DATE / 09.03.11
IMPORTER / EAS
ITEM / Slide
2009년 3월 29일 일요일
2009년 3월 23일 월요일
Anxiety of Chicken game
Anxiety of Chicken game
World shipbuilding industry could get into the game of chicken following semiconductor industry, according to an agency’s prospect. In the period of last shipbuilding boom and even until recently, many countries, especially South Korea and China had competitively expanded their shipbuilding capacity. But they are now facing a severe order drought and they are highly likely to experience a struggle for existence in the coming years. On March 22nd, Korea Investors Service expressed worries in a report titled “Advance Payment in Headwind and Change in Financial Structure”: “When their order backlog all runs out in two to three years, shipbuilders around the world may get into the game of chicken with their existence at risk.” The report said that the shipbuilding market which got into a severe slump since the latter half of last year would maintain the buyer’s market for a while due to global economic downturn, ship finance cessation and the past intensive newbuilding order boom. It said that given the irreversibility of expanded shipyard facilities and newbuilding ordering activity slacking, harsh competition and decline in ship prices seem inevitable caused by the imbalance between supply and demand. Hong Seok-June, the author of the report said, “Present situations taking place in the newbuilding market are just the beginning of the crisis. Shipbuilders need to strive more to secure ample liquidity.” He said, “Restructuring of some of small and midsize shipbuilders in South Korea and China is possible and governments need to expand financial support including shipbuilding loans increase in the short run.”
Published : March 24, 2009
World shipbuilding industry could get into the game of chicken following semiconductor industry, according to an agency’s prospect. In the period of last shipbuilding boom and even until recently, many countries, especially South Korea and China had competitively expanded their shipbuilding capacity. But they are now facing a severe order drought and they are highly likely to experience a struggle for existence in the coming years. On March 22nd, Korea Investors Service expressed worries in a report titled “Advance Payment in Headwind and Change in Financial Structure”: “When their order backlog all runs out in two to three years, shipbuilders around the world may get into the game of chicken with their existence at risk.” The report said that the shipbuilding market which got into a severe slump since the latter half of last year would maintain the buyer’s market for a while due to global economic downturn, ship finance cessation and the past intensive newbuilding order boom. It said that given the irreversibility of expanded shipyard facilities and newbuilding ordering activity slacking, harsh competition and decline in ship prices seem inevitable caused by the imbalance between supply and demand. Hong Seok-June, the author of the report said, “Present situations taking place in the newbuilding market are just the beginning of the crisis. Shipbuilders need to strive more to secure ample liquidity.” He said, “Restructuring of some of small and midsize shipbuilders in South Korea and China is possible and governments need to expand financial support including shipbuilding loans increase in the short run.”
Published : March 24, 2009
2009년 3월 15일 일요일
Danaos moves to delay deliveries
Piraeus-based Danaos Corp is close to pushing back one third of its vessel deliveries in one of container shipping’s biggest newbuilding programmes.
Five vessels have already been delayed by up to eight months, while the New York Stock Exchange-listed company is close to finalising agreements to delay another five by between two and seven months. Senior executives at the Greek container vessel-owning company said the moves were instigated at the behest of beleaguered charterers rather than purely as a matter of its own strategy. “It is the charter that comes back to us and we have to accommodate them within the shipbuilders’ schedule,” said chief financial officer Dimitri Andritsoyiannis in a conference call with analysts. “We will continue to do so,” he added, signalling likely further discussions over additional ships in the 30-vessel forward construction programme. But the company said it was not being pressed to cancel particular newbuildings or drop charter rates. “So far we have not had any indication of pressure for this,” said chief executive John Coustas. The disclosures came as Danaos reported stable earnings for last year and announced it was axing dividend payments to bolster its balance sheet. The company posted a net profit of $23.8m for the fourth quarter, which after excluding a non-recurring insurance expense mirrored its $25.5m profit for the same three months of 2007. Danaos posted net income of $117.1m for the full year, equating on a comparable adjusted basis to a 10.7% increase on the previous year. Results were helped by the sale of five container vessels during 2008, contributing a gain of $16.9m. The delivery delays so far agreed had been negotiated in co-operation with charterers, said Danaos, and involved remaining construction payments of $422m. It claimed it was “in the final stages” of pushing back the additional five. Assuming the negotiations are successfully finalised, Danaos would expect seven deliveries this year, rather than nine as previously scheduled, nine in 2010 instead of 13, and 14 in 2011, whereas initially for that year only eight were due. The later deliveries are in general the larger vessels, ranging from 8,500 teu to 12,500 teu. All 30 remaining newbuildings are on long-term charters to what Danaos called “some of the largest and most reliable counterparties in the shipping industry”. The company recently had to find new employment for a 2,100 teu vessel because of the collapse of Senator Lines, but it said it had no further anticipated re-chartering until the second quarter of 2010. “Although the current economic situation is presenting everybody in our trade with new challenges, our chartering arrangements do not allow for unilateral modification of the prevailing terms,” Danaos underlined. Due to the recent plunge in vessel values, the company has determined it is in breach of certain financial covenants, but it said it had either obtained waivers or was in discussions to receive waivers from lenders. Danaos president and chief executive John Coustas said last year’s performance was “highly satisfactory”. As a majority owner of Danaos, with a stake of about 80%, he emphasised that the board’s decision to suspend dividends and retain cash had his strong support.
Published : March 16, 2009
Five vessels have already been delayed by up to eight months, while the New York Stock Exchange-listed company is close to finalising agreements to delay another five by between two and seven months. Senior executives at the Greek container vessel-owning company said the moves were instigated at the behest of beleaguered charterers rather than purely as a matter of its own strategy. “It is the charter that comes back to us and we have to accommodate them within the shipbuilders’ schedule,” said chief financial officer Dimitri Andritsoyiannis in a conference call with analysts. “We will continue to do so,” he added, signalling likely further discussions over additional ships in the 30-vessel forward construction programme. But the company said it was not being pressed to cancel particular newbuildings or drop charter rates. “So far we have not had any indication of pressure for this,” said chief executive John Coustas. The disclosures came as Danaos reported stable earnings for last year and announced it was axing dividend payments to bolster its balance sheet. The company posted a net profit of $23.8m for the fourth quarter, which after excluding a non-recurring insurance expense mirrored its $25.5m profit for the same three months of 2007. Danaos posted net income of $117.1m for the full year, equating on a comparable adjusted basis to a 10.7% increase on the previous year. Results were helped by the sale of five container vessels during 2008, contributing a gain of $16.9m. The delivery delays so far agreed had been negotiated in co-operation with charterers, said Danaos, and involved remaining construction payments of $422m. It claimed it was “in the final stages” of pushing back the additional five. Assuming the negotiations are successfully finalised, Danaos would expect seven deliveries this year, rather than nine as previously scheduled, nine in 2010 instead of 13, and 14 in 2011, whereas initially for that year only eight were due. The later deliveries are in general the larger vessels, ranging from 8,500 teu to 12,500 teu. All 30 remaining newbuildings are on long-term charters to what Danaos called “some of the largest and most reliable counterparties in the shipping industry”. The company recently had to find new employment for a 2,100 teu vessel because of the collapse of Senator Lines, but it said it had no further anticipated re-chartering until the second quarter of 2010. “Although the current economic situation is presenting everybody in our trade with new challenges, our chartering arrangements do not allow for unilateral modification of the prevailing terms,” Danaos underlined. Due to the recent plunge in vessel values, the company has determined it is in breach of certain financial covenants, but it said it had either obtained waivers or was in discussions to receive waivers from lenders. Danaos president and chief executive John Coustas said last year’s performance was “highly satisfactory”. As a majority owner of Danaos, with a stake of about 80%, he emphasised that the board’s decision to suspend dividends and retain cash had his strong support.
Published : March 16, 2009
2009년 2월 24일 화요일
Newbuilding Price Falling
Newbuilding Price Falling
The Clarkson Newbuilding Price Index as of February 20th recorded the lowest level of 160 points since March 2005, down 17 points (9.6%) from 177 points at the end of last year. The latest figure is down as much as 30 points (15.8%) from the peak of 190 points in August last year.Rally in newbuilding price is hardly expectable for now as shipbuilding ordering activity has almost stopped amid credit crunch, economic downturn and worries about over-supply of vessels. Furthermore, the fall in prices of raw materials such as steel plate puts pressure on the newbuilding prices as well. Fortunately, however, the prices of VLCCs and ultra-large containerships took a smaller hit and, for South Korean shipbuilders, newbuilding prices are being kept bullish in Won terms thanks to the rise in exchange rates. Nevertheless, these relatively encouraging factors are meaningless without newbuilding orders being placed. Reported newbuilding orders to date in 2009 amount to just 18 ships and the accumulative orders since October total just 135 vessels. In CGT terms, newbuilding orders placed in the four months to January came to only 1.95m CGT, down 92.7% on the same period of a year earlier. It can be said that ordering activity in effect ceased considering the fact the average monthly shipbuilding orders since 2003 amounted to around 265 ships.
Published : February 25, 2009
The Clarkson Newbuilding Price Index as of February 20th recorded the lowest level of 160 points since March 2005, down 17 points (9.6%) from 177 points at the end of last year. The latest figure is down as much as 30 points (15.8%) from the peak of 190 points in August last year.Rally in newbuilding price is hardly expectable for now as shipbuilding ordering activity has almost stopped amid credit crunch, economic downturn and worries about over-supply of vessels. Furthermore, the fall in prices of raw materials such as steel plate puts pressure on the newbuilding prices as well. Fortunately, however, the prices of VLCCs and ultra-large containerships took a smaller hit and, for South Korean shipbuilders, newbuilding prices are being kept bullish in Won terms thanks to the rise in exchange rates. Nevertheless, these relatively encouraging factors are meaningless without newbuilding orders being placed. Reported newbuilding orders to date in 2009 amount to just 18 ships and the accumulative orders since October total just 135 vessels. In CGT terms, newbuilding orders placed in the four months to January came to only 1.95m CGT, down 92.7% on the same period of a year earlier. It can be said that ordering activity in effect ceased considering the fact the average monthly shipbuilding orders since 2003 amounted to around 265 ships.
Published : February 25, 2009
Calorifier
DATE / 07.06.20
IMPORTER / EISA
SUBJECT / Hull no. 492 - Self Unloading Bulk Carrier - 47.800 DWT
ITEM / Calorifier
IMPORTER / EISA
SUBJECT / Hull no. 492 - Self Unloading Bulk Carrier - 47.800 DWT
ITEM / Calorifier
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