World Shipyard Monitor

Transcription

1 World Shipyard Monitor Volume 11, No.9 September-2004 ISSN: Highlights Orderbook The orderbook at the end of August reached 205.8m dwt, up 1.8m dwt from July p.2/3. New Orders This month 127 contracts of 5.1m dwt were added p.4/5. Deliveries 17 tankers and 9 bulkers were delivered in August, a decrease from last month.... p.6/7. Newbuilding Prices Newbuilding prices show no sign of stopping their march upwards......p.8. Investment Investment in newbuildings reached $45.1 billion in August, up 12.8% annualised...p.9. Contracting by Region European yards are enjoying a bumper year with contracting up on 2003 levels....p.12. Deliveries by Region 169 vessels of 10.1m dwt are scheduled for delivery from Japanese yards in the remainder of p.14/15. Shipyard Capacity The orderbook of Hyundai Samho reached 75 vessels of 3.01m dwt this month.... p.16. Demolition The extremely tight supply of tonnage remains the key feature of the demolition market... p.20. Shipbuilding Focus We examine the impending IMO regulation 13G on single hull tankers and the impact it will have on the fleet p Damen, Hoogezand, Neth. 2.AESA, Puertoreal, Spain 3.Fincantieri, Monfalcone, Italy 4.AESA, Sestao, Spain 5.HDW, Kiel, Germany 6.Odense, Lindo, Denmark 4 JAPAN 1.Mitsubishi, Nagasaki 2.Hitachi, Ariake 3.Imabari,Marugame 4.Namura, Imari 5.Mitsui, Chiba 6.Kawasaki, Sakaide 7.Sumitomo, Oppama 8.Oshima, Oshima 9.I.H.I., Kure 10.Nippon Kokan, Tsu 4 8 S.KOREA Major European Shipyards MAIN SHIPYARDS 7.Harland & Wolff, Belfast, UK 8.Ch. de L'Atl., St.Nazaire, France 9.Stocznia Szczecin, Poland 10.Brod. 3 Maj, Rijeka, Croatia 11.Kvaerner Masa, Turku, Finland 12.Meeres Technik, Wismar, Ger Major Far Eastern Shipyards MAIN SHIPYARDS 11.Shin Kurushima, Onishi 12.Koyo, Mihara 13.Tsuneishi, Numakuma SOUTH KOREA 1.Hyundai, Ulsan 2.Daewoo, Okpo 3.Samsung, Koje 4.Samho, Samho 5.Hanjin, Busan 6.STX, Chinhae CHINA 1.Dalian New Yard, Dalian 2.Jiangnan, Shanghai 3.Hudong, Shanghai 4.Shanghai, Shanghai 5.Guangzhou, Guangzhou 6.Xingang, Tianjin 10 1 TAIWAN 1.China Sb., Kaohsiung 2.China Sb., Keelung 13.Brod. Split, Split, Croatia 14.MeyerWerft, Papenburg, Ger. 15.Stocznia Gdynia, Poland 16.Varna Shipyard, Bulgaria 17.Fincantieri, Marghera, Italy 18.Galatz Shipyard, Romania JAPAN 5 Shipping Intelligence Network... "represents a giant leap forward in the information technology development in shipping." Want your information faster go to Shipping Intelligence Network on "With shipping's first 'need to know' information portal, Clarkson has made shipping intelligence better than ever before."

2 Specialised Chemical Products Panamax Aframax Suezmax VLCC Handysize Handymax Panamax Capesize Combos FCC<3Kteu FCC>3Kteu Orderbook As % Of Fleet (DWT) 2.1% 5.8% 0.0% 0.0% 6.7% 6.3% Bulk Vessel Orderbook No. end Orderbook by Vessel Type m.cgt, end: Orderbook, Delivery in: 2003 Aug* 2003 Aug* Aug* VLCC > 200, Suezmax , Aframax , Panamax 60-80, Products 10-60, Chemical 10-60, Specialised 10-60, Tankers > 10, , Tankers < 10, Capesize > 80, Panamax 60-80, Handymax 40-60, Handysize 10-40, Bulkers > 10, Combos > 10, Total Bulk Vessels Special Vessel Orderbook Orderbook, Delivery in: 2003 Aug* 2003 Aug* Aug* LNG Carriers LPG Carriers Reefers Containers > 3,000 teu Containers < 3,000 teu Other Dry > 5,000 dwt Offshore & Other Cruise Vessels Ro-Ro Ferries Total Special Vessels 1,323 1, Total Orderbook 29.0% 28.3% 28.9% 28.8% 21.3% 17.9% 23.3% 22.9% 19.1% 19.7% 27.6% 24.0% 19.0% 14.2% 24.5% 22.2% 35.0% 32.2% No. end 56.4% 56.1% End Aug 04 End % 57.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% Source: Clarkson Research Studies m.cgt, end: Orderbook, Delivery in: 2003 Aug* 2003 Aug* Aug* All Vessels Types 3,117 3, Clarkson Research Studies Page 2 m. DWT, end: m. DWT, end: No. end m.cgt, end: m. DWT, end: Summary August 2004 The orderbook at the end of August 2004 reached 205.8m dwt, an overall increase of 2.7m dwt since the end of July and 27.6m dwt since the end of Contracting has slowed from last month to 5.1m dwt of new orders whilst there were around 2.4m dwt of deliveries. The dry bulk carrier orderbook decreased by nine vessels of 0.4m dwt in August with the Capesize sector decreasing by 5 vessels. There was a 6.9% increase in the LNG orderbook to a massive 6.2m dwt by the end of the month. This is already 1.5 times the size of the orderbook at the end of last year and represents 55.9% of the present fleet. Containership orders continue to be one of the main driving forces behind the rising orderbook with a further 0.8m dwt added in August. The tanker orderbook was also on the rise by 29 vessels of 1.0m dwt. The Panamax sector continues to increase its already exceptional orderbook, which now stands at 56.4% of the current fleet. The chemical tanker orderbook grew by 20 ships of 0.4m dwt, a 10% increase. N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu,,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

3 Orderbook by Vessel Type Monthly Forward Orderbook by Shiptype (m. cgt) 3.00 m. cgt Tankers Combos Container Bulkers Gas Source: Clarkson Research Studies Bulk Vessel Orderbook Orderbook, Delivery in: Aug* VLCC > 200, Suezmax , Aframax , Panamax 60-80, Products 10-60, Chemical 10-60, Specialised 10-60, Tankers > 10, Tankers < 10, Capesize > 80, Panamax 60-80, Handymax 40-60, Handysize 10-40, Bulkers > 10, Combos > 10, Total Bulk Vessels Special Vessel Orderbook Million GT Orderbook, Delivery in: Aug* LNG Carriers LPG Carriers Reefers Containers > 3,000 teu Containers < 3,000 teu Other Dry > 5,000 dwt Offshore & Others Cruise Vessels Ro-Ro Ferries Total Special Vessels Total Orderbook Million GT Million GT Orderbook, Delivery in: Aug* All Vessels Types N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu,,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable. Clarkson Research Studies Page 3

4 m. cgt Quarterly Contracting by m. cgt Tankers Bulkers Gas Container Other 4Q96 2Q97 4Q97 2Q98 4Q98 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01 2Q02 4Q02 2Q03 4Q03 2Q04 Bulk Vessel Contracting New Orders by Vessel Type 2003 Aug* 2003 Aug* Aug* This Year v. Last VLCC > 200, DOWN BY.. -7% Suezmax , DOWN BY.. -32% Aframax , DOWN BY.. -34% Panamax 60-80, DOWN BY.. -12% Products 10-60, DOWN BY.. -7% Chemical 10-60, UP BY. 15% Specialised 10-60, DOWN BY.. -62% Tankers > 10, DOWN BY.. -17% Tankers < 10, UP BY. 13% Capesize > 80, STEADY AT. 1% Panamax 60-80, DOWN BY.. -36% Handymax 40-60, DOWN BY.. -51% Handysize 10-40, DOWN BY.. -29% Bulkers > 10, DOWN BY.. -23% Combos > 10, Total Bulk Vessels 1, DOWN BY.. -19% Special Vessel Contracting 2003 Aug* 2003 Aug* Aug* This Year v. Last LNG Carriers UP BY. 305% LPG Carriers UP BY. 100% Reefers Containers > 3,000 teu DOWN BY.. -26% Containers < 3,000 teu STEADY AT. 1% Other Dry > 5,000 dwt UP BY. 7% Offshore & Others UP BY. 80% Cruise Vessels UP BY. 18% Ro-Ro Ferries DOWN BY.. -99% Total Special Vessels STEADY AT. -2% Total Contracting Source: Clarkson Research Studies No. end m.cgt, end: m. DWT, end: No. end m.cgt, end: No. end m.cgt, end: m. DWT, end: 2003 Aug* 2003 Aug* Aug* This Year v. Last All Vessels Types 2,013 1, DOWN BY.. -15% Clarkson Research Studies Page 4 Summary August new orders of about 5.1m dwt were placed last month, representing a decrease of 56 vessels and 2.8m dwt from July. This is to be expected in the height of the summer months when business slows down for the holiday period. Only 30 new contracts were placed for tankers, with most of these being in the smaller sizes. Eight tankers of <10,000 dwt were ordered along with seven Handysize chemical tankers and six Handysize product tankers. 47 containership orders were placed in August including 24 Handysize vessels, 14 of Panamax and eight of post-panamax size. Universal Marine Investments BV of the Netherlands have contracted seven new Handy containerships from Qingshan Yard in China. Overall contracting is down by 15% on an annualised basis, with the tanker and bulker sectors not quite matching the pace of ordering set in LNG and LPG carriers are the exception with the former enjoying a remarkable year for new contracts, up by 305% on an annualised basis. m. DWT, end: Ordering Trends Ordering Trends Ordering Trends N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

5 Bulk Vessel Contracting New Orders by Vessel Type Aug* This Year v. Last VLCC > 200, DOWN BY.. -7% Suezmax , DOWN BY.. -33% Aframax , DOWN BY.. -35% Panamax 60-80, DOWN BY.. -13% Products 10-60, DOWN BY.. -8% Chemical 10-60, UP BY. 14% Specialised 10-60, DOWN BY.. -46% Tankers > 10, DOWN BY.. -17% Tankers < 10, UP BY. 8% Capesize > 80, STEADY AT. -1% Panamax 60-80, DOWN BY.. -37% Handymax 40-60, DOWN BY.. -49% Handysize 10-40, DOWN BY.. -28% Bulkers > 10, DOWN BY.. -25% Combos > 10, Total Bulk Vessels DOWN BY.. -20% Special Vessel Contracting Aug* This Year v. Last LNG Carriers UP BY. 298% LPG Carriers UP BY. 108% Reefers Containers > 3,000 teu DOWN BY.. -27% Containers < 3,000 teu STEADY AT. -1% Other Dry > 5,000 dwt UP BY. 16% Offshore & Others UP BY. 47% Cruise Vessels UP BY. 36% Ro-Ro Ferries DOWN BY.. -33% Total Special Vessels STEADY AT. 3% Total Contracting Recently Confirmed Shipbuilding Contracts Date Type Dwt Unit Delivery Builder Hull No. $m. Owner Aug-04 Suezmax 155, Samsung S.B Unknown Owner Aug-04 Suezmax 155, Samsung S.B Unknown Owner Aug-04 Aframax 108, Brod. Split Tankerska Plovidba Aug-04 Aframax 108, Brod. Split Tankerska Plovidba Aug-04 Handy Prod 47, Dong Yang Eng Stelmar-Torm JV Aug-04 Handy Prod 47, Dong Yang Eng Stelmar-Torm JV Aug-04 Handy Prod 47, Dong Yang Eng Stelmar-Torm JV Aug-04 Handy Prod 47, Dong Yang Eng Stelmar-Torm JV Aug-04 Handy Prod 47, Dong Yang Eng Stelmar-Torm JV Aug-04 Handy Prod 47, Dong Yang Eng Stelmar-Torm JV Aug-04 Handy Prod 47, Dong Yang Eng Great Eastern Shpg. Aug-04 Handy Prod 47, Dong Yang Eng Stelmar-Torm JV Aug-04 Handy Prod 45, Hyundai Mipo Cido Shipping Aug-04 Handy Prod 45, Hyundai Mipo Cido Shipping Aug-04 Handy Prod 45, Hyundai Mipo Cido Shipping Aug-04 Handy Chem 40, Szczecin. Nowa B588/38 Odfjell ASA Aug-04 Handy Chem 40, Szczecin. Nowa B588/37 Odfjell ASA Aug-04 LNG 79, ,700 cbm Daewoo S.B. Golar LNG ltd. Aug-04 LNG 79, ,000 cbm Kawasaki H.I. Kawasaki Kisen Aug-04 Capesize 300, Universal S.B. Mitsui O.S.K. Lines Aug-04 Panamax 76, Jiangnan S/Yard Tai Chong Cheang Aug-04 Panamax 76, Jiangnan S/Yard Wah Kwong Shpg. Aug-04 Panamax 76, Jiangnan S/Yard Wah Kwong Shpg Aug* This Year v. Last All Vessels Types DOWN BY.. -11% Clarkson Research Studies Page 5 Million GT Ordering Trends Million GT Ordering Trends Million GT Ordering Trends N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

6 Mar-97 Sep-97 Mar-98 Quarterly Deliveries (DWT) Tankers Bulkers Gas Container Other Sep-98 Mar-99 Sep-99 Mar-00 Sep-00 Mar-01 Deliveries by Vessel Type Sep-01 Mar-02 Sep-02 Source: Clarkson Research Studies Mar-03 Sep-03 Mar-04 Summary August 2004 Tankers 17 tankers of >10,000 dwt were delivered in August, down 6 vessels from last month. Of these only five were crude tankers, five were chemical and seven were product tankers. 18.4m dwt of tankers have been delivered in the first eight months of this year with a further 9.1m dwt scheduled for the remaining four months. Of the remaining tonnage to be delivered nearly half (4.8m dwt) is in the form of VLCCs. The Onassis Group of Greece took delivery of the aptly named 156,000 dwt Suezmax OLYMPIC FUTURE from Japanese builders Namura Zosensho in August. Dry Bulk Carriers Just nine bulkers hit the water in August totalling 0.9m dwt compared to 23 vessels of 1.6m dwt delivered last month. Of these, three were Capesize, three were Panamax, two were Handymax and one was Handysize. In the Handymax sector only 2.1m dwt has been delivered so far this year, with a scheduled 2.3m dwt due for delivery in the remaining four months. Bulk Vessel Deliveries 2003 Aug* 2003 Aug* Aug* VLCC > 200, Suezmax , Aframax , Panamax 60-80, Products 10-60, Chemical 10-60, Specialised 10-60, Tankers > 10, Tankers < 10, Capesize > 80, Panamax 60-80, Handymax 40-60, Handysize 10-40, Bulkers > 10, Combos > 10, Total Bulk Vessels Special Vessel Deliveries No. end m.cgt, end: m. DWT, end: No. end m.cgt, end: m. DWT, end: 2003 Aug* 2003 Aug* Aug* LNG Carriers LPG Carriers Reefers Containers > 3,000 teu Containers < 3,000 teu Other Dry > 5,000 dwt Offshore & Others Cruise Vessels Ro-Ro Ferries Total Special Vessels Total No. end m.cgt, end: m. DWT, end: Deliveries Delivery Trends Delivery Trends Delivery Trends 2003 Aug* 2003 Aug* Aug* All Vessels Types N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported Clarkson Research Studies Page 6

7 Bulk Vessel Deliveries Deliveries by Vessel Type Type Vessel Name Flag Dwt Unit Delivery Builder Owner Suezmax Olympic Future GR. 156,000 Aug 2004 Namura Zosensho Onassis Group Aframax Liu Lin Wan PRC 105,000 Aug 2004 Dalian New Yard China Shpg. Tankers Panamax Rudolf Schulte CY. 75,000 Aug 2004 Hyundai H.I. Schulte Group Handy Prod Iran Faraz IR. 35,000 Aug 2004 Hyundai Mipo Nat. Iranian Tanker Handy Prod Valle di Nervion IT. 35,000 Aug 2004 Hyundai Mipo Montanari, Navigaz. Handy Chem Bow Spring LI. 40,000 Aug 2004 Szczecin. Nowa Odfjell ASA Handy Chem Pine Galaxy PA. 19,000 Aug 2004 Shin Kurushima Tokyo Marine Co. Ltd Handy Chem Geestestern LI. 37,300 Aug 2004 Jinling Shipyd. Rigel Schiffahrts Handy Chem Clipper Legend BS. 10,040 Jul 2004 Yardimci Deniz Clipper Group Small/Spec Sinar Tokyo SG. 2,850 Aug 2004 Shitanoe Zosen Samudera Shpg. Line Small/Spec Veysel Bey TU. 3,500 Jul 2004 Yildirim S/Y Master Petrol Deniz. LNG Galicia Spirit SP. 72, ,500 cbm Jul 2004 Daewoo S.B. Teekay Spain S.A. Capesize Cape Kassos CY. 170,000 Aug 2004 Hyundai Samho Tropis Shpg. Co. Capesize Sea Victory PA. 180,000 Aug 2004 Koyo Dock K.K. Shoei Kisen K.K. Panamax Anthemis BS. 76,200 Aug 2004 Sumitomo H.I. Samos Steamship Panamax Bulk Two M.I. 76,300 Aug 2004 Tsuneishi Zosen Metrostar Management Handymax Gwendolen BR. 56,000 Aug 2004 Mitsui S.B. Ocean Bulk Carriers Handymax Ocean Alliance PA. 52,300 Aug 2004 Tsuneishi Zosen Unknown Owner Handysize Ocean Lotus PA. 28,000 Jul 2004 Imabari S.B. Unknown Owner Panamax Maersk Durban M.I. 67,550 5,060 TEU Aug 2004 Hanjin H.I. Rickmers Reederei Sub-Panamx Iran Bushehr IR. 30,000 2,188 TEU Aug 2004 Nordseewerke Iran Shipping Lines Feedermax Kota Tabah SG. 9, TEU Aug 2004 Dae Sun S.B. Pacific Int. Lines PCC > 5K DWT Positive Star PA. 9,500 Aug 2004 Mitsubishi H.I. Eastern Car Liner Million GT Delivery Trends Aug* VLCC > 200, Suezmax , Aframax , Panamax 60-80, Products 10-60, Chemical 10-60, Specialised 10-60, Tankers > 10, Tankers < 10, Capesize > 80, Panamax 60-80, Handymax 40-60, Handysize 10-40, Dry Bulk > 10, Combos > 10, Total Bulk Vessels Special Vessel Deliveries Delivery Trends Aug* LNG Carriers LPG Carriers Reefers Containers > 3,000 teu Containers < 3,000 teu Other Dry > 5,000 dwt Offshore & Others Cruise Vessels Ro-Ro Ferries Total Special Vessels Total Deliveries Recent Shipbuilding Deliveries Million GT Million GT Delivery Trends Aug* All Vessels Types N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported Clarkson Research Studies Page 7

8 $m Bulk Vessel Prices Price Developments Summary August 2004 Newbuilding prices show no sign of stopping their march upwards with the bulk vessel price index hitting in August, a rise of one point from July and up 18% on an annualised basis. The average price in all tanker sectors bar Handysize (which remained at $36.0m) rose by $0.5m this month. The demand for new tankers remains strong, and in a sellers market the newbuild prices for tanker tonnage are expected to remain firm for some time yet. Bulker prices firmed across the board, reflecting the renewed demand for tonnage as freight rates rise once more. The average Capesize price rose by $1.5m last month with Panamax prices rising by $2.0m. This is a sign that it is large bulk carrier tonnage that is in demand, but it remains to be seen whether or not the extremely high freight rates can be sustained to keep the prices high in the future. In the gas and containership sectors newbuild prices remained very similar to last month with little movement up or down. The biggest changes occured in the ro-ro price index, with the small ro-ro vessel price rocketing up by $4.0m in August to $28.0, up by 45.5% on an annualised basis. Price Trend Against a Aug* Year Ago Is VLCC 300,000 dwt STRONGER % Suezmax 150,000 dwt STRONGER % Aframax 110,000 dwt STRONGER % Panamax 70,000 dwt STRONGER % Handy 47,000 dwt STRONG % Capesize 170,000 dwt STRONGER % Panamax 75,000 dwt STRONGER % Handymax 51,000 dwt STRONGER % Handysize 30,000 dwt STRONG % Price Index STRONGER % % change -2% -15% -4% 7% -5% -3% 12% 18% Other Vessel Prices Tanker Newbuilding Prices VLCC Aframax Handy Shipbuilding Price Trends Suezmax Panamax Aug-99 Nov-99 Feb-00 May-00 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 Aug-04 Source: Clarkson Research Studies Price $ million, end Price $ million, end Price Trend Against a Aug* Year Ago Is LNG 138,000 m STRONG % LPG 78,000 m STRONGER % Container 725 teu STRONG % Container 1,000 teu STRONGER % Container 1,700 teu STRONGER % Container 2,000 teu STRONG % Container 2,750 teu STRONGER % Container 3,500 teu STRONGER % Container 4,600 teu STRONGER % Container 6,200 teu STRONGER % Ro-Ro 1,2-1,300 Lm STRONGER % Ro-Ro 2,3-2,700 Lm STRONG % Sources: Clarksons. Ro-Ro prices for 1997 are averages not end year. All historial data refers to standard vessel sizes published at the time. The dwt sizes quoted refer to the latest spec. in that vessel sector, and new vessel sizes are introduced from time to time. Tanker and Capesize prices are for double-hull vessels; VLCCs from 1992, Suezmax & Aframax from Panamax and Handy Tankers are coated. Price data assumes a "European spec", with 10/10/10/70% payments, basis "first class competitive yards". Price data latest available at time of press. NB Price Index is value at the end of the previous month. Clarkson Research Studies Page 8

9 Shipbuilding Investment & Key Ratios Investment in Bulk Vessels ($bn.) Total Container Total Gas Total Bulk Carriers Total Tankers Source: Clarkson Research Studies Investment Scene This Month Newbuilding Investment Summary August 2004 Investment in newbuildings remains up on last year s levels reaching $45.1 billion in August, up 12.8% on an annualised basis. With the strong freight rates lasting well into 2004 prices have continued to creep upwards meaning investment levels are at an all time high. This is despite slightly lower levels of ordering from last year. Investment in bulk carriers has steadily slipped behind last year s levels, down by 9.4% on an annualised basis. Only the Capesize sector has had more investment in this year than last. The tanker sector shows a mixed picture with investment in very large and very small vessels up from last year, but investment in the mid-size range lagging behind. The LNG sector continues to show incredible levels of investment with a further $1.0 billion spent in August, nearly tripling the amount invested in the whole of Secondhand prices continue to rise from last month following the renewed bounce in freight rates. The increased demand for bulk carrier tonnage is reflected in the fact that a 5-year old Panamax is again more expensive to buy than a newbuild. Investment Trends Value $ billion Aug VLCC > 200, UP BY. 12.8% Suezmax , DOWN BY % Aframax , DOWN BY % Panamax 60-80, STEADY. -1.6% Handy 10-60, UP BY. 25.5% Total Tankers UP BY. 5.5% Capesize > 80, UP BY. 19.8% Panamax 60-80, DOWN BY % Handymax 40-60, DOWN BY % Handysize 10-40, DOWN BY % Total Bulk Carriers DOWN BY % LNG UP BY % LPG > 60,000m³ UP BY. 152% Container > 3,000 teu DOWN BY % Container 1-3,000 teu UP BY. 26.2% Container < 1,000 teu DOWN BY % Total Specialised UP BY. 28.1% Total UP BY. 12.8% % Change 2% -31% 15% 83% -26% -8% 164% Price Ratios for Investors Price Ratios (Secondhand/Newbuilding) Investment Trends This Year Price Ratio Trends Aug v. End last Year VLCC 5 Yr. Old 71% 78% 69% 77% 93% 83% 85% 91% 97% UP BY. 7.0% Suezmax 5 Yr. Old 83% 85% 83% 82% 93% 84% 87% 91% 98% UP BY. 7.8% Aframax 5 Yr. Old 85% 88% 68% 79% 96% 83% 83% 87% 97% UP BY. 12.0% Panamax 5 Yr. Old n/a 88% 81% 79% 85% 73% 64% 75% 82% UP BY. 10.3% Handy 5 Yr. Old 78% 86% 81% 77% 83% 78% 72% 81% 88% UP BY. 9.4% Tanker Average 79% 85% 76% 79% 90% 80% 78% 85% 93% UP BY. 9.2% Capesize 5 Yr. Old 72% 85% 78% 83% 75% 75% 80% 92% 96% STEADY. 4.5% Panamax 5 Yr. Old 74% 81% 70% 76% 71% 68% 79% 104% 106% STEADY. 2.3% Handymax 5 Yr. Old 82% 80% 69% 80% 74% 72% 75% 83% 96% UP BY. 15.6% Handysize 5 Yr. Old 68% 76% 65% 74% 80% 76% 75% 81% 95% UP BY. 18.1% Bulk Carrier Average 74% 81% 71% 78% 75% 73% 77% 90% 98% UP BY. 9.5% NB: The SH/NB ratios have been altered as above. The end 2001 figures have been adjusted in the same manner and the percentage change represents the gain/loss over the end 2001 value. Clarkson Research Studies Page 9

10 Orderbook by Country/Region Global Orderbook 2004 by cgt Asian Orderbook 2004 by cgt P.R. China 13.6% Other Asia 3.1% Europe 15.5% Others 1.0% South Korea 45.4% P.R. China 16.3% Japan 34.5% Other Asia 3.8% South Korea 37.9% Japan 28.8% Spain 3% European Orderbook 2004 by cgt Poland 16% Croatia 12% Other Europe 37% Source (all graphs): Clarkson Research Studies Italy 13% Germany 19% Major Shipbuilders Million DWT For Delivery in: * Japan South Korea Taiwan P.R. China Other Asia TOTAL ASIA Germany Denmark France Italy Netherlands Spain Finland Norway Turkey Poland Ukraine Croatia Other Europe TOTAL EUROPE Brazil USA Others TOTAL OTHERS GLOBAL TOTAL *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 10

11 Major Shipbuilders Orderbook by Country/Region Million CGT For Delivery in: * Japan South Korea Taiwan P.R. China Other Asia TOTAL ASIA Germany Denmark France Italy Netherlands Spain Finland Norway Turkey Poland Ukraine Croatia Other Europe TOTAL EUROPE Brazil USA Others TOTAL OTHERS GLOBAL TOTAL Major Shipbuilders Numbers of Vessels For Delivery in: * Japan South Korea Taiwan P.R. China Other Asia TOTAL ASIA Germany Denmark France Italy Netherlands Spain Finland Norway Turkey Poland Ukraine Croatia Other Europe TOTAL EUROPE Brazil USA Others TOTAL OTHERS GLOBAL TOTAL *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 11

12 Contracting by Country/Region Container 44% European Contracts in 2004 (GT) Chemical 4% Tanker 20% Others 4% Asian Contracts in 2004 (GT) Tanker 35% Other Dry 4% L.N.G. 11% L.P.G. 2% Bulk 24% Other 1% Other Dry 20% Pass/ Cruise 8% Container 23% Summary August 2004 Europe European yards are enjoying a good year with contracting up by 47.2% on an annualised basis. This is at a time when contracting elsewhere in the world is generally down on the levels set last year. 6.2m dwt of new orders have been placed in the first eight months of 2004, only 0.2m dwt short of the 2003 total. Croatia is at the forefront of European shipbuilding with levels of ordering at their highest since independence, up 147.9% on an annualised basis. European yards in general are benefiting from the demand for small product and chemical tanker tonnage as well as small containerships. This is especially true as supply is tight at the Asian yards where orderbooks are filled to the end of Asia Contracting at Asian shipyards has dropped by 18.2% on an annualised basis, due in part to their strong orderbooks. The major shipbuilding nations of Japan, South Korea and China have all seen the number of orders tail off from the records set in 2003, although this is perhaps inevitable following such a bumper year. China, whilst down in terms of deadweight and number of vessels contracted is actually up in terms of cgt, reflecting the increasing complexity of the vessels being built there. Interestingly there has been a surge in new orders placed in Asian yards outside the big three as new yards are set up and expanded in emerging shipbuilding nations such as Indonesia and Vietnam. Major Shipbuilders Million DWT Trends This Year vs. Last Year * Japan DOWN BY -31.1% South Korea DOWN BY -14.1% Taiwan DOWN BY -36.6% P.R. China STEADY. -1.0% Other Asia UP BY % TOTAL ASIA DOWN BY -18.2% Germany STEADY. -4.7% Denmark UP BY. 42.8% France UP BY. 46.1% Italy UP BY. 40.4% Netherlands UP BY % Spain DOWN BY -94.4% Finland DOWN BY % Norway UP BY % Turkey UP BY. 33.2% Poland UP BY. 12.3% Ukraine UP BY. Croatia UP BY % Other Europe UP BY. 38.0% TOTAL EUROPE UP BY. 47.2% Brazil DOWN BY -63.1% USA UP BY. 31.0% Others DOWN BY -91.3% TOTAL OTHERS DOWN BY -53.4% GLOBAL TOTAL DOWN BY -14.7% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 12

13 Major Shipbuilders Contracting by Country/Region Million CGT Trends This Year % * Japan DOWN BY -28.2% South Korea STEADY. -4.0% Taiwan DOWN BY -29.9% P.R. China STEADY. 1.1% Other Asia UP BY. 66.8% TOTAL ASIA DOWN BY -11.8% Germany DOWN BY -12.5% Denmark UP BY. 49.1% France UP BY % Italy UP BY. 19.4% Netherlands UP BY % Spain UP BY % Finland DOWN BY -58.3% Norway UP BY % Turkey UP BY. 26.7% Poland UP BY. 54.7% Ukraine UP BY. Croatia UP BY % Other Europe UP BY. 37.8% TOTAL EUROPE UP BY. 44.3% Brazil DOWN BY -68.6% USA STEADY. -2.5% Others UP BY % TOTAL OTHERS UP BY. 17.6% GLOBAL TOTAL DOWN BY -5.1% Major Shipbuilders Number of Vessels * Trends This Year % Japan DOWN BY -30.6% South Korea STEADY. -0.6% Taiwan DOWN BY -15.6% P.R. China STEADY. -5.0% Other Asia UP BY. 47.5% TOTAL ASIA DOWN BY -12.0% Germany STEADY. -4.9% Denmark % France UP BY % Italy DOWN BY -8.3% Netherlands UP BY % Spain UP BY. 16.7% Finland DOWN BY -25.0% Norway UP BY % Turkey UP BY. 13.3% Poland UP BY. 14.7% Ukraine UP BY. Croatia UP BY. 66.7% Other Europe UP BY. 24.0% TOTAL EUROPE UP BY. 32.5% Brazil DOWN BY -70.0% USA UP BY. 50.0% Others DOWN BY -12.5% TOTAL OTHERS DOWN BY -25.0% GLOBAL TOTAL STEADY. -4.8% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 13

14 Deliveries by Country/Region m.cgt Scheduled Output by Region Other Europe China S Korea Japan Summary August vessels of 10.1m dwt are scheduled for delivery from Japanese yards in the remainder of Almost half of this total is made up of bulk carriers with 84 vessels of 5.7m dwt due. Tankers comprise the next biggest chunk with 55 vessels of 3.6m dwt scheduled for the next four months. The remaining 0.8m dwt is made up of an assortment of gas carriers, car carriers and small containerships. Of the 5.7m dwt of bulkers due for delivery the Capesize sector comprises 2.2m dwt, followed by Panamax (1.5m dwt), Handymax (1.3m dwt) and Handysize (0.7m dwt). The Japanese orderbook looks healthy with a massive 26.4m dwt scheduled for delivery in 2005 and 21.4m dwt already pencilled in for a 2006 delivery Source: Clarkson Research Studies m. CGT Japan Output Source: Clarkson Research Studies Major Shipbuilders Million DWT Trends This Year vs. Last Year * Japan STEADY. 4.2% South Korea UP BY. 7.2% Taiwan DOWN BY -20.2% P.R. China UP BY. 19.1% Other Asia DOWN BY -28.9% TOTAL ASIA UP BY. 6.3% Germany DOWN BY -16.3% Denmark DOWN BY -62.7% France DOWN BY -56.0% Italy DOWN BY -23.5% Netherlands UP BY. 27.7% Spain DOWN BY -31.0% Finland UP BY. 28.2% Norway DOWN BY -75.8% Turkey DOWN BY -17.6% Poland UP BY. 37.5% Ukraine Croatia UP BY % Other Europe UP BY. 24.6% TOTAL EUROPE STEADY. -0.1% Brazil UP BY. 18% USA UP BY. 20.0% Others DOWN BY -99.4% TOTAL OTHERS UP BY. 9.5% GLOBAL TOTAL UP BY. 5.8% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 14

15 Major Shipbuilders Deliveries by Country/Region Million CGT Trends This Year % * Japan UP BY. 8.6% South Korea UP BY. 18.2% Taiwan UP BY. 13.6% P.R. China STEADY. -4.8% Other Asia DOWN BY -26.2% TOTAL ASIA UP BY. 10.2% Germany STEADY. -3.6% Denmark DOWN BY -61.8% France DOWN BY -70.7% Italy DOWN BY -27.8% Netherlands DOWN BY -34.5% Spain DOWN BY -22.4% Finland DOWN BY -12.1% Norway DOWN BY -62.1% Turkey STEADY. -0.2% Poland UP BY. 86.5% Ukraine Croatia UP BY. 49.2% Other Europe UP BY. 6.9% TOTAL EUROPE DOWN BY -16.2% Brazil UP BY. 28.1% USA DOWN BY -34.9% Others DOWN BY -87.9% TOTAL OTHERS DOWN BY -35.6% GLOBAL TOTAL STEADY. 3.7% Major Shipbuilders Number of Vessels Trends This Year % * Japan UP BY. 5.9% South Korea UP BY. 22.1% Taiwan STEADY. 3.8% P.R. China DOWN BY -7.9% Other Asia DOWN BY -22.7% TOTAL ASIA UP BY. 6.9% Germany DOWN BY -11.8% Denmark DOWN BY -70.0% France DOWN BY -25.0% Italy DOWN BY -10.0% Netherlands STEADY. 3.8% Spain DOWN BY -44.7% Finland UP BY. 50.0% Norway DOWN BY -53.3% Turkey UP BY. 8.0% Poland UP BY. 50.0% Ukraine Croatia UP BY. 62.5% Other Europe STEADY. -1.6% TOTAL EUROPE DOWN BY -9.8% Brazil UP BY. 28.6% USA DOWN BY -10.0% Others DOWN BY -75.0% TOTAL OTHERS DOWN BY -13.2% GLOBAL TOTAL STEADY. 2.0% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 15