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Capesizes back on the menu

Capesizes back on the menu

Tokyo: Owners, long starved of capesize newbuild berths, are about to see a cornucopia of cape choices open up as demand for post panamax containerships and LNG ships cools. Dalian Shipbuilding Industry Co (DSIC) of China has received an order for four 175,000 dwt bulkers from compatriot Hebei Ocean Shipping Co. (HOSCO at $67m apiece. These are the first capesizes Dalian has taken for close to a decade.
Meanwhile, Singapore's IMC Shipping placed an order for one 177,000-dwt Capesize with Chinese builder Shanghai Waigaoqiao Shipbuilding with an unprecedentedly early delivery date of early 2008. IMC is paying $80m for the privilege, compared to the market price of $65m for 2010-11 deliveries.
Other yards such as emerging Korean ones Daehan Shipbuilding and Sungdong Shipbuilding & Marine Engineering are taking capesize orders, while Indian yards are also showing keen interest in capesize construction. Japan's Tsuneishi Corp's Philippine subsidiary Tsuneishi Heavy Industries (Cebu) Inc (THICI) and Minaminippon Shipbuilding are thought to be close to throwing their hat into the big bulker ring too.
According to the Kaijii Press about 690 units of 100,000 dwt and larger capesizes are currently being operated worldwide. Against this, about 175 capesizes are on order, accounting for around 25% of the world's existing fleet. With the order backlog of other main ship types accounting for more than 30% of their corresponding global fleet sizes, the pending orders for capesize are relatively small in share thanks to the focus by most yards on higher yield vessels in recent years.  [29/11/06]

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