Chinese shipbuilding industry

Until the sub-prime crisis began sweeping Western financial markets late in 2007, there was a frenzy of orders to yards in South Korea, China and Japan. But the credit crunch has seen orders slow, leaving a swollen orderbook, tighter lending criteria, and forecasts of newbuilding cancellations and forced resales.

Financial uncertainties have combined with other factors to exacerbate already established delays in Chinese shipyards: there are widespread shortages of skilled labour, marine machinery and steel plate needed to construct the vessels.

"Delays in delivery of capesize vessels (from China) will be no more than a year, because most are being built at relatively reliable yards," a representative from a mid-sized South Korea shipyard told Lloyd's List.

"But this alone could seriously affect the balance of capesize demand and supply from 2010."

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crobato said:

Hey look at this, two F22P that looks finished.

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rizhussain44 said:

I am a little confused. According to the latest news the 1st F-22P for Pakistan is about to roll out tomorrow (April 7). So according to that only one F-22P has finished so far, if that's the case how come there are two F-22Ps here in the pic?

Can someone please tell?

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maglomanic said:

Those are not F-22Ps. Those are OPVs for Thai navy like zyun8288 said in his post .

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rizhussain44 said:

I hope soon I will get to see some pics of F-22P also as it's rolling out tomorrow!

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Londo Molari said:

There you go. Theres a few more out, but I can't fit them into one post (size limit)

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SIXTY greenfield yards in China and seven in South Korea are contracted to build 22% of the dry bulk ships on the global orderbook, new analysis shows.

Singapore-based newbuilding analysts Worldyards said that none of these greenfield yards had delivered a vessel in 2007, but all had received confirmed contracts for orders totalling 48m dwt. Most of their deliveries are scheduled for after 2009.

But DnB NOR Markets said that many of these ships will never be built. After visiting Asian yards and shipowners this month, analysts with the leading Norwegian ship financier forecast that 20%-30% of the global orderbook, mainly bulkers, would be "substantially delayed or cancelled".

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CHINA Cosco Holdings has revealed a massive newbuilding plan for 25 vessels worth a total of $2.3bn, as it posted a 135% surge in its 2007 net profits.

The Shanghai and Hong Kong-listed flagship of state-owned China Ocean Shipping (Group) Company, which controls both the largest bulk fleet in the world and boxline Cosco Container Lines (Coscon), said eight of the 25 vessels will be 13,350 teu containerships, to be built by Nantong Cosco KHI Ship Engineering Co (Nacks). It will be a 50:50 joint venture between its parent and Japan's Kawasaki Heavy Industries.

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Shares in China Cosco Holdings, the country's largest shipping conglomerate, surged yesterday after the company said the supply of container ships was lower than expected because major lines were sailing at slower speeds to save fuel.

Cosco rose 7.95 per cent to $22HK.40 yesterday after the company posted a 134.9 per cent jump in net profit for last year compared with its restated net profit for 2006.

Profit growth would have been 875 per cent before the restatement, which reflected vessel acquisitions.

Since January, many shipping lines have reduced voyage speeds by 10 per cent on European and United States routes, in a bid to lower fuel consumption.

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ORDERS for up to six very large crude carriers, worth more than $800m, have been placed by John Fredriksen's Frontline with China's Zhoushan Jinhaiwan Shipyard, writes Tony Gray.

The contract is structured on the basis of four firm orders and options for two more.

The first four tankers will be delivered between June and December of 2011.

Frontline said the options had been agreed at a fixed price.

At 320,000 dwt, the newbuildings will become the largest vessels in the Frontline fleet, exceeding a series of 311,000 dwt VLCCs built for the company by South Korea's Hyundai.

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THERE are widespread fears that China's greenfield shipbuilders will turn out sub-quality ships before drifting to the wall. But Lloyd's Register Asia director John Stansfeld says there is a more important trend to watch, and one that is going against the more reputable yards: product diversification.

The on-the-ground observer believes there are strong signs that China is making an important leap forward to become the world's number one shipbuilder by 2015.

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