Illustration; Image Courtesy: Euronav
Out
of 1,966 vessels scheduled for delivery in 2018, only 1,100 have hit
the water so far this year, resulting in 44 pct of the 2018 orderbook
outstanding, data from VesselsValue shows.Out of the three top shipbuilding countries, China still has 50% of their 2018 orders to deliver within the last two months of the year. Compared to Japan and South Korea, where 25% and 28% of their
respective orderbooks is currently outstanding, Chinese yards could potentially slip 446 vessels into next year’s delivery schedule.
South Korean shipyards have already delivered
160 vessels out of a total 221 scheduled for delivery this year.
Concentration of deliveries are in the tanker and LNG types, with 37
tankers still left to be delivered out of 128, and 8 LNG vessels out of a
total 35 orders. However Korean yards have only managed to fill one
offshore order, still intending to launch 3 MODUs, 1 OCV and 1 OSV by
the end of 2018.
Even though Chinese yards dominate the
offshore newbuilding orderbook, securing 291 orders for delivery in
2018, not all is as it seems. 76%, or 221 vessels and rigs, are still to
be delivered by the end of the year.
“As the market fell, vessel owners were
delaying and cancelling orders in a bid to conserve cashflow and prevent
further dips in utilisation. This worked to some extent, but the market
has been left with a significant overhang of vessels waiting to be
delivered.
“There has been a huge amount of
speculation on the condition of the c.400 vessels – varying from rusting
hulls, to good quality vessels. One would hope that none of these
vessels are going to be delivered, but it is possible that an influx of
new tonnage hampers recovery as charter rates look to be recovering,” VesselsValue said.
Owners
By far the largest 2018 orderbook comes from
Nam Cheong, the Malaysian shipowner. The company has taken delivery of 7
OSVs so far out of a possible 34 scheduled for this year. Next year the
shipowner is set to take delivery of 15 vessels.
Norway has managed to get 57% of their
scheduled orders delivered this yea, totalling 47 vessels. This is at a
similar level to 2017, where only 55 vessels hit the water during the
full year. The vessel types with the largest overhang are in the
container and OSV sectors.
2018 could mark a return to previous delivery
levels for German shipowners, but only if all vessels are delivered.
Currently there are 61 scheduled for 2018 vs 42 in 2017. The majority of
the newbuild orders placed by German shipowners still waiting delivery
(23 vessels) are in the container sector, with 14 out of 26 vessels
scheduled for 2018 delivery sitting at the yards
Greece has taken delivery of 72% of all
orders scheduled for delivery in 2018, however,overall ordering levels
have been steadily declining over the last 5 years.
If all vessels scheduled for delivery in 2018
hit the water, Greece will increase their fleet by a total of 85
tankers, the highest tanker scheduled delivery level since 2010 when 98
vessels hit the water in a single year.
On the other hand, Greek dry bulk deliveries have shrunk to only 30 orders for 2018, the lowest level on record.
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