

Floating Production: What’s New in January?

Photo: Petrobras

  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)

Crew Kidnapping Persists Despite Piracy Slowdown -Report

Despite a decline of piracy activity in several high-risk areas, a high threat of crew kidnapping and hijacking remains in Southeast Asia and West Africa, according to a recent report from specialist crisis prevention and response consultancy NYA International.  

Excess Tonnage Weighs on Asia Dry Bulk-Capesize Rates

File image: a so-called ValeMax bulk carrier (Credit: Vale)

Capesize market "absolutely dead" on Thursday - broker. Vale says no new cargoes but owners sail empty vessels to Brazil. Freight rates for large capesize dry cargo ships on key Asian routes will continue to fall next week as too many ships chase available cargoes

Saudi Shipper Bahri Q3 Net Profit Falls

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510

Long Beach Says Cargo Volumes Hurt by Hanjin Fallout

Photo: Port of Long Beach

Container volumes at the Port of Long Beach declined 16.6 percent year-over-year in September as the effects of the Hanjin bankruptcy reached the U.S. West Coast.   According to the port, its longshore workers moved 546,805 twenty-foot equivalent units last month

Oil Rallies as Hopes Grow for Output Cut

Oil rallied to four-month highs on Thursday, underpinned by a surprisingly large drop in U.S. inventory levels the previous day and by growing expectations for the world's largest producers to agree to cut supply. Brent crude futures were last up 55 cents on the day at $52

An Introduction To Offshore Project CAPEX

Graph: Clarksons Research

 Two high-level indicators of vessel and structure demand in the offshore sector are energy prices and oil company exploration & production (E&P) spending, says Clarksons Research.   A third, slightly more specific indicator is estimated offshore project capital expenditure

The Bulkcarrier Orderbook: Long Story, Short Tale?

Graph: Clarksons Research

 Depressed dry bulk market conditions have put severe financial pressure on owners in recent times, triggering a slump in bulkcarrier contracting, observes Clarksons Research.   This has helped drive a significant contraction in the bulkcarrier orderbook

Fuels of the Future

Wajdi Abdmessih

Chosing your fleet’s future fuel wisely   The imposition of a global 0.5% sulfur cap may be less than four years away. This clearly will eliminate residual fuel from the available fuel options unless you have fitted your vessel with a scrubber or other exhaust gas treatment technology

Oil up 2%

Oil prices were up as much as 2 percent on Wednesday after a third surprise weekly drop in U.S. crude stockpiles helped assuage fears over a global oil glut.   Oil was also supported by an industry strike in Norway that threatened to cut North Sea crude output and a weaker dollar ahead of a

Coal's Cost Advantage over LNG Slipping

file image: a ttypical bulk carrier at sea (Credit: BSM)

Thermal coal has been one of the commodity success stories this year, but there is a risk that it becomes a victim of its own success by eating into its advantage over liquefied natural gas (LNG) in generating electricity. The benchmark Australian thermal coal price, the Newcastle Index

Marine Premiums Drop 10%, Could get Worse

Patrizia Kern (Chairman)

The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.

Wilh. Wilhelmsen sees extended Weak RO/RO Market

A Wallenius Line RO RO vessel (Wilh. Wilhelmsen)

Car and truck shipper Wilh. Wilhelmsen Asa made the following remarks and announcements on it's capital markets day on Thursday: * Expects fundamentals in car/truck carrier shipping market (PCTC) to remain weak for another 2-3 years * CEO Jan Eivind Wang says capacity utilisation globally is

Newbuild Contracts at Lowest Level in 20 Years -BIMCO

(Photo: Robert Kunkel)

 Shipyards have become the next victim of the deteriorating conditions in the dry bulk, container and offshore markets as 2016 looks to set the record for the lowest newbuilding contracts in more than 20 years, according to international shipping association Baltic and International Maritime

Consolidation of Yard Capacity for Healthy Shipping

Graph: Teekay Corporation

 A dramatic collapse in newbuild orders due to a weak market environment across all shipping sectors is putting pressure on the global shipbuilding industry, says Teekay Corporation.    Just 7.2 million compensated gross tones (CGT) of new orders have been placed through the first

The RSC FUTERRATM Series: The Fluid of the Future


 The first and only product of its type, RSC FUTERRA is a new Ecolabel-certified EAL that combines the highest performance of any EAL currently available on the market with an attractive price point for performance against other EALs.

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