French orders to foreign shipyards

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72 Hans Maersk, 20,700 cbm, blt 1993 by Hyundai, owned by AP Moller. 22,200 cbm, built in 1968, upon which an explosion occurred few days before the delivery to Chilean buyers, who had just fixed her on a three-year ENAP contract. • Large LPG carriers The Pemex (Mexico) auction sales were the highlight of the year, carried out with units that have been laid up for over one year. Following the initial surprise sale of "Ahkatun" (57,000 cbm, built in 1980) to General Ore in January for a rather expensive $15 million, the "Monterrey" (53,000 cbm, built in 1979) brought in $11 million, again from General Ore. Meanwhile, "Reynosa" (53,000 cbm, built in 1979) was sold for the same price, $11 million, to Scandinavian investors headed by Solvang in November. The difference in price was apparently unrelated to the vessels’ condition or to a drop in the market, but rather to the fact that the buyers, who had few grounds for comparison at the beginning of the year, feared that competition would be stiff for these ships. Ultimately, this proved to be true only for the initial sale. • Gas carriers from 20,000 to 50,000 cbm The only transaction that was reported in this category was the "Mundogas Europe" (22,000 cbm, built in 1968) sale. The vessel, which had just succeeded in obtaining a three-year Enap contract in Chile, was bought by Olympo for around $4 million. Unfortunately, after the explosion, the vessel wasn't delivered to its owners, who instead convinced the charterers to accept "World Sky" in its place, despite the fact that the vessel is far larger than what they were originally seeking. • Gas carriers from 12,000 to 20,000 cbm No sales were recorded in this size. With very few owners controlling most of the vessels in this class, there will probably be very few transactions in the future. • Gas carriers from 3,000 to 12,000 cbm A very strong downward pressure gripped this market segment, especially for pressurised vessels, whose values must be comparable to the cost of replacing them with newbuildings that are always better buys. Nonetheless, it appears that solid resistance to further price cuts has set in, at least for the newest units. Thus, a 3,500-cbm unit built in the early nineties, could have obtained between $4 and 5 million, depending on technical characteristics. On the buyer side, MC Shipping (Monaco) and Petredec have continued to be active, followed at the end of the year by Kosan who have bought the vessels "Seoul Gas" (4,000 cbm, built in 1989) and "G. Glory" (6,500 cbm, built in 1992) for $12.6 million "en bloc". In the semi-refrigerated sector, the face to face between buyers and sellers continued, and the rarity - or rather, the absence - of sales denotes a strong will on the part of sellers not to offer their vessels at the prices proposed by buyers. Still, Naftomar did purchase "Alessandro Volta" (8,000 cbm, built in 1982 and equipped with a Fiat motor) for less than $6 million. This compares badly to the $8 to 9 million that the owners had originally hoped to get when they put the vessel on the market at the very end of 1998.
The liquefied natural gas shipping market in 1999 LNG market development 1999 may well be considered as the final year of the second millennium but it could also be viewed as the last year of the “old way” of LNG contracting. There has been a remarkable amount of change in the industry this year and we believe that it will continue at an even greater pace in the next two to three years. The need for LNG will continue to grow, especially in the power sector where we are seeing more IPP (Independent Power Project) development. This growth will be concentrated away from the traditional Asian market that has up to now accounted for about 75% of LNG consumption. The Atlantic Basin would now appear to be the market area where the producers are focusing their attention. 1999 saw two new projects come on stream: Atlantic LNG in April and Nigeria LNG in September. RasGas also started production this year with their first cargo being sold to the USA. Whilst the traditional LNG plants have sought the Asian buyers we now have three Middle East producers (RasGas, Qatargas and Abu Dhabi) with a fourth (Oman LNG) due in April 2000. What with these four plants and the two new ones of Atlantic and Nigeria, the Atlantic Basin can easily be supplied with LNG from numerous sources. The Iberian Peninsula has a market growth of at least 7% and that figure is before we take into consideration the number of IPPs that are planned. These IPPs will also see some new players entering the industry and these buyers are not your typical LNG players. For instance the arrival of RWE as an energy trader will certainly have an impact. The USA looks as if it too will become a significant market for LNG. There at present two operating terminals on the East Coast of the USA: Lake Charles in Louisiana and Everett in Boston. However, there are two more terminals that, whilst they are currently mothballed, there are encouraging signs that both of these could be re-opened and operational by 2003. One is at Elba Island, Savannah, and the other at Cove Point, Columbia. Both of these terminals will have filed for FERC (Federal Energy Regulatory Commission) approval by February 2000 with their planned operations scheduled for June to December 2002. The US market is interesting from a LNG perspective as it is this market which should generate most of the initial spot trading. Whilst there is much activity in the Atlantic Basin there S H I P P I N G A N D S H I P B U I L D I N G M A R K E T S 2 0 0 0 73
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Bad and good reasons ? At the end o
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The shipbuilding market in 1999 The
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Quarterly orders in gross tonnage (
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In contrast, most Chinese shipyards
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As an example, production costs for
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China As it was the case last year,
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10 9.5 9 8.5 8 7.5 7 The European C
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The Asian challenge is clearly felt
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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 and 62: the previous year. Deliveries for t
Page 63 and 64: There are two corollaries to this.
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: Perceptions As mentioned, the conso
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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