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
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.
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.
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
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 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.
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
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
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)
DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will see the start of a barren period for the offshore OFS and OFE sectors.
Norsafe, a leader in marine life-saving equipment, will be showing its world record breaking freefall lifeboat at the Offshore Northern Seas (ONS) show in Stavanger, August 29, to September 1, 2016. The GES 50 MKIII broke the world record on June 25
In a bid to help South Korean local shipyard weather their worst-ever slump, the State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with them, says a report by Yonhap.
South Korean shipbuilder Samsung Heavy Industries Co Ltd said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue. Samsung Heavy, part of the Samsung Group conglomerate
The Q4 bounce – a seasonal staple of the dry bulk markets – looks likely for Capesize and Panamax segments, but the effects may be limited. Independent research and consultancy firm Maritime Strategies International (MSI) is forecasting a fourth quarter bounce in dry
In a historically weak contracting environment the cruise sector has seen a strong level of newbuild ordering and investment in the year to date, says a research report by Clarkson. Cruise lines have continued to expand their fleets, with new markets such as China in their sights
While the shipping industry struggles through a historic downturn, ship scrapping business is seeing accelerating demand, reports WSJ. The global economic slowdown is putting shipping through its most bruising period since the 2008 financial crisis.
Container volume at the Port of Long Beach was down 7.7 percent in July compared to the same month in 2015, when harbor terminals handled a record amount of cargo. Dockworkers moved 637,091 twenty-foot-equivalent units (TEUs) last month. Imports totaled 325,608 containers, a 5
Danish shipping conglomerate A.P. Moeller-Maersk A/S has reported a plunge in profits in the second quarter in the face of tough market conditions. Maersk's quarterly net profit dropped 89 per cent to $118m compared with a year earlier
India's merchandise exports contracted 6.84 percent year-on-year to $21.69 billion in July, government data showed on Friday. The value of overseas shipments rose for the first time in June, after falling for 18 consecutive months.
Independent research and consultancy firm Maritime Strategies International (MSI) has forecast a structural change to future shipping cycles, driven by increased volatility in newbuilding activity. In an article by Dr. Adam Kent, MSI notes that as a consequence of the current glut of
Oman's crude oil exports will drop by about 50,000 barrels per day when new refining capacity comes onstream in the northern city of Sohar by early 2017, Minister of Oil and Gas Mohammad bin Hamad al-Rumhy said on Wednesday. Rumhy said the refinery project had been due to be commissioned
State-owned Container Corporation of India recorded a 14 percent drop in standalone net profit for the three months to the end of June, the company said in a statement. Its net profit for the April-June quarter came in at 1.78 billion rupees ($26.67 million), missing expectations.
U.S. drillers this week added oil rigs for a sixth consecutive week, according to a closely followed report on Friday, despite crude prices falling to April lows below $40 a barrel this week. Some producers are still boosting spending on expectations for higher prices in the future.
U.S. crude oil exports plunged by more than 40 percent in June, foreign trade data from the U.S. Census Bureau showed on Friday, after Brent's premium to U.S. crude hovered in a tight band earlier this year. Total exports dropped to 383,000 barrels per day from May's record of 662,000 bpd