Daewoo in a VLCC newbuilding negotiation
Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea is reportedly in the final phase of negotiation for the construction of very large crude carrier. The orderer seems to be Greek or Middle East shipowner and the delivery date is said to be slated for 2012. Ship price is yet to be revealed. After October, when the global financial crisis deepened, newbuilding ordering activity almost froze. As for VLCC sector, compatriot STX Shipbuilding recently received an order for the construction of one VLCC with an option for one more from Italy’s Dolphin Tankers for $155.7m with delivery scheduled for November 2011. DSME has not received new orders for commercial ships after it secured an order as a replacement of a cancelled order for containership in September. So, the reported negotiation for VLCC is attracting industry’s attention as a newbuilding negotiation when the market is slowing.
‘Golden Era’ has gone
Shipbuilding Industry has riding the economic wave with timetable. The global shipbuilding industry has witnessed many crests & troughs in its growth story from the period spanning the 1960s. With the industry dominance shifting from the European to the Asian nations such as S. Korea, China and Japan, the industry has undergone massive changes in terms of construction technologies, new demand for various ship types etc. The period spanning 2000-2007 has been a ‘golden era’ for the global shipbuilders with the global order book position growing at a CAGR of 22.9%. The investments in the industry too have kept pace with the order book requirements. However the deliveries of the ships have not been able to keep pace with the growing order books and as such, the order books of the major shipbuilding nations are booked up to 2012. Even the composition of the global order books has witnessed a considerable change since 2000, with increased ordering in the Dry Bulk segment during the recent years. With an increase in Exploration & Production (E&P) activities, the ordering in the Offshore Vessel segment too has surged significantly. The industry remains highly consolidated with the Asian shipbuilders accounting for a major chunk of the global order books. Of the Asian nations, the Korean, the Chinese and the Japanese shipbuilders in particular dominate the global shipbuilding arena. The shipbuilding activity in the European nations has witnessed a downtrend owing to the unavailability of labour and the corresponding high labour costs. Even though Japan still remains one of the top global shipbuilding nations in terms of order book position, the country’s shipbuilding prospects appear bleak. Countries such as India, Vietnam etc., with an abundance of cheap labour have recently emerged to the fore in the global shipbuilding arena.
Hudong-Zhonghua dilivered 8,530TEU
China's largest self-design and constructed 101,000dwt container ship was delivered in Shanghai on December 12. It has a length of 335m and its height from bilge to deck reaches 7-8 floors. This vessel, known as the XIN FEI ZHOU, is a ‘super-large’ container ship Hudong-Zhonghua Shipbuilding (Group) has developed and built for China Shipping Container Lines. It is a 8530TEU Post-panamax container ship and one of the world’s mainstream container ship models. It has a width of 42.8m and depth of 24.8m. Four generators on board ensure the vessel operation and fulfill the needs of refrigerated container ships, it can be driven by one person. World’s financial crisis has affected China’s shipbuilding industry. A large number of minor shipyards encountered difficulties and entered into ‘winter’ season. Hudong-Zhonghua has taken timely measures to enhance its capacity to resist risks. It has joined the world’s leading large shipbuilding company by continuing research and development of high-tech and high value-added products, such as thin film type LNG ships and 8530TEU container ships.
Inland-river ships newbuilding boom again
According to the data, the number of vessel under construction on the inland river has already exceeded 150 units, most of them are 500-2000ton dry cargo ships.Due to the explosive expansion of shipbuilding business on inland river, some shipyards are even not able to start the construction, and large number of order-receipts at shipyards are for inland river vessels. The re-emergence of the prosperity in Shipbuilding industry in Yangzhou is mainly due to the sharp drop in market price of steel products followed by international financial turmoil. The price gap over the four months from August till November 2008 has exceeded 50% of the peak price. Some shipowners were not able to place shipbuilding orders due to the price rise after they have obsoleted small tonnage vessels last year, the rapid decline in steel price have cut down the inland river vessel prices and it led to shipbuilding order boom.
Hyundai delivers first CSR VLCC
Hyundai delivers first very large crude carrier (VLCC) built to the industry’s new Common Structural Rules (CSR) for Antwerp-based Euronav NV. The 318,000dwt Olympia (pictured), constructed to Lloyd’s Register class, is the first of two sister-ships being built by Euronav at HHI to advanced environmental protection and safety standards for deployment in the demanding oil transportation industry.
“As the first VLCC built in Korea to CSR, Olympia is a milestone in the drive towards the construction of ever-safer tankers,” says Marinos Syrigos, site manager for Euronav Ship Management (Hellas). “We are certainly proud of having undertaken a key role - together with Lloyd’s Register and Hyundai - in such an important project.” Euronav’s management have committed to maintaining 'green passports' for Olympia and her sistership, Antarctica, assuring that the materials used and installed on the vessels during the owner’s possession are recorded, demonstrating their commitment to the environment. This record is ultimately critical to the safe scrapping of the vessels at the end of their trading lives. They have also selected a higher standard of bridge layout and visibility and achieved the requirements of NAV1 notation from Lloyd's Register to improve the safe operation of the vessel, choosing advanced technical features which are expected to prove particularly valuable in the increasingly congested waters of the world’s major trade lanes. According to Lindsay Butler, the project manager for Lloyd’s Register Asia, the delivery of the Olympia has ushered in the next generation of tankers from Korean shipyards, ships built under CSR rules that offer the technical advances and innovation required by the industry and society at large. “This robust ship has raised the standards by increasing the requirements for strength and durability and by developing transparent requirements for fatigue assessment and corrosion, maintaining a direct link between design and the anticipated operational demands throughout all phases of her construction,” Butler says. “Euronav is demonstrating their commitment to the industry by offering the services of a ship with our Green Passport and Environmental Protection notations. They combined those features with a hi-tech bridge layout, completing the package of a robust, environmentally friendly ship with advanced operating features.” The new Common Structural Rules, released in 2006 after development by the major classification societies in consultation with the industry’s leading ship owners, builders and design houses, have triggered a wave of new designs from the world’s shipyards. The Olympia has a length of 319mtr, a breadth of 60mtr and a moulded depth of 27.8mtr, with engine power of 29,340 kW. According to the Lloyd's Register - Fairplay database, the Lloyd Register orderbook in Korea comprised 435 vessels, or 30.9m gross tons as of September 30.
50% of bulker order cancel
Half of the dry bulk newbuilding deliveries in 2010 are in doubt because of a lack of owners’ finance and unrealistic promises from yards to deliver on time, a leading investment bank has warned.
In 2007, shipowners placed $90bn in dry bulk vessel orderings, more than the previous nine years combined, according to the latest research note by Macquarie Research Equities. But in the past three months, dry bulk shipping rates have collapsed and owners have found it difficult to obtain finance to make payments for their vessels on order. Shipyards took so many orders last year that they were unlikely to be delivered on time, Macquarie said. As a result, Macquarie warned that as much as half of the planned deliveries in 2010 were in doubt. “However, we note that both of these themes would have been an issue even without the deepening of the credit crisis over the past three months,” Macquarie said. In 2010, Macquarie estimated that 108.5m dwt of vessels were planned for delivery. This has now been revised down to 65.1m dwt. There is typically a two-year lag between the increased freight rates and increased deliveries of vessels. As such, fleet growth was expected to continue to accelerate into the middle of 2010, according to Macquarie. “However, looking at previous cycles and the two years lag for supply to diminish, this would imply that much of the mid-2010 deliveries would be in jeopardy, based on previous responses. “One reason for this is that it is likely that for many of these vessels, no more than 20% was put on deposits and only limited expenditures have been made by the yards. “Given that vessel values have fallen well below construction cost even after taking into account the 20% deposit, many of these ships will not be made,” Macquarie said. Macquarie estimated that only 23% of the dry bulk order book has received any further payments, beyond the first down payment. Furthermore, more than 10% of orders were estimated to not have paid deposits. “We expect close to 100% of all orders without a deposit to be cancelled or renegotiated,” Macquarie said. Macquaries said that $46bn worth of finance was needed in 2008, $66bn in 2009 and $31bn in 2010. This assumed that 80% of the vessel investment is financed by debt and 20% by equity. Macquarie said it had visited 15 shipyards in China over the summer and found widespread problems with cancellations. Of those yards, 11 had reported cancellations with shipowner financing the main issue. None of the yards claimed to have had any cancellations after the first down payment. However, Macquarie expected that the situation had since deteriorated substantially. In 2008, yards were expected to deliver over 30m dwt of dry bulk vessels, but have only delivered around 18m dwt through to the end of October Macquarie said. Of the Chinese yards visited in the summer, 80% were experiencing delays in delivering on time, Macquarie said. The primary cause for delays was a lack of shipbuilding experience and technology for smaller yards, while larger yards cited a shortage of ship components as the constraint. Macquarie said that the yards credible was now the main issue, which was over and above the ship financing issues. “In other words, even for the ship owners that are able to deliver funding for vessels, will the shipyards themselves be able to deliver? We think not,” Macquarie said.
2008년 12월 16일 화요일
피드 구독하기:
댓글 (Atom)
댓글 없음:
댓글 쓰기