Over 50! Chinese shipyards are experiencing a surge in bulk carrier orders
2017-07-17 09:00
Since May, Chinese shipyards have received orders for 20 Kamsarmax bulk carriers This accounts for almost all global Kamsarmax bulk carrier orders in the first half of the year. However, this is just the beginning; at least 50 new ship orders are expected, and the bulk carrier sector is about to see a surge in Kamsarmax bulk carrier orders.
According to Alphabulk's latest weekly report, in the first half of this year, new ship orders for Panamax and Kamsarmax bulk carriers were 2 and 22 respectively, with most new ships ordered by Greek shipowners from Chinese shipyards. In the whole of 2016, only 2 new Kamsarmax bulk carrier orders were placed.
Meanwhile, data shows that 17 new Cape-size bulk carrier orders were placed in the first half of the year, in addition to a large number of letters of intent; orders for Handysize bulk carriers have also reached 24.
Khalid Hashim, general manager of Precious Shipping, reminded shipowners that, under the current market conditions, new ship orders in any sector of the bulk carrier market will cause unnecessary overcapacity; it is worth noting that Panamax bulk carriers are gradually being replaced by Kamsarmax bulk carriers, so the Kamsarmax bulk carrier sector may indeed see a surge in orders.
Unlike Hashim, Martin Rowe, a broker at Clarksons, is more optimistic. He pointed out that new ship orders have been consistently low for the past two years, while demand has remained healthy.
Clarksons' data shows that in 2016, the Panamax/Kamsarmax bulk carrier fleet growth rate was only 1%, and is expected to be 2.7% in 2017. In addition, Clarksons predicts that the global bulk carrier seaborne trade growth rate this year will reach 3.5% to 4%.
Rowe believes that newly ordered ships do not need to be equipped with ballast water treatment systems, which may be a factor contributing to the surge in new ship orders.
Panos Patsadas, an analyst at brokerage firm Target Maritime Transport, said that the surge in Kamsarmax bulk carrier orders is merely to replace the increasingly aging Panamax bulk carriers.
According to Clarksons data, shipowners have ordered about 20 Kamsarmax bulk carriers in the past six months, and these orders were mostly placed in the last two months. Companies that ordered 82,000-dwt bulk carriers include Greek shipowners Chartworld Shipping, Daewoo Shipbuilding & Marine Engineering, and Transocean Marine, with most of the new ships to be delivered in 2019-2020. According to International Ship Network, this includes Yangzijiang Shipbuilding 3 ships, Jinling Shipyard received 2 ships, China Shipbuilding Chengxi received 6 ships, plus Hantong Shipbuilding Heavy Industry and Oledendorff's confirmed 1+1 ships and the 5+2 82,000-ton bulk carriers about to be signed with Nisshin Shipping, Chinese shipyards have received 20 Kamsarmax bulk carrier orders.
If you still think the recovery of the newbuilding market is just a flash in the pan, you may be wrong this time, at least for Kamsarmax bulk carriers. In the coming months, you will surely see more news of Chinese shipyards receiving Kamsarmax bulk carrier orders.
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