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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

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

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    

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

SembCorp First Half Down 6%

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.

Bunker Prices Double-Digit Drop

Last week (ending 22, June 2012) oil bunker prices dropped in key ports across the world IFO380 has made double-digit drops in Singapore, Rotterdam, Fujairah, and Houston, and all four ports once again reached new lows for the month reports 'Ship & Bunker'. (IFO 380 is Intermediate fuel oil with a maximum viscosity of 380 Centistokes (<3.5% sulphur). In Asia, Singapore IF380 prices dropped by $11.00 bringing the price to $563

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)

Juggling Follows New Ship Capacity

Photo: Maersk Group

With China’s COSCO confirming its $1.5-billion order of 11 new 19,000 TEU ships for delivery in 2018, the “arms race” for Ultra Large Container Vessels (ULCV) of over 18,000 TEU continues but carriers are having to be more creative when deciding where to deploy smaller deliveries, cautions maritime analyst, Drewry, in this week’s Container Insight report.   The average price for each ship comes in at $137

Port of Hamburg Reports Cargo Downturn

(Photo: HHM / Peter Glaubitt)

Germany’s largest universal port reported the effects of weakened Chinese foreign trade plus the steep downturn in trade with Russia during the first nine months of the year. Totaling 104.6 million tons, seaborne cargo throughput in Hamburg was down 4

Asia-Europe Box Rates Plunge 28 pct

CMA CGMs Marco Polo at sea (file image)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe plunged by 27.9 percent to $295 per 20-foot container (TEU) in the week ending on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.

Dry Bulk Shipping Record Low a Warning for Global Economy

A slump in dry bulk shipping is set to worsen as the meltdown in global commodities and too many ships free for hire rock the sector used by investors to gauge the health of world trade.   Slower coal and iron ore demand from China - the world's biggest industrial importer - have battered

UASC Sees Big Drop on Asian-Europe Route

Photo by United Arab Shipping Company

 Kuwait-headquartered United Arab Shipping Company (UASC) said that marked drop in Asian imports to Europe, made worse by a strong dollar, has heaped pain on container lines already struggling with massive over capacity, reports Reuters.  

Norsafe to Debut New Lifeboats at KORMARINE

Maxima-120 (Image: Norsafe)

Norsafe, a developer of marine lifesaving equipment, will bring crew safety into focus at KORMARINE in Busan, Korea, on October 20-23, launching two new lifeboats for the shipping and offshore markets.   The company, which specializes in the design, manufacture and servicing of lifeboats

Asia-Europe Box Rates Slip 10 pct Last Week

A Maersk containership loading at berth (File image)

Freight rates for shipping containers from Asia to northern Europe fell 10 percent to $233 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.

Greek-US Plan for an LNG Terminal

Photo: Gastrade SA

 Greece and the US are likely to reveal a joint venture to develop a liquefied natural gas (LNG) terminal when US Secretary of State John Kerry makes an official visit to Athens in November.   According to a local news report in eKathimerini

Asia Tankers-VLCC Rates Slump

Image: Dalian

 Freight rates for very large crude carriers (VLCCs) could face drop further next week on excess tonnage supply and lower cargo volumes, reports Reuters.   A Singapore based VLCC broker said that there’s no upside. Rates will either be flat or on the downside

Maersk Lays-Up Triple-E

Pic: Maersk Line

 Maersk Line has laid-up one of its 18,000-teu Triple E containerships.  It cannot rule out that it will have to anchor another of its massive Triple E ships in connection with the Chinese New Year.   The Danish carrier will anchor Triple- E 18

GasLog Posts Good Results

Photo: GasLog Partners LP.

 GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers,  increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis.  

Yangzijiang Secures Two VLGC Orders

Image by Yangzijiang Shipbuilding

 The Singapore-listed and China-based shipbuilder Yangzijiang Shipbuilding has secured new orders worth $730m, including two very large gas carriers, between September and October.   The  two 84,000 cbm very large gas carriers (VLGCs) were ordered by Shanghai Zhenrong Energy.

Asia-Europe Box Rates Plunge 32 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 31.8 percent to $674 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Shipping Exchange told Reuters.  

Tanker Futures Market Booms as Rates Rally

Freight forward agreement (FFAs) trade rises. The market for hedging oil tanker freight has revived sharply this year to a value of $4.5 billion after years of torpor, with ship owners looking to profit from a freight rally and more energy companies scramble to cover risk, industry sources say

DSME Ordered to Halt Production After 2nd Fire

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) has received orders from government officials to cease production on five of its ships presently under construction, following a series of deadly shipyard incidents, Yonhap reported.  

Port of LA Volume Drops in October

TraPac Container Terminal Courtesy Port of LA

  The Port of Los Angeles handled a total of 704,588 Twenty-Foot Equivalent Units (TEUs) in October 2015. October volumes decreased 1.5 percent compared to the same period last year.   “This October’s volumes were slightly less than last October

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