RA BRS 2003 GB >pdf

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Dwt
16 000 000
14 000 000
12 000 000
10 000 000
8 000 000
6 000 000
4 000 000
2 000 000
Shipping and Shipbuilding Markets 2003
Only scrapping saw a more sustained activity in
this size, since 36 VLCCs were disposed in this
way, whereas we accounted 32 such units in
2001. Scrap prices conversely were on a rise
during the course of the year. The number of 36
ships scrapped compensates the number of new
deliveries for the year 2002 which ended at 40.
The Suezmax second-hand market
Very few transactions were recorded in this category
in 2002, as only 18 Suezmax changed hands
and all the more that this total includes tankers
between 115,000 to 199,999 dwt. We have registered
respectively 24, 23 and again 23 sales for the
years 2001, 2000, and 1999.
As with the VLCCs, the poor daily returns severely
limited buyers’ budgets. In 2002, three tankers
built in 1975 and 1976 changed hands including
the ‘Sky’, 154,934 dwt, sold for $8.3 million for
conversion, nearly twice its nominal value.
The very rare Suezmaxes built in the 1980’s were
exchanged in good numbers this year, since 7
were sold, including 4 units from BP, the ‘British
Strength’, ‘British Skill’, ‘British Spirit’, and ‘British
Success’, 127,800 dwt, built in 1983, for the first
three and 1984 for the last, at a price between $6
to $7.25 million each, to two different buyers.
Eight modern double-hulled tankers, less than 10
years old, were sold this year. We can illustrate this
by the sale of the ‘Chevron Atlantic’, 149,748 dwt,
built in 1992, sold for about $28.5 million in June,
0
8
17
36
and of a vessel under construction named
‘Antares’ with delivery in 2002, for a reported
price of $51 million.
Scrappings of this type of ship were at the same
level as in 2000 (16 units), as in 2002 we counted
17 units, compared to no less than 28 in the intervening
year. In contrast to VLCCs, which were
scrapped mostly at the beginning of the year,
Suezmax sales were spread out over the year. At
the same time, 25 new ships in this category left
the shipyards.
1997 1998 1999 2000 2001 2002
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The Aframax and Panamax
second-hand market
If we include ships over 60,000 dwt, but with
beams of over 32.20 metres, we recorded 31 deals
for Aframaxes up to 119,000 dwt in 2002. It is
therefore this category that has been least affected
by the depression, mainly as the daily returns
were less disastrous than in larger sizes.
The annual volume remains fairly steady as we
have registered 34 and 36 sales in 2001 and 2002.
Prices of modern tankers have seemed too expensive
in the eyes of buyers in comparison to the
alternative of newbuildings, which is why activity
has been concentrated in the oldest ships. The
lion’s share went to vessels in the 1977-1988 age
bracket with 20 sales out of 31, as asking prices
were sufficiently realistic to allow buyers to adapt
to spot rates which held up well. We can give as
representative sales, the ‘Marifru Maru’,
101,838 dwt, built in 1979, sold for $3.6 million,
VLCC deletions figures
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Demolition
Conversion
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