A few years back, LPG and LNG carrier markets were considered a niche segment, only for specialists. Today, more and more shipowners are jumping into gas carrier market.
These segments offer the best growth opportunities of other commercial ship sectors and they have no issues of oversupply, rather the opposite, currently.
According to the latest weekly report from Clarkson Hellas, while LNG sector has seen huge ordering in the gas market over the past year, in recent couple of weeks, ordering in the LPG sector has resurged with awards of small fully pressurized and midsize fully refrigerated vessels, etc.
STX Offshore & Shipbuilding (Busan Yard) of South Korea has contracted 2+2 5,000-cbm LPG carriers with Greek owner Brave Maritime for delivery in the first quarter of 2014. Also, STX has signed a letter of intent for two LPG carriers with a capacity of 6,500 cbm plus optional two more, which expects final confirmation soon.
Meanwhile, Hyundai Mipo Dockyard of South Korea has inked an order for 4+4 38,000-cbm midsize LPG carriers from Belgium player Exmar in the end of March. Also, Russia's Sovcomflot has switched its two panamax bulker newbuildings ordered at Hyundai Mipo into semi-refrigerated 20,600-cbm ice-class LPG carriers due for delivery in Q3 and Q4 2013.
Whilst large yards in South Korea, Japan, China, etc. fill up their dock schedule with LNG carriers, especially the larger sizes, the small-to-medium sized LPG newbuildings are placed at yards with attractive pricing, as they are keen to fill early slots amid relatively stable earnings in the LPG sector.
Meanwhile, a total of three newbuilding containerships have been contracted so far this year with growing orders for small-to-medium size vessels prospected.
China's Guangzhou Wenchong Shipyard has penned for two 2,190-teu boxships with an option for four more from London-based Greek owner Lomar Shipping on March 27. With deliveries scheduled to start from early 2014, the vessels have been designed by SDARI (Shanghai Merchant Ship Design and Research Institute) and meet the highest standards for fuel efficiency and environmental compliance.
While Chinese shipbuilders focus on improving the small-to-medium size designs for boxships, orderings for efficiency improved feeder containership would resume, expected Clarkson.