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For many shipyards 2012 will be a tricky year, with the orderbook shrinking and prices under pressure. Chinas orderbook is 146m dwt (43%), whilst S. Korea has 98m dwt (29%) and Japan 61m dwt (18%). Big numbers, but how much work do the shipyards really have in hand?
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The drive for the use of LNG as a marine fuel is gaining ground. The initiative was launched by Norway a decade ago and is now being taken up by its Northern European neighbours. Meanwhile, other parts of the world are monitoring what is happening in Europe and assessing the ability of their gas supply chains to deliver the volumes of LNG required for vessel bunkering to the right place at the right time.
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Low earnings and weak market sentiment have contributed to a marked increase in containership scrapping in the last six months. 17 boxships were scrapped in March 2012, of a combined 28,356 TEU. Since the start of October 2011, 59 ships have been scrapped of a total 105,232 TEU, compared with just 22,241 TEU in the previous six months (April-Sept 2011), a rise of 373%.
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Chinese state-owned companies are a key part of the countrys economy, and state-owned shipping companies are no exception. In February this report considered how these traditional ship owners have ordered less in recent years, but much of the contracting slack has now been taken up by state-owned enterprises from other fields. But how has this altered Chinese demand for different ship types?
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Few industries confront their investors with more difficult decisions than shipping. It's not just the vast sums involved which are so daunting; it's the precision with which the outcome can be evaluated. Losing money is one thing, but the loss of pride that goes with ordering the wrong ship can be just as bad.
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"Sustainable Development" is the 'buzzword' for the future of the shipping industry, according to Mr Koji Sekimizu, secretary-general of the International Maritime Organisation (IMO).Mr Sekimizu is in town for the Singapore Maritime Week and spoke to Channel NewsAsia on the challenges and opportunities for the global shipping industry. _
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Limitation of Liability for Maritime Claims were adopted by the Legal Committee of the International Maritime Organization (IMO), when the Committee met for its 99th session in London.The LLMC Convention sets specified limits of liability for two types of claims against shipowners - claims for loss of life or personal injury, and property claims (such as damage to other ships, property or harbour works).
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Major banks, trading companies and other firms in Japan will jointly establish a company in the hope of increasing overseas orders for Japanese shipbuilders, according to industry sources.The new company will assist the shipbuilding industry financially in various ways. For example, special loan schemes will be introduced to encourage shipping companies, mainly those from emerging economies in Asia, to buy Japanese-made ships.
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Globally, transportation of liquefied natural gas (LNG) is a niche segment managed by an exclusive club of a few international shipping giants and oil companies. The high cost of LNG ships (each one costs $300-350 million) and the high risk involved has kept several companies away from plunging deeper into this market.
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Danish oil and shipping company A.P. Moller-Maersk A/S's (MAERSK-B.KO) container shipping arm Maersk Line won global market share in 2011 and has successfully implemented shipping rate hikes in the first months of 2012, but still expects to make a full-year loss, as it struggles against over-capacity and still unacceptably low rates, Maersk Chairman Michael Pram Rasmussen said Thursday.
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