Order volume exceeds last year's total! The new shipbuilding market is recovering rapidly

2017-11-06 09:00

So far this year, global new ship orders have exceeded the total orders for the whole of last year, with deadweight tonnage exceeding last year's total by 50%. Data shows that the new shipbuilding market has bottomed out and is recovering rapidly.

Following last year's record low in new ship orders in the past 30 years, the volume of new ship orders in the first four months of this year was not significantly different from the same period last year. However, with increasing market optimism, the gap between new ship orders in recent months and the same period last year is gradually widening.

Clarksons' recent report stated that from January to April, global new ship orders totaled 248 vessels (based on 1,000 gross tonnage and above). In terms of the number of vessels, this is not significantly different from the 200 vessels in the first four months of last year. In terms of deadweight tonnage, new ship orders in the first four months totaled 13.8 million deadweight tons, lower than 15.8 million deadweight tons in the same period last year; in terms of GT, new ship orders in the first four months totaled 9.8 million GT, while the figure was 9.9 million GT in the same period last year. Meanwhile, in terms of CGT and contract value, the growth of new ship orders in the first four months of this year compared with the same period last year was also very limited. In the first four months, new ship orders increased from 4.7 million CGT to 5.8 million CGT, and the value of new ship orders increased from US$14.7 billion to US$16.4 billion.

However, since the spring, the trend of new ship orders has begun to change. By the end of July, the number of new ship orders this year was 465 (based on 1,000 gross tonnage and above), an increase of 116 compared to the first seven months of last year. By the end of September, the number of new ship orders totaled 573, an increase of 135 compared to 438 in the same period last year. This figure is only 15 vessels lower than the total number of new ship orders for the whole of last year (588), and so far this year, the number of new ship orders has reached 620. Meanwhile, In terms of deadweight tonnage, the number of new ship orders in the first nine months of this year totaled 47.9 million deadweight tons, exceeding last year's total by 53%. In terms of CGT, year-to-date, new ship orders totaled 15.9 million CGT, a 24% increase over the whole of 2016. From January to September, the value of new ship orders totaled US$44.1 billion, an increase of 20%.

In the tanker sector, the number of new tanker orders in the first nine months of this year totaled 170, an increase of 54 compared to the same period last year. In addition, the number of new bulk carrier orders totaled 150, an increase of over 100 compared to the same period last year. South Korean shipbuilders have seen a significant increase in new ship orders this year, receiving orders for 133 new vessels in the first nine months, compared to only 45 in the same period last year.

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