All the talk and rumours in the industry and in the press about ship orders being cancelled, delayed or postponed is beginning to show in the order book
All the talk and rumours in the industry and in the press about ship orders being cancelled, delayed or postponed is beginning to show in the order book.
A BIMCO analysis based on the 5,705 ship orders identifiable by hull numbers shows that delivery of 1 out of 6 vessels has been postponed during the last 3 months. The analysis is based upon the 70% of the order book which is identifiable by hull number.
Amongst the main shipping segments, container ships have seen the most deferrals, with every fifth vessel being delivered at a later date than was originally agreed.
Shipping analyst at BIMCO, Peter Sand, says: “These postponements show very clearly that the negotiations between owners and shipyards is changing the vessel supply outlook a great deal. Whether this also means that we will see a smaller amount of tonnage being delivered remains to be seen”.
: BIMCO, CRSL
A dry bulk carrier is postponed 8 months on average, while a tanker is postponed 7 months. The ships are usually set to be delivered anywhere in between 1 month and 2½ years later than originally agreed between the owner and the shipyard.
On top of the postponement list is the Israeli Liner group Zim, who has been able to postpone a mega container carrier of 10,070 TEU from the established Hyundai Samho shipyard in South Korea by almost 6 years. The vessel, which was contracted back in 2007, was due for delivery in September this year but is now scheduled for delivery in 2015.
“Every deferral of delivery is a result of intense and protracted negotiations between parties with mutual survival interests – yards needing cash in the short term and employment in the long term and owners on their part trying to balance their need for capacity against sour markets and financial challenges“ adds Peter Sand.
BIMCO contact - Shipping Analyst: Peter Sand PS@BIMCO.ORG