French orders to foreign shipyards

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86 Established in 1989, the Paris and Rouen-based company offers competitive - mainly hull and machinery - insurance and re-insurance coverage to the global shipping industry. Cap-Marine Assurances & Réassurances SA global@cap-marine.com
The marine insurance markets in 1999 1999 was the fifth consecutive year that marine insurance rates fell in the industry, with apparently no single sector avoided losses: Hull & Machinery, P&I/Marine Liability, Cargo, Energy, etc. Hull & Machinery Many Hull underwriters that have posted technical losses since the financial year 1997 could well record catastrophic results in 1999. Some Lloyd’s syndicates or insurance companies have decided - or were forced - to throw in the towel, abandoning this overly cyclical and competitive business. At the same time, new entities arose in 1999 hoping to cash in on the long-awaited recovery in the insurance sector, which is yet to appear. The presence of these new competitors maintains downward pressure on rates. The effect on shipowners has been to reduce spectacularly their Hull insurance budgets at a time when freight rates in several sectors are particularly weak. Shipowners are complaining of reduced freight rates due to substandard norms for ships and to loose selection standards of certain Another round for the road charterers for ships. At the same time, the operations of second class underwriters and unscrupulous brokers are contributing to the lowering of insurance rates to beneath reasonable levels. Nonetheless, some shipowners have decided to put an end to this collapse in the market and have chosen to favour continuity, loyalty and safety in their insurance choices. Our forecast of improved rates at the end of 1999 has been proven wrong. It should be noted, however, that the reinsurance sector has now started to harden and that the effect of this on direct premiums cannot lag far behind. We are seeing what are probably the last acquisition initiatives, at very low prices, of market shares before the inevitable recovery of a market that has experienced losses in this business up till now. The loss ratio for 1999 could reach 160% or higher. Lloyd’s posted combined losses for all of its business lines of more than $800 million for 1998. S H I P P I N G A N D S H I P B U I L D I N G M A R K E T S 2 0 0 0 87
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Bad and good reasons ? At the end o
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The shipbuilding market in 1999 The
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Quarterly orders in gross tonnage (
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In contrast, most Chinese shipyards
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As an example, production costs for
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China As it was the case last year,
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10 9.5 9 8.5 8 7.5 7 The European C
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The Asian challenge is clearly felt
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Norway Norwegian shipyards, which a
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The cruise market in 1999 1998 was
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success. Carnival tried in vain to
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European sector. Very few second-ha
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The containership market in 1999 Br
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(before absorption), Evergreen, P&O
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Teu 300,000 250,000 200,000 150,000
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4,000-4,999 teu 17% 3,000-3,999 teu
Page 35 and 36: The reefership market in 1999 Anoth
Page 37 and 38: The spot market Compared to 1998, t
Page 39 and 40: concluded until very late. • Expo
Page 41 and 42: The dry bulk market in 1999 The pes
Page 43 and 44: 14 12 10 8 6 4 2 0 Jan 96 US$/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 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: 45,000 40,000 35,000 30,000 25,000
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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