Over 100 ships! Global bulk carrier market sees an order boom

2017-09-20 09:00

Image: On Friday, September 22, the BDI index broke through the 1500-point mark, rising to 1502 points, a significant increase of 32 points.

With the BDI index's strong surge, bulk carriers market has seen an optimistic atmosphere rarely seen in recent years. Since the second half of this year, shipowners have started to frantically order bulk carriers, ordering more than 100 bulk carriers in the past three months, setting off a wave of orders in the global bulk carrier market.

VesselsValue data shows that compared to 63 new bulk carrier orders in the first half of this year, the number of new bulk carrier orders from July 1st to less than 3 months has reached 110, almost doubling.

Most of the new bulk carrier orders in the past three months came from Japanese shipowners. Since July 1, Japanese shipowners have ordered 41 bulk carriers. Among them, at the beginning of this month, Japanese shipowner Nissen Kaiun placed an order for 10 82,000-dwt bulk carriers at a domestic shipyard in Japan. Japanese shipowner Kaminaka Kisen ordered 8 Panamax and 2 Ultramax bulk carriers from Tsuneishi Shipbuilding Cebu shipyard, scheduled for delivery in 2020. In addition, Japanese shipowners Nisshin Shipping and Yangzijiang Shipping each ordered 7 bulk carriers.

Following closely behind are Greek shipowners, who ordered a total of 25; in addition, Singaporean shipowners ordered 13, Turkish and Chinese shipowners ordered 8 and 7 respectively. The remaining 16 bulk carrier orders are distributed among several other countries, including Saudi Arabian shipowner Bahri and Bulgarian shipowner Navibulgar.

Meanwhile, Vale of Brazil is also planning to order 30 Valemax ultra-large ore carriers (VLOC), and has signed long-term charter contracts with 7 shipping companies.

These 7 shipping companies include South Korea's Polaris Shipping, Pacific Basin Shipping, H-Line Shipping, SK Shipping and Daewoo Shipping, as well as China's ICBC Leasing and China Mining Transportation. The charter contracts are for 20 to 25 years. Polaris Shipping will order 10 VLOCs, followed by ICBC Leasing, which will order 6. China Mining Transportation and Pacific Basin Shipping will each order 4, while H-Line Shipping, SK Shipping and Daewoo Shipping will each order 2.

These 30 VLOCs will be built by shipyards in China and South Korea. Among them, Hyundai Heavy Industries has received 10+5 VLOC orders from Polaris Shipping, and the new ships will be delivered in 2019-2020.

The reduction in new ship prices and the expected market recovery have attracted shipowners to flock to shipyards to discuss ordering new ships. Despite this, the current order boom may further delay market recovery, and overcapacity will lead to lower freight rates.

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