worldyards monthly newsletter · worldyards shipbuilding capacity and utilization estimate is not a...

June 2013

Worldyards – Monthly Newsletter

This is a monthly publication of Worldyards which summarizes developments in the newbuilding market in the past month with a special focus on shipbuilders. We start with a summary table, followed by shipbuilding output forecast and newbuilding price index. We then list the newbuilding orders, present our statistical summaries on terminations, slippage/advancement, rescheduling and demolitions, and conclude the newsletter with latest developments in shipbuilders, their host countries and shipbuilding technology. For latest figures on orderbook ratio, age profile and delivery schedule of various segments and other vital statistics, log onto our website (www.worldyards.com).

Summary of Orders and Investments, Jun 2013

New Contracts Investment (USD Million)

Bulkers 2,652,400 DWT (-50%) 1,089.80 (-39%)

Containers 143,700 Nominal TEU (-48%) 1,261 (-47%)

LNG (Gas I) 684,100 CBM (+2,343%) 800 (+796%)

LPG (Gas III) 211,000 CBM (+15%) 238 (+22%)

Crude Tanker 318,000 DWT (+38%) 114 (+21%)

Product Tanker 230,000 DWT (-81%) 94 (-85%)

Specialised Tanker 4,500 DWT (-71%) 21 (+31%)

Vehicles Carrier (Specialised Cargo II)

32,000 No of Cars (+103%) 296 (+111%)

Notes: (1) %: It is the percentage change over last month. (2) Percentage numbers are rounded up. (3) Please refer to Worldyards segment definitions listed in the Member site for detailed explanations for the segments.

http://www.worldyards.com/

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www.worldyards.com • (+65) 6222-9491 • [email protected] • 140 Cecil Street, #16-00 PIL Bldg, Singapore 069540

Shipbuilding Capacity and Utilization

Year Capacity (CGT)

Annual Growth

Delivery (CGT)

Scheduled Delivery (CGT)

Capacity / Utilization

2008 42,791,149 - 40,375,329 - 94.35% 2009 51,846,312 21.16% 41,563,454 - 80.17% 2010 60,425,581 16.55% 47,557,032 - 78.70% 2011 63,933,362 5.81% 46,389,131 - 72.56% 2012 69,397,418 8.55% 45,484,584 - 65.54% 2013 74,048,195 6.70% 20,057,106 26,154,342 62.41% 2014 75,368,700 1.78% 81,231 28,226,836 37.56% 2015 76,046,174 0.90% - 15,830,747 20.82% 2016 76,686,851 0.84% - 5,045,633 6.58% 2017 76,625,051 -0.08% - 846,509 1.10%

* Stale orders (please refer to Key Statistics -> Orderbook -> Scheduled Deliveries for the definition of stale orders)

Worldyards shipbuilding capacity and utilization estimate is not a result of mathematical forecast, but rather result of a sum-of-all-parts approach estimating micro developments in each and every shipbuilder. First, Worldyards assumed 2008 as the base for maximum capacity or full utilization except for the few builders who have just started production in mid to end of 2007 and a number of builders who have delivered more in 2007. (Please note that our previous capacity calculation is essentially based on the builder's output. For the detailed discussion – see our market comment dated on 23 June 2010, Utilisation as a Metric of Shipbuilding Capacity). Then, we assume an organic productivity growth of 3 – 5% for each shipbuilder annually. The organic baseline of 3-5% depends on the status of the market and the country of the builder. We use 5% for good market, 3% for less good market. However productivity can be reduced also – if a builder produces consistently below their potential in depressed market, they will slow down investment for technical and technological improvements, lay off workers, and take on a more diverse product mix than what is ideal for productivity. So we assume -3% for each year where output is 15% below potential for the previous year, -5% if the output gap is bigger than 15%. On top of the organic growth (or decline), the growth rate is then adjusted upwards or downwards to allow for other productivity developments (we call them "capacity-significant events"), caused by events such as new production methods/processes, introduction of facilities/equipment, closure of facilities, shifting of strategic focus from merchant shipbuilding to other activities, etc. Worldyards evaluates each event and assess their impact which will be added on or subtracted from the 3 – 5% baseline growth rate for each shipbuilder. Each and every of these capacity-significant events can be viewed under the "Background" box of each shipbuilders in the member site. For any additional facility of the shipbuilder, the increment capacity will be distributed as 60% on its first year of

http://www.worldyards.com/admin/news/reports/Utilisation%20as%20a%20Metric%20of%20Shipbuilding%20Capacity.pdf

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production, another 25% on its second year (or 85% in total) and full production on its third year (capacity will reach its designed level in 3 years). On the other hand, for any closure of facility, full capacity will be deducted upon its effectivity year since we can't close a drydock/facility gradually. The Worldwide, Continent-wise and Country-wise estimates are just a summation of resultant estimates of individual builders. It is important to note though that "available capacity" would appear much higher due to the fact that the Japanese orderbook is significantly under-reported, our solution to this is to create "proforma orders" for some yards as deemed appropriate.

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New Orders The order is defined as a confirmed signed contract in Worldyards. Every effort has been made to confirm the order. LOIs are excluded. Options declared are treated as new orders.

Sub-Segment Capacity Shipbuilder Delivery Beneficial Owner Price

(US $ M) Date

Open Hatch Bulk Carriers

3 x 38,300 DWT

Jinling Shipyard 2015 Oldendorff

Carriers [Egon Oldendorff]

22* 28-Jun-

2013

Handysize 2 x 35,000

DWT Jiangdong Shipyard

2015 Graig Shipping 22* 26-Jun-

2013

Handysize 38,000 DWT

AVIC Weihai Shipyard

Nov-2015

Globeco 22* 5-Jun-2013

Handysize 2 x 38,000

DWT AVIC Weihai

Shipyard 2015 Visentini 22*

5-Jun-2013

Supramax 2 x 57,600

DWT Tsuneishi Zhoushan

2014 / 2015

Mykonos Shipping 26* 28-Jun-

2013

Supramax 2 x 58,000

DWT Imabari

2015 / 2016

Belships 28 5-Jun-2013

Supramax 2 x 60,000

DWT Oshima Shipyard 2015 dACC Maritime 28*

13-Jun-2013

Supramax 4 x 63,500

DWT Dayang

Shipbuilding 2014 / 2015

Marine Capital, MCL

25 20-Jun-

2013

Supramax 2 x 63,500

DWT Dayang

Shipbuilding 2015

Grieg Star [Grieg Group]

24.9 28-Jun-

2013

Supramax 4 x 63,800

DWT Chengxi Shipyard

2016 / 2017

Wah Kwong Shipping

25* 21-Jun-

2013

Supramax 4 x 63,800


2016 / 2017

CSSC (Hong Kong) Shipping

25* 27-Jun-

2013

Supramax 2 x 63,800

DWT Jiangsu Hantong 2015 Spar Shipping 25

28-Jun-2013

Supramax 3 x 64,000


2014 Greathorse Shipping

25* 7-Jun-2013

Supramax 3 x 64,000


2015 Golden Ocean

Group Limited, GOGL

25* 14-Jun-

2013

Supramax 4 x 64,000

DWT Cosco Shipyard 2015

Lomar Corporation

[Libra Group] 25*

28-Jun-2013

Panamax Bulker 2 x 82,000

DWT Jinling Shipyard 2015

Oldendorff Carriers [Egon

Oldendorff] 26.5*

28-Jun-2013

Capesize 179,300 DWT

Hyundai Heavy, HHI

Jun-2015 Golden Union

Shipping 47*

14-Jun-2013

Containership 1,500 - 1,999 teu

2 x 1,800 Nominal

TEU

CSBC Corporation

2015 SITC 23 28-Jun-

2013

Post-panamax

Containership < 7,000 teu

2 x 4,350 Nominal

TEU Taizhou Kouan

15-Jun-2015

n/a 37.5* 12-Jun-

2013

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(US $ M) Date


3 x 9,000 Nominal

TEU

Hyundai Heavy, HHI

2014 Hamburg Sud 86* 12-Jun-

2013


4 x 9,400 Nominal

TEU

Jiangnan Changxing

Heavy Jun-2015

Bocomm Leasing, BCFL

82* 19-Jun-

2013


2 x 9,400 Nominal

TEU

Jiangnan Shipyard (Group)

Mar-2015

Bocomm Leasing, BCFL

82* 19-Jun-

2013

Containership > 10,000 teu

3 x 16,000 Nominal

TEU

Shanghai Waigaoqiao,

SWS

2015 / 2016

CSSC (Hong Kong) Shipping

130* 28-Jun-

2013

Conventional LNG

155,300 CBM

Mitsubishi Heavy, MHI

Dec-2016

Ocean Breeze LNG Transport, OBLT

190* 4-Jun-2013

Conventional LNG

182,000 CBM

Kawasaki Heavy Industries

Oct-2016 Kawasaki Kisen Kaisha, K Line

200* 4-Jun-2013

Conventional LNG

2 x 173,400

CBM Daewoo, DSME 2016

Maran Gas [Angelicoussis

Group] 205*

30-Jun-2013

LPG 0 - 9,999 cbm

2 x 3,500 CBM

Kitanihon 2014 Epic Pantheon

International Gas Shipping

15 6-Jun-2013

VLGC 2 x 60,000

CBM Hyundai Heavy,

HHI 2015 Solvang 68*

14-Jun-2013

VLGC 84,000 CBM

Hyundai Heavy, HHI

Mar-2016

Petredec 72* 21-Jun-

2013

Suezmax 2 x

159,000 DWT

Hyundai Heavy, HHI

2015 Marmaras Navigation

57* 28-Jun-

2013

LR II 2 x

115,000 DWT

Hyundai Heavy, HHI

2015 Kyklades Maritime 47* 27-Jun-

2013

Asphalt/Bitumen Tanker

2 x 2,250 DWT

3 Maj 30-Apr-

2014 Wisby Tankers n/a

28-Jun-2013

PCC 2 x 8,000

No of Cars

Tianjin Xingang 2015 / 2016

Wallenius Lines, OW

75* 25-Jun-

2013

PCTC 2 x 8,000

No of Cars

Hyundai Heavy, HHI

2014 / 2015

n/a 73* 28-Jun-

2013

* WY Estimates

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Resale

Sub-Segment Capacity Shipbuilder Seller Buyer Price

(US $ M) Date

Supramax 64,000 DWT

Zhejiang Zengzhou

n/a Turkish 24 28-Jun-

2013

Panamax Bulker

82,000 DWT

Tsuneishi Zhoushan

Kambara Kisen Co., Ltd.

Greek 30.75 25-Jun-

2013

Containership 2,000 - 2,999

teu

3 x 2,546 Nominal

TEU

Yangzijiang Shipbuilding

Own Account by Default

Klaveness Maritime

Logistics AS [Torvald Klaveness Group]

24.75 25-Jun-

2013

MR/Chemical 37,583 DWT

Hyundai Mipo, HMD

Societe d'Armement et de Transport (SOCATRA)

Frontline Ltd. 30.5 28-Jun-

2013

MR/Chemical 2 x 52,000

DWT SPP

Dunya Denizcilik ve Ticaret A.S.

York Capital Management

33.5 25-Jun-

2013

Newly Surfaced Existing Orders

Orders that were placed before the publishing date of our last issue, but only became known to, or were confirmed by Worldyards, after we published our last issue. Some are net additions in number of orders, for instance we only knew of 2 vessels but it has now emerged that there were total 4.


(US $ M) Date

Small Handy 2 x 15,000

DWT

Jiangsu Haitong Offshore

2014 n/a 13* n/a

Supramax 8 x 64,000

DWT Yangzijiang Shipbuilding

2015 / 2016

Oceanbulk Maritime

25* 24-Apr-

2013

Supramax 2 x 64,000

DWT New Times,

NTS 2015 Sammok Shipping 25*

31-May-2013

Panamax Bulker 61,000 DWT

Dalian COSCO KHI

Ship Engineering, DACKS M

2015 Oceanbulk Maritime

26.5* 31-May-

2013


Tsuneishi Zhoushan

Jul-2015 Kambara Kisen 28.5* 30-Apr-

2013


DWT Tsuneishi Zhoushan

2015 Mitsubishi 28.5* 30-Apr-

2013


Dayang Shipbuilding

Jul-2015 FCN

Management 28*

15-Mar-2013

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(US $ M) Date



2015 SK Shipping 26.5* 31-May-

2013



2015 / 2016

Global Maritime Investments,

GMI 26.5*

31-May-2013


2 x 2,190 Nominal

TEU

Guangzhou Wenchong,

GWS 2015 n/a 27*

15-May-2013


4 x 9,200 Nominal

TEU

New Times, NTS

2015

China International

Marine Containers, CIMC

80* 31-May-

2013

MPP 12,500 DWT

Jiangzhou Union

Apr-2016

German 19* 26-Apr-

2013

MPP 2 x 36,000


2015 Chipolbrok 30* 28-Mar-

2013

VLGC 2 x 84,000

CBM Hyundai

Heavy, HHI 2015 / 2016

Petredec 73* 26-Apr-

2013

VLCC 300,000 DWT

Dalian COSCO KHI

Ship Engineering, DACKS M

Jun-2015 Dalian Ocean

Shipping [COSCO Group]

85* 14-Dec-

2012

Aframax Uncoated 2 x 114,900

DWT Daewoo, DSME

Feb-2015

Flagship Marine Ventures

47 24-May-

2013

MR 2 x 50,800

DWT

STX Offshore &

Shipbuilding 2015 D&K Holdings 31.4

20-May-2013

Product 5,000 -9,999 dwt

2 x 5,000 DWT

Jiangsu Haitong Offshore

2014 Citra Armada

Nusantara 6*

16-Jan-2012

PCTC 4 x 7,300

No of Cars Hyundai

Heavy, HHI 2014 Glovis 70.2

26-Apr-2013

* WY Estimates

·Please check our site for details of removed confirmed orders - orders which have become invalid for whatever reasons.

Deals under Negotiation


(US $ M)

-

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Deductions (in CGT and no. of Orders in bracket) as compared to Orderbook Recorded

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Notes: Fictitious Orders: Orders that were never signed but wrongly reported. Theoretically they shall never have been part of the orderbook, even though some of them did find their way in. Some of them even have IMO numbers. Failed order: Signed contracts confirmed to have failed to become effective. We treat “terminated orders” between shipbuilders and ship-owning companies which are both controlled by the same ultimate interests as “failed orders”. There are some builders which are operating differently from the normal “built-to-order” business model – they start building vessels on speculation that they could sell them closer to delivery, alternatively they (or the nominal ship-owners within the same group) will offer them for long-term charter. Examples are a lot of the Turkish yards, some Japanese yards such as Imabari and Tsuneishi. Even though they could have “nominal” shipbuilding contracts, but they can be regarded as “internal transfers” within the group so the normal contractual relationships regarding installments, refundment guarantees etc. may not apply. The “owners” will choose to stop construction at anytime of its choice without having to consider the legal obligations under the shipbuilding contract. Whenever we have been able to establish the same ownership interests for the concerned shipbuilder and ship-owning companies, we will treat their “terminated” contracts as “failed”. Column (2) & (4) are still part of the orderbook and thus not included on the “Total Deduction” column, i.e. builder decided to continue construction of the vessels. Cancelled Orders: Effective contracts which have been cancelled legitimately or abandoned by way of defaults. Terminated by Mutual Agreement: An agreement between buyer and shipyard to negate an effective shipbuilding contract, especially those with deliveries in the distant future. The buyers would normally agree to pay the shipbuilders some compensation. Within the shipbuilding contract there are strict mechanisms governing how the contract can be rescinded, this is an “extra contractual” way to terminate the shipbuilding contract.

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Slippage/Advancement in 2012

Segment Unit

Scheduled Delivery (as per 1st January)

(a)

Realised

Actual Deliveries

Ahead of Schedule

(% in bracket) (b)

On-time (% in bracket)

(c)

Confirmed deductions /

fictitious (% in bracket)

(d)

Slippage (% in bracket)

(e)

Bulkers No. : 1445 11 (0.76%) 870 (60.21%) 132 (9.13%) 432 (29.90%) 1203

CGT : 27,894,966 195,248 (0.70%)

17,175,519 (61.57%)

2,447,977 (8.78%)

8,076,222 (28.95%)

22,892,820

Containers No. : 264 4 (1.52%) 169 (64.02%) 19 (7.20%) 72 (27.27%) 204

CGT : 9,163,193 126,691 (1.38%)

6,129,190 (66.89%)

412,667 (4.50%) 2,494,645 (27.22%)

6,789,892

Semi-liner Tonnage No. : 274 6 (2.19%) 133 (48.54%) 42 (15.33%) 93 (33.94%) 279

CGT : 2,662,776 52,710 (1.98%) 1,379,157 (51.79%)

423,808 (15.92%) 807,101 (30.31%)

2,255,455

LNG (Gas I) No. : 6 - 2 (33.33%) 0 (0.00%) 4 (66.67%) 2

CGT : 435,650 - 160,096 (36.75%)

0 (0.00%) 275,554 (63.25%)

160,096

LPG (Gas III) No. : 38 1 (2.63%) 20 (52.63%) 5 (13.16%) 12 (31.58%) 37

CGT : 434,851 8,698 (2.00%) 229,084 (52.68%)

48,200 (11.08%) 148,869 (34.23%)

354,376

Combination Carriers No. : 1 - - 1 (100.00%) - -

CGT : 55,814 - - - - -

Crude Tanker No. : 158 - 95 (60.13%) 19 (12.03%) 44 (27.85%) 115

CGT : 5,619,236 - 3,359,294 (59.78%)

704,227 (12.53%) 1,555,715 (27.69%)

4,078,054

Product Tanker No. : 121 1 (0.83%) 48 (39.67%) 18 (14.88%) 54 (44.63%) 123

CGT : 1,467,847 13,794 (0.94%) 792,991 (54.02%)

244,234 (16.64%) 416,828 (28.40%)

1,365,320

Product/Chemical Tanker

No. : 106 - 44 (41.51%) 22 (20.75%) 40 (37.74%) 80

CGT : 1,936,848 - 891,990 (46.05%)

283,876 (14.66%) 760,982 (39.29%)

1,331,427

Chemical Tanker No. : 75 - 27 (36.00%) 23 (30.67%) 25 (33.33%) 49

CGT : 1,072,471 - 436,733 (40.72%)

277,500 (25.87%) 358,238 (33.40%)

697,343

Specialised Tanker No. : 33 - 16 (48.48%) 2 (6.06%) 15 (45.45%) 39

CGT : 438,591 - 230,566 (52.57%)

19,902 (4.54%) 188,123 (42.89%)

402,700

Specialised Cargo (Specialised Cargo I)

No. : 7 - 1 (14.29%) 1 (14.29%) 5 (71.43%) 4

CGT : 67,470 - 7,872 (11.67%) 16,447 (24.38%) 43,151

(63.96%) 22,007


No. : 45 - 32 (71.11%) 8 (17.78%) 5 (11.11%) 34

CGT : 1,389,963 - 993,451 (71.47%)

232,448 (16.72%) 164,064 (11.80%)

1,051,475

Heavy-Lift Cargo (Specialised Cargo

III)

No. : - - - - - -

CGT : - - - - - -

Passenger Ships No. : 7 - 7 (100.00%) - - 7

CGT : 815,508 - 815,508

(100.00%) - - 815,508

Total No. : 2,580 23 (0.89%) 1,464 (56.74%) 292 (11.32%) 801 (31.05%) 2,176

CGT: 53,455,184 397,141 (0.74%)

32,601,451 (60.99%)

5,167,100 (9.67%)

15,289,492 (28.60%)

42,216,473

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Slippage/Advancement in Q1-2013

Segment Unit


(a)

Realised

Actual Deliveries

Ahead of Schedule

(% in bracket) (b)


(c)



(d)


(e)

Bulkers No. : 395 6 (1.52%) 139 (35.19%) 16 (4.05%) 234 (59.24%) 252

CGT : 7,500,965 100,914 (1.35%)

2,751,488 (36.68%)

292,270 (3.90%) 4,356,293 (58.08%)

4,848,304

Containers No. : 79 - 30 (37.97%) 3 (3.80%) 46 (58.23%) 56

CGT : 2,404,383 - 981,066 (40.80%)

95,357 (3.97%) 1,327,960 (55.23%)

1,942,071


CGT : 669,982 8,703 (1.30%) 245,220 (36.60%)

38,780 (5.79%) 377,279 (56.31%)

440,882

LNG (Gas I) No. : 1 - 1 (100.00%) - - 3

CGT : 79,325 - 79,325

(100.00%) - - 179,556

LPG (Gas III) No. : 17 - 10 (58.82%) 0 (0.00%) 7 (41.18%) 20

CGT : 235,792 - 166,418 (70.58%)

0 (0.00%) 69,374

(29.42%) 293,831

Combination Carriers No. : - - - - - -

CGT : - - - - - -

Crude Tanker No. : 37 - 17 (45.95%) 1 (2.70%) 19 (51.35%) 29

CGT : 1,387,946 - 601,638 (43.35%)

43,992 (3.17%) 742,316 (53.48%)

1,014,272

Product Tanker No. : 45 - 13 (28.89%) 1 (2.22%) 31 (68.89%) 29

CGT : 531,585 - 181,556 (34.15%)

20,442 (3.85%) 329,587 (62.00%)

348,454


No. : 31 1 (3.23%) 12 (38.71%) 5 (16.13%) 13 (41.94%) 21

CGT : 600,944 24,228 (4.03%) 273,562 (45.52%)

79,443 (13.22%) 223,711 (37.23%)

457,492


CGT : 313,211 - 121,128 (38.67%)

29,434 (9.40%) 162,649 (51.93%)

157,146

Specialised Tanker No. : 14 - 5 (35.71%) 1 (7.14%) 8 (57.14%) 11

CGT : 153,032 - 91,189 (59.59%) 10,326 (6.75%) 51,517

(33.66%) 198,498


No. : 11 - 6 (54.55%) 0 (0.00%) 5 (45.45%) 2

CGT : 130,299 - 90,182 (69.21%) 0 (0.00%) 40,117

(30.79%) 20,354


No. : 5 - 3 (60.00%) 0 (0.00%) 2 (40.00%) 6

CGT : 165,360 - 98,887 (59.80%) 0 (0.00%) 66,473

(40.20%) 198,900


III)

No. : 2 - 1 (50.00%) 0 (0.00%) 1 (50.00%) -

CGT : 23,976 - 7,739 (32.28%) 0 (0.00%) 16,237

(67.72%) -

Passenger Ships No. : 1 - 1 (100.00%) - - 2

CGT : 136,825 - 136,825

(100.00%) - - 224,280

Total No. : 723 9 (1.24%) 267 (36.93%) 32 (4.43%) 415 (57.40%) 489

CGT: 14,333,625 133,845 (0.93%)

5,826,223 (40.65%)

610,044 (4.26%) 7,763,513 (54.16%)

10,324,040

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Slippage/Advancement in Q2-2013

Segment Unit


(a)

Realised

Actual Deliveries

Ahead of Schedule

(% in bracket) (b)


(c)



(d)


(e)

Bulkers No. : 274 18 (6.57%) 65 (23.72%) 6 (2.19%) 185 (67.52%) 178

CGT : 5,083,761 367,565 (7.23%)

1,201,002 (23.62%)

119,271 (2.35%) 3,395,923 (66.80%)

3,408,432

Containers No. : 82 11 (13.41%) 28 (34.15%) 1 (1.22%) 42 (51.22%) 72

CGT : 2,894,691 421,569 (14.56%)

1,060,770 (36.65%)

25,682 (0.89%) 1,386,670 (47.90%)

2,579,616


CGT : 461,246 44,655 (9.68%) 71,819 (15.57%) 10,908 (2.36%) 333,864 (72.38%)

343,474

LNG (Gas I) No. : 3 1 (33.33%) 1 (33.33%) 0 (0.00%) 1 (33.33%) 1

CGT : 249,795 79,325

(31.76%) 79,325 (31.76%) 0 (0.00%)

91,145 (36.49%)

79,325

LPG (Gas III) No. : 6 1 (16.67%) 4 (66.67%) 0 (0.00%) 1 (16.67%) 7

CGT : 106,908 18,992

(17.76%) 76,720 (71.76%) 0 (0.00%)

11,196 (10.47%)

111,658

Combination Carriers No. : 3 - - 0 (0.00%) 3 (100.00%) -

CGT : 15,084 - - 0 (0.00%) 15,084

(100.00%) -

Crude Tanker No. : 31 2 (6.45%) 7 (22.58%) 3 (9.68%) 19 (61.29%) 15

CGT : 1,093,099 54,643 (5.00%) 249,660 (22.84%)

119,083 (10.89%) 669,713 (61.27%)

571,984

Product Tanker No. : 46 2 (4.35%) 16 (34.78%) 0 (0.00%) 28 (60.87%) 30

CGT : 435,627 33,263 (7.64%) 180,159 (41.36%)

0 (0.00%) 222,205 (51.01%)

291,564


No. : 13 - 3 (23.08%) 1 (7.69%) 9 (69.23%) 10

CGT : 276,872 - 71,712 (25.90%) 14,100 (5.09%) 191,060 (69.01%)

209,434


CGT : 187,877 - 79,167 (42.14%) 14,717 (7.83%) 93,993

(50.03%) 182,179

Specialised Tanker No. : 10 1 (10.00%) 3 (30.00%) 1 (10.00%) 5 (50.00%) 6

CGT : 194,155 30,135

(15.52%) 89,266 (45.98%) 10,326 (5.32%)

64,428 (33.18%)

136,132


No. : 4 - 2 (50.00%) 0 (0.00%) 2 (50.00%) -

CGT : 60,837 - 40,085 (65.89%) 0 (0.00%) 20,752

(34.11%) -


No. : 7 2 (28.57%) 2 (28.57%) 1 (14.29%) 2 (28.57%) 2

CGT : 226,466 67,219

(29.68%) 65,504 (28.92%) 26,700 (11.79%)

67,043 (29.60%)

65,504


III)

No. : 3 - 2 (66.67%) 0 (0.00%) 1 (33.33%) -

CGT : 26,690 - 15,382 (57.63%) 0 (0.00%) 11,308

(42.37%) -

Passenger Ships No. : 5 1 (20.00%) 3 (60.00%) 1 (20.00%) - 3

CGT : 532,880 87,455

(16.41%) 341,379 (64.06%)

- - 341,379

Total No. : 540 42 (7.78%) 145 (26.85%) 17 (3.15%) 336 (62.22%) 364

CGT: 11,845,988 1,204,821 (10.17%)

3,621,950 (30.58%)

444,833 (3.76%) 6,574,384 (55.50%)

8,320,681

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Notes: (1) Slippage / Advancement can be measured in two ways: a) Actual delivery against original contractual delivery. b) Actual delivery against revised contractual delivery (after rescheduling). The figure shown here is combination of both. (2) The basis of the comparison is always the known orderbook 1st January (of current and preceding year), as unless the base is constant, we are not comparing apple to apple. That means our calculation excludes: a) “Spillovers” – delayed deliveries from the earlier period. For instance, if a vessel is scheduled to be delivered in 1st Quarter of (2009), but gets delivered in the 3rd Quarter of (2009), she will not be counted as actual deliveries in 3rd Q (2009), for the purpose of the slippage calculation. b) Newly surfaced existing orders entered into the system after 1st January of the current and preceding year. For instance, if there were 400 capesize bulkers known at 1st January 2008, the system would just track slippage of these vessels and disregard the 50 "new" orders that could have been entered into the system during 2008, since we can't calculate the extent of slippage by comparing the schedule of 400 ships against delivery of 450 ships. Since spillovers and newly surfaced existing orders are frequent events, the results shown here are slippage of the known orderbook 1st January each year, not necessarily results of the entire orderbook at any given time, however they give very close indications to the extent of slippage. (3) Actual deliveries (f) are mainly from the recorded orderbook 1st January, however it also includes spillovers from earlier periods, additional deliveries from newly surfaced existing orders, and deliveries ahead of schedule from the period (for instance, some orders were scheduled to be delivered in January 2008 however it was delivered in December 2009, hence, this will be included in Actual Deliveries in 2009).In other words, whilst (a) = (b)+(c)+(d)+(e) = 100%, (f) can be smaller (if more ships were delivered in the preceding year/previous quarter) or bigger (from spillover and unknown orders) than (b)+(c). Total deductions (d) = fictitious orders + failed contracts + cancelled and removed + terminated and removed. (4) Slippage = builder/construction delay + rescheduling. a) Quarterly slippage refers to the number of ships or orders that “slipped” from the quarter to a following quarter. b) Annual slippage refers to the number of ships or orders that slipped from 2010 into 2011. Slippage refers to the number of ships and capacity of orders that “slipped” from the quarter to a following quarter.

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Demolitions as verified 22 July 2013

Notes: 1. YTD Figures as of 22 July 2013 2. Total Fleet: Total fleet at the end of each year. 3. “Tankers” include Crude Tankers (WY Segment 8), Product Tankers (WY Segment 9), Product/Chemical Tankers (WY Segment 10), Chemical Tankers (WY Segment 11), Specialised

Tankers (WY Segment 12).

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Rescheduling (Delay + Postponement by Mutual Agreement) as verified 22 July 2013

Notes:

1. This table only accounts for what is currently on order. Deliveries are excluded. 2. 12 months prior to date are deliveries originally scheduled to take place in 12 months prior to date the current date – in other words these are “delays”. 3. Orderbook for the corresponding period/year is the orderbook scheduled to be delivered for a particular year, as per 21 Nov 2011. 4. Amount of tonnage Rescheduled (%) = “Amount of tonnage Rescheduled” over “Orderbook for the corresponding period/year”. 5. Delay is usually caused by the builder, excessive delay could result in “cancellation”. 6. Postponement by mutual agreement is part of contractual revision. 7. Tankers include Crude Tankers (WY Segment 8), Product Tankers (WY Segment 9), Product/Chemical Tankers (WY Segment 10), Chemical Tankers (WY Segment 11), Specialised

Tankers (WY Segment 12).

Shipbuilder Developments

26-Jun-2013 : GSI to acquire CSSC Guangzhou Longxue : As announced, Guangzhou Shipyard International is to issue non-public H shares to raise no more than RMB250 million to purchase CSSC Guangzhou Longxue Shipbuilding Co., Ltd. RMB200 million of the fund will be raised from CSSC and its holding subsidiaries overseas. No more than RMB100 million of the funds will be used to purchase from CSSC the 60% stake it is holding in CSSC Guangzhou Longxue Shipbuilding Co., Ltd. and from other shareholders the remaining 40% stake. The rest of the fund will serve as fluid capital of the listed company of GSI. 07-Jun-2013 : DSIC rumoured to acquire STX Dalian : Rumours about the acquisition of STX Dalian by Dalian Shipbuilding Industry Co., Ltd. are widely found in Chinese press these days. Unidentified sources said Dalian City Government has conducted several rounds of talks with STX Dalian's parent company and credit banks about the consolidation opportunities. DSIC has been planning to relocate to Changxing Island where STX Dalian sits now. If DSIC is to take over STX Dalian, the relocation process will be greatly facilitated. However, the huge debt of STX Dalian remains the biggest obstacle for the consolidation opportunities. As learned, STX Dalian had about 21,000 employees, including only 800 Korean. STX failed to pay back the bank loans which is about US$647m. The total investment in STX Dalian is about US$1bn. As early as February this year, employees of STX Dalian had a strike to request their salary from the yard. 06-Jun-2013 : Shenfei Shipbuilding launches SF308 : On 6 June, Shenfei Shipbuilding Co., Ltd. based in Rongcheng of Shandong province launched SF308, the 27,400 dwt multipurpose containership for Quanzhou Ansheng Shipping Co., Ltd. Ship name is "Ren Jian Tianjin". 06-Jun-2013 : Golden Ocean fleet updates in Q1 : In January, Golden Ocean took delivery of "Golden Brilliant" from Pipavav and assigned the two options to third parties. In March, Golden Ocean ordered two 60,000 dwt supramax vessel from Japan Marine United. Also in March, the company cancelled a construction contract at Jinhaiwan and has in total cancelled five vessels. In May, Golden Ocean bought a 2009-built cape to be named "Golden Magnum" together with a cargo owner. Also in May, the company agreed to buy two ice-class Panamax vessels built at Pipavav, first to be delivered in June and second to be delivered in second half of 2013. 04-Jun-2013 : Shanhaiguan Shipbuilding Industry completed FSO conversion for Omni : On 31 May, Shanhaiguan Shipbuilding Industry Co., Ltd. completed the conversion of one 300,000 dwt VLCC into an FSO for Singaporean owner Omni. ABS is the class. "FSO Uote 1", the converted ship, is 387 m long (LBP: 317 m), 59 m wide and 31.5 m deep, with design draft of 24.3 m. The vessel, with a designed life of 25 years, is capable to store 340,000 CBM, i.e., 2.2m barrels of crude oil. The conversion work took 15 months to complete, including 430,000 square metres of coating, 8,000 tons of steel structure, 1,600 tons of piping and more than 100 sets of new equipment.

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Technology Developments

27-Jun-2013 : DNV to class Denmark's very first LNG-fuelled ferry for domestic trade : Remontowa Yard in Gdansk, Poland has been chosen to build the first LNG-fuelled ferry for Samso Municipality in Denmark. The ferry is designed by Danish OSK-Ship Tech A/S and will be built to DNV class. The ferry, capable to carry 600 passengers and 160, is expected to start its first journey in October 2014 between the island of Samso and Jutland on the Danish mainland. DNV was the first class society to develop rules for LNG-fuelled ships back in the year 2000. At today's date, 38 LNG-fuelled ships are currently in operation and DNV classes 36 of them. The huge majority operate in Norwegian waters or close to Norway's coast. The Samso ferry, which will be Danish flagged, is one of the 30 LNG-fuelled newbuildings ordered for delivery within the next two years. Two more Danish-flagged vessels are among these 30 newbuilds and Fjordline, their owner, will soon be operating these two large ferries between Denmark and Norway. 05-Jun-2013 : Wartsila launches more powerful dual-fuel engine : Wartsila has further developed its dual-fuel technology and introduced a more powerful version of its popular Wartsila 34DF engine. The new version increases the efficiency in both liquid and gas operating modes and offers a power increase up to 500kw per cylinder. Now Wartsila 34DF covers a power range from 2.9MW to 8MW. When operating in gas mode, the engine is compliant with IMO Tier III regulations. When operating in liquid fuel oil mode, the engine is compliant with IMO Tier II regulations.

Country News

13-Jun-2013 : KEXIM expands finance to aid Korean shipbuilders : The Export-Import Bank of Korea (KEXIM) announced on 13 June that it would provide struggling Korean shipbuilders up to KRW4trn (USD 3.5bn) finance. The amount was KRW500bn more than the bank's original plan. The financing has been expanded thanks to Korean government's revised supplementary budget on 7 June. The government invested a total of KRW80bn into KEXIM to grow supports to small and medium-sized exporting companies, the shipbuilding industry, etc. For domestic shipping companies suffering from financial difficulties, a KRW500bn financing will be offered as liquidity provision. In April, KEXIM introduced an operating finance for oceangoing vessels, adding to the existing financings for purchasing oceangoing vessels and second-hand ships, and inclusive export financing.

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