Last-minute deals prior to the end of the year are still pushing newbuilding activity higher during these past couple of week, but ship owners are actively looking for attractive deals on specialized dry bulk and tanker segments, in order to avoid the more conventional and overcrowded segments of the market. According to Clarkson Hellas' latest weekly report, "there is no doubt that 2012 has been a challenging year for many of the shipyards ‐ with the global economic environment and its subsequent effect on financial liquidity playing its part to hinder would-be buyers. With this in mind, we have seen many shipyards, including those in China, shift their marketing strategy away from the simple conventional dry bulk markets, into increasingly more diversified or niche product ranges" it said.
Clarkson Hellas added that "in China, this strategy has been highlighted this week with two noteworthy orders. We have finally seen the long mooted order at Hudong Zhonghua being signed with Stolt Tankers B.V. (a subsidiary of Stolt‐Nielsen Limited), who have announced they have placed an order at the yard for five firm units of 38,000dwt Stainless steel chemical tankers. These vessels are due to deliver from Dec 2015 onwards and the deal is understood to include a further three optional units. Pricing is understood to lie in the region of USD 73 Mill per vessel. Another deal in China being reported is that of Jo Tankers order at Nantong Mingde. Jo tankers are reported to have ordered 2+2+2+2 x 33,000dwt Stainless Steel tankers at the yard, which will replace the previous 4 options the owner held from their deal last year for 2 x 30k tankers. These latest units will begin delivering from 1H 2015 onwards. No pricing has been disclosed.
In Japan, the additional challenge that the yards have (until recently) had to face, has been that of a steadily strengthening Yen. Fortunately the past month or so has begun to see this pressure relent somewhat and the yen has depreciated against the dollar to the point where it is trading at its highest level since March this year. With signs that this may continue, against speculation the BOJ will increase stimulus to spur inflation, this will increasingly benefit the yards going forward and hopefully help them to compete on a more level footing with their rival nations. Within this week it has emerged that Tai Chong Cheang, of Hong Kong have placed an order at Imabari for 1+1 units of their 76,000dwt Panamax bulk carrier design. The vessel will deliver in 2014, though no pricing has been disclosed" the shipbroker's report concluded.
Meanwhile, in a separate note, Piraeus-based shipbroker Golden Destiny noted that "overall, the week closed with 30 fresh orders reported worldwide at a total deadweight of 962,000 tons, posting a 29% decline from previous week with a 700% week-on-week decline in bulk carriers ordering activity. At similar week closing in 2011, the newbuilding business was standing at 43% lower levels than today with 17 newbuilding orders, 5 for bulkers, 1 for gas tanker, 4 for liners and 7 for special projects. In terms of invested capital, the total amount of money invested is estimated at region more than $3,8 bn with 9 orders reported at an undisclosed contract price. The offshore segment appears the most overweight by grasping 83% of the total amount invested in newbuilding business" Golden Destiny said.
"In the bulk carrier segment, Cosco Guangdong, a subsidiary of COSCO shipyard group, has won an order for the construction of two handysize bulkers of 35,500dwt from European owner at a total contract value of excess $41mil with delivery in the second half of 2014.
In the tanker segment, one more Norwegian player has placed an order for stainless steel chemical tankers following the order of Stolt Nielsen reported before two weeks in Chinese yard, Hudong-Zhonghua. This week, Jo Tankers of Norway is said to have placed an order for two stainless steel chemical tankers of 33,000dwt with an option for six more at Nantong Mingde Heavy HI of China at an undisclosed contract price for delivery during 2015. According to the yard, the 33,000dwt tankers will feature a new design that increases the deadweight tonnage by 10% over its previous design and cut the fuel oil consumption by 30%. In the MR size, Sinokor of South Korea is said to have placed an order for 10 plus 10 more 52,000dwt vessels for construction in Hyundai Mipo for delivery in 2014-2015 at a price in the region of $31-$32mil each. The vessels will be chartered on long term, for at least five years, by Shell for its called “Project Silver” at about $12,000/day plus a profit share.
In the gas tanker segment, Chevron Transport of Hamilton, Bemuda has ordered two LNG carriers of 160,000cbm for construction in Samsung Heavy Industries of South Korea. The contract price has not been revealed and the vessels are scheduled for delivery in December 2015 and June 2016. In the LPG segment, Mexico’s Tomza is said to be in close for finalizing a LPG newbuilding deal for a very large gas carrier vessel with an option for one more with Hyundai Heavy Industries of South Korea.
In the container segment, Chilean player Grupo Empresas Navieras is said to have inked an order for up to six 9,200 TEU boxships at Hanjin Subic Bay shipyard. The first two firm ships have been ordered as a part of a joint venture set up with Roberto Echevarria’s NSC Schiffahrts, with an option for four more to be exercised in the first quarter of 2013. The vessels are scheduled for delivery in 2014 at a newbuilding cost in the region of $82mil each and will be chartered for 12 years to Compania Chilena de Navegacion Interoceanica – CCNI, a subsidiary of GEN group. The contract is subject to ratification by German banks, which require GEN to invest $15mil of its own equity into each vessel.
In the offshore segment, STX Dalian of China has won a high value contract of $425mil for the construction of a 324 metre long floating storage offshore unit signed by Libya’s Mellitah Oil & Gas under a joint agreement with Italy’s ENI. The FSO will be used for the storage of up to 1,5 million barrels of crude extracted from Libya’s Bouri oil field. Naftogaz of Ukraine has signed a contract for two semi-submersible rigs in Keppel Fels of Singapore for delivery in 2014 at a cost of $615mil each. A high value contract has been signed also by Vantage Drilling at STX Offshore and Shipbuilding through a new joint venture Sigma Drilling. The vessel will be equipped to operate in water。