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Newbuilding activity remains robust with vessel deliveries extending to 2028
- Λεπτομέρειες
- Δημοσιεύτηκε στις Δευτέρα, 22 Ιουλίου 2024 21:19
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Newbuilding activity remains robust with vessel deliveries extending to 2028 for bulkers, tankers, and containers, and up to 2030 for gas carriers. Consequently, many shipyards previously idled for years are now either reopening or expanding. Although China has expanded its shipyard capacity through reactivation and expansion, a significant labour shortage could impede its growth rate. As of June 2024, the unemployment rate in China was 5%, meaning that the percentage of the total unemployed labour force actively seeking employment and willing to work is sufficient. On the contrary, other Far East countries like Japan and South Korea, with unemployment rates of 2.6% and 2.8% respectively in June, could encounter labour shortages if they continue to reactivate and expand their shipyard facilities.
Analysing the orderbook for BC, Tankers (both for vessels >= 10,000 DWT), Container and Gas, we observe that Chinese shipyards play a dominant role in newbuilding activity, accounting for 60% of the total orderbook. Breaking down the four main sectors, 67% of the BC orderbook is being constructed in China, while Tanker and Container orderbook have similar percentages at 65% and 64% accordingly. Chinese yards hold a 33% market share of the gas orderbook, placing them in second position. Of the nearly 2,000 vessels on order in China, 41.5% are BCs, while Tankers, Containers and Gas account for 27.5%, 21.1% and 9.6% respectively. Ultramaxes and Kamsarmaxes are the dominant forces in the Chinese bulker orderbook, accounting for 36% and 31% respectively. In the Chinese tanker orderbook, Aframaxes/LR2s, MR2s, and small tankers (10,000-25,000 dwt) each hold approximately 24% of the market share. Feeders dominate the container orderbook at 37%, while LNG carriers (101,000-200,000 CBM) and VLGCs together comprise 60% of the gas carrier orderbook.
Despite having no bulker orders, South Korean shipyards hold the second-largest market share with 20% of the total orderbook. In the Tanker and Container orderbook, South Korean shipyards hold approximately 16% and 25% respectively, whilst the Gas market dominates with a 61% share. Out of 660 vessels on order in South Korea, Gas carriers comprise 55% of the orderbook, while Tankers and Containers account for 20% and 25% respectively. MR2 and Suezmax orders dominate Korean shipyards, accounting for 48% and 28% of the orderbook respectively. On the container side, Korean shipyards are clearly preferred for very large Containers, with nearly 60% of their orders dedicated to vessels capable of carrying more than 12,000 TEU. Regarding Gas carriers, 70% of orders are for LNG carriers in the 101,000 - 200,000 CBM range, while 22% are for VLGCs.
Last but not least, the Japanese shipyards possess the third place with 16% of the total orderbook being currently built there. Examining the four primary sectors, 27% of the bulk carrier orderbook is being constructed in Japan. In contrast, the Tanker, Container, and Gas segments hold the smallest shares, accounting for 11%, 9%, and 6% of the orderbook of each category respectively. Currently, 520 vessels are under construction in Japan. Bulk carriers comprise 65% of this total, followed by tankers at 18%, containers at 11%, and gas carriers at 6%. Handysize and Ultramax orders dominate Japanese shipyards, accounting for 34% and 25% respectively.
Sale and Purchase
Dry:
Despite the northern hemisphere approaching the "heart" of the summer, dry bulk S&P activity remains robust. Chinese buyers were quite active on the Capesize sector this week. The "Cape Mathilde" - 179K/2010 Mitsui was sold for USD 30 mills to Chinese buyers, while the 2-year older Scrubber fitted "Genco Hadrian" - 169K/2008 Sungdong was sold for USD 25 mills. Moreover, Chinese buyers seem to have acquired also the "HL Baltimore" - 177K/2006 Mitsui for high USD 21 mills basis TC back at USD 21K/day for 9/11 months. Moving down the sizes, the Scrubber fitted Kamsarmax "Kristian Oldendorff" - 82K/2024 Jiangsu New Hantong found new owners for USD 40.85 mills, while the vintage Panamax "The Holy" - 77K/2001 Imabari changed hands for low/mid USD 9 mills. The Ultramax "Tai Shine" - 61K/2012 Shin Kasado is on subs at region USD 22 mills, whilst the 2-year older Supramax "Royal Samurai"- 58K/2010 Tsuneishi Cebu was sold for USD 17.75 mills to Bangladeshi buyers. Handysize S&P activity was also very firm, with the Scrubber fitted OHBS "SSI Daring"- 36K/2017 Shikoku being sold for USD 26.7 mills to clients of HMM. On the same sector, the Electronic M/E Ice Class 1C "Lago Di Cancano" - 38K/2014 Qingshan and the "Lago Di Como" - 38K/2014 Qingshan changed hands for USD 36.5 mills enbloc. Last but not least, Turkish buyers acquired the OHBS Handysize "Coreleader Ol "- 37K/2012 Saiki for mid USD 17 mills, while the South Korean built "Darya Jamuna" - 37K/2012 HMD was sold for low USD 16 mills to Greek buyers.
Wet:
On the tanker side, it was also an interesting week with many transactions being reported mainly in the MR2 sector. The Scrubber fitted LR2 "Pacific Jewels" - 115K/2016 Daehan and the "Pacific Treasures" - 115K/2016 Daehan were sold enbloc for high USD 60's to clients of FGas. Torm clients acquired a fleet of eight MR2 vessels from Sinokor for USD 340 mills including USD 238 mills cash and USD 102 mills in the form of 2.65m shares. Furthermore, the Electronic M/E "Green Sea" - 51K/2014 Dae Sun was sold for mid/high USD 38 mills, while the "Nave Equator"- 50K/2009 SPP found new owners for USD 26 mills. On the MR1 sector, Chinese buyers acquired the MR1 "Shan Gang Rong He" - 39K/2001 Santierul Naval for USD 7.1 mills. Finally, the Small/ Chemical tanker "Pearl Maya"- 8K/2018 Bohai changed hands for USD 16.5 mills.
Xclusiv Shipbrokers Inc.