35 new ship orders! China's shipbuilding industry enjoys a strong start to the year

2018-01-15 09:00

In the first week after New Year's Day, seven Chinese shipyards received orders for up to 35 new vessels. Entering 2018, the global shipping market seems to be continuing the strong recovery momentum of 2017, and the Chinese shipbuilding industry has ushered in a good start, setting a good start for 2018.

On January 3, two shipyards under CSSC Group announced signing news. Among them, Guangzhou Shipyard International and Singapore IMC Industrial Logistic's 4+4 55,000-ton chemical/product tanker construction contract for 4 vessels came into effect, with a total value of approximately US$300 million. This order is a cooperation project between CSSC Leasing and Singapore IMC Group. The first four new vessels will be delivered in 2020-2021, with each costing approximately US$37 million.

On the same day, Jiangnan Shipyard held an official signing ceremony with Fuhai Shipping Co., Ltd. for two 84,000 cubic meter ultra-large liquefied gas carriers (VLGCs). This type of vessel is the second-generation VLGC (Panda 84P) independently designed by Jiangnan Shipyard, with a total length of 230.0 meters, a width of 36.6 meters, a depth of 22.2 meters, a design draft of 11.4 meters, a structural draft of 12.0 meters, a cargo capacity of 84,000 cubic meters, and classed by Bureau Veritas (BV).

Subsequently, many ship owners officially confirmed orders at Chinese shipyards including Yangzijiang Shipbuilding, Bohai Shipbuilding Heavy Industry, Nantong COSCO KHI Ship Engineering, Huangpu Wenchong Shipyard, and Jinglu Shipyard.

Last week, Greek ship owner Alpha Bulkers officially confirmed an order for four 81,000-dwt Kamsarmax bulk carriers at Yangzijiang Shipbuilding. The four bulk carriers will be built by Jiangsu New Yangzi Shipbuilding, and the new vessels will be delivered in 2018. Market sources said that the first two new vessels were ordered in July last year, and the other two were confirmed as optional orders in October last year, and the delivery time may be set at the end of this year.

Nantong COSCO KHI Ship Engineering's recent receipt of two bulk carrier orders totaling approximately US$150 million from Turkish and Greek ship owners has also been confirmed. Among them, Turkish ship owner Yasa Shipping ordered four 61,000-dwt Ultramax bulk carriers, which are expected to be delivered in 2019-2020, with each costing approximately US$24.5 million. Greek ship owner Efnav ordered two 84,000-dwt Kamsarmax bulk carriers, each costing approximately US$27 million, built to IMO Tier II rules. It is understood that these orders were signed last year but have not been reported.

Recently, three bulk carrier owners have also officially placed orders for a total of nine 208,000-dwt Newcastlemax bulk carriers at Bohai Shipbuilding Heavy Industry, with a total value possibly reaching US$400 million. Among them, Singaporean ship owner Berge Bulk and Norwegian ship owner John Fredriksen each signed orders for 2+2 Newcastlemax bulk carriers, and RGL Shipping, a Singaporean subsidiary of Risë Steel Group, also ordered one Newcastlemax bulk carrier. These new vessels will be built to Tier II emission standards, with each costing approximately US$45 million. There are reports that Fredriksen's order was signed months ago but has not been disclosed. Fredriksen's new vessels will be delivered in the fourth quarter of 2019, while Berge Bulk and RGL's new vessels will be delivered in the first half of 2020.

In addition, Seacon Shipping Group recently announced that it has ordered two 82,000-dwt Kamsarmax bulk carriers from CSSC Huangpu Wenchong Shipyard, scheduled for delivery in 2019.

The privately-owned shipyard Penglai Zhongbai Jinglu Shipyard has made a remarkable breakthrough, recently signing a 3+1 81,500-dwt Kamsarmax bulk carrier construction contract with its long-term customer, Greek ship owner Lavinia Bulk, with a total value of approximately US$100 million. The new vessels will cost approximately US$25-26 million each, built to the lower-priced NOx Tier II emission standard, and are expected to be delivered in the second half of 2019 to the first half of 2020.

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