French orders to foreign shipyards

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62 100 90 80 70 60 50 40 30 20 10 0 Jan 94 US$/MT Apr 94 Jun 94 Sep 94 Dec 94 Mar 95 In all, forty-six new ships were ordered this year, rather meagre sales for shipbuilders, whose building prices are nonetheless at rock bottom. Another factor influencing the strong growth in the fleet is the near total absence of scrapping; only five vessels displacing a total of 0.1 million tons went to the scrapyards in the first ten months of the year, despite the bad freight market. In 1997, eight vessels were scrapped and only three in 1998. It is improbable that scrapping will increase massively over the next six months, but even if it were to occur, the world fleet would continue to grow in 2000. Current projections indicate fleet growth at 9% this year and shipowners will have to wait for 2001 or 2002 before observing a substantial slowing of the supply of new ships. It is interesting to note that the largest shipowners, in an effort to compensate for the overall weakness of the market, are continuing the trend of associations, mergers and the purchase of smaller well-established niche markets operators. Simultaneously, we are witnessing large-scale mergers involving the big petroleum and chemical groups, including Mobil/Exxon, BP Amoco/Arco and TotalFina/Elf. With this type of shuffling occurring and showing little sign of abating, the future will be marked by progressively fewer players in both the shipowner and charterer areas. The chemical and small product carrier second-hand market May 95 The chemical carrier second-hand market was also in the doldrums. The total number of transactions recorded in 1999 was between 30 and 35 units, including small refined product carriers. This represents, in terms of number of sales, a decrease of 30% on 1998 and 50% on 1997. Another feature of this market is the near total autonomy between Far East and Europe/US markets. Only two Aug 95 Nov 95 Feb 96 Chemical tanker freight rates 2000 MT easy chemical spot Apr 96 Jul 96 Oct 96 Jan 97 Apr 97 Jun 97 Sep 97 Dec 97 Mar 98 May 98 Aug 98 Rotterdam - WC Italy Rotterdam - US Gulf Rotterdam - Taiwan Far Eastern-owned vessels were sold to European buyers. These were: • “Pancon Ace” (7,000 dwt, built in Japan in 1985, coiled and epoxy coated), sold to Greek buyers for $2.5 million. This figure is about 30% lower than levels recorded at the end of 1998 for vessels of a like age and specification. It is 50% lower compared to 1997 prices. This vessel type - a single hull 6/7,000 dwt, epoxy coated and coiled, built and operated by Japanese or Korean entities - drew particularly low prices. Examples of this class include “Hakko Venus”, for $2 million, “Sunny Diamond” for $1.9 million and as low as $1.7 million for “Sino Kin”. All these vessels were built in 1983 and have been sold within Asia. • “Crane Cosmos” may also be cited (7,700 dwt, built in Japan in 1991, stainless steel/zinc/epoxy coated, single hull), sold to clients of Chembulk for around $8 million. The remaining deals were all conducted within closed Asian or Euro-American shipowner circuits, with no intermingling of the two markets. The main reason behind this trend is that quality standards are progressively becoming more divergent, with gaps widening as more stringent vetting standards are put in place. The trend is in contradiction with a growing attraction felt by European shipowners - especially Scandinavians - for sophisticated vessels ordered in the Far East, especially in China. Another factor behind this morass is the consolidation bias currently affecting the petrochemical industry, that is orienting the market towards an industry structure that is becoming ever more limited in terms of the number of actors and competitors. The eliminating of single hull vessels that have reached their 25th year of operation continues to put down any vague attempts to conclude second-hand sales. Nov 98 Feb 99 May 99 Jul 99 Oct 99
There are two corollaries to this. First, the reduced number of vessels scrapped - only five - totalling about 70,000 dwt. Second, the stability in prices for second-hand double hull vessels. The following sales are notable: • “Nathalie Sif” (9,100 dwt, built by Hyundai in 1993, ice-class), sold to Swedish buyers for $14 million. • “Leng” (10,600 dwt, built by Lindenau in 1986, coiled, coated, ice-class) sold to Danish buyers for around $11.4 million. We can only hope that the expected increase in transport demand will invigorate the market in 2000. Another cause for hope is that despite low newbuilding prices, the flow of new orders began to wane in 1999 and the market should enjoy a lower pace of newbuilding deliveries in 2000. Stolt Sea, 22,400 dwt, blt 1998 by Astilleros Españoles at Bilbao, owned by Stolt-Nielsen T h e c h e m i c a l c a r r i e r m a r k e t 63
Page 3 and 4:
Bad and good reasons ? At the end o
Page 5 and 6:
The shipbuilding market in 1999 The
Page 7 and 8:
Quarterly orders in gross tonnage (
Page 9 and 10:
In contrast, most Chinese shipyards
Page 11 and 12: As an example, production costs for
Page 13 and 14: China As it was the case last year,
Page 15 and 16: 10 9.5 9 8.5 8 7.5 7 The European C
Page 17 and 18: The Asian challenge is clearly felt
Page 19 and 20: Norway Norwegian shipyards, which a
Page 21 and 22: The cruise market in 1999 1998 was
Page 23 and 24: success. Carnival tried in vain to
Page 25 and 26: European sector. Very few second-ha
Page 27 and 28: The containership market in 1999 Br
Page 29 and 30: (before absorption), Evergreen, P&O
Page 31 and 32: Teu 300,000 250,000 200,000 150,000
Page 33 and 34: 4,000-4,999 teu 17% 3,000-3,999 teu
Page 35 and 36: The reefership market in 1999 Anoth
Page 37 and 38: The spot market Compared to 1998, t
Page 39 and 40: concluded until very late. • Expo
Page 41 and 42: The dry bulk market in 1999 The pes
Page 43 and 44: 14 12 10 8 6 4 2 0 Jan 96 US$/tonne
Page 45 and 46: US$/day 15,000 13,000 11,000 9,000
Page 47 and 48: older ladies in the 15 years-old br
Page 49 and 50: The tanker market in 1999 Crude •
Page 51 and 52: 15% At the same time, youth in the
Page 53 and 54: for us just how stagnant this marke
Page 55 and 56: their specifications and their SBT
Page 57 and 58: Dwt 12,000,000 10,000,000 8,000,000
Page 59 and 60: The chemical carrier market in 1999
Page 61: the previous year. Deliveries for t
Page 65 and 66: The liquefied petroleum gas shippin
Page 67 and 68: We believe that further consolidati
Page 69 and 70: In this respect, the Chevron/Dynegy
Page 71 and 72: Perceptions As mentioned, the conso
Page 73 and 74: The liquefied natural gas shipping
Page 75 and 76: In Malaysia, the Japanese market wi
Page 77 and 78: The offshore market in 1999 Allow u
Page 79 and 80: The oil-drilling world also acknowl
Page 81 and 82: 35,000 30,000 25,000 20,000 15,000
Page 83 and 84: The fishing vessel market in 1999 D
Page 85 and 86: 45,000 40,000 35,000 30,000 25,000
Page 87 and 88: The marine insurance markets in 199
Page 89 and 90: of future resources in order to mee
Page 91 and 92: French shipyards deliveries and ord
Page 93 and 94: Chantiers Piriou • Ships delivere
Page 95 and 96: French orders to foreign shipyards
Page 97 and 98: • Samsung (South Korea) FDS 2000
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French orders to foreign shipyards

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