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Korean yards see strong orders, says Clarksons

Korean yards see strong orders, says Clarksons

London: Korean shipyards including Hyundai Mipo, HHI, SHI and HMM have seen a raft of newbuild orders in the first half of this year, easing the pressure and firming values according to a weekly report from London-based analyst Clarksons. "With Korean yards now having concluded significant business so far this year and having booked so much forward capacity - the pressure to some extent is off and as a result we have seen values, particularly in Dry continue to firm across all the sectors. This is already started to stifle demand a little and arguably this will lead to the Wet sectors being the stellar story over the next few months or so. With a number of Suez and Afra contracts having already been inked and with values firming, it will be interesting to see if demand continues to remain resilient against continuing price escalation for this sector as well".

"We have certainly seen yards and owners continuing to push forward over the last few weeks in all sectors - and we are likely to here confirmation of further contracts concluded over the forthcoming weeks before the summer holidays start proper," Clarksons predicted.

This prediction is supported by the fact that Samsung Heavy Industries secured orders for five 158,000 tons Suezmax vessels earlier this month at Greek shipping exhibition Posidonia. These vessels meant that the yard took in oders for the first half of this year in excess of $3bn thereby bringing its total orderbook to over $40bn for 197 ships.

Clarksons is also quoted by Hellenic shipping news quotes the analyst as saying, that on the dry side, Grieg Shipping have signed contracts with Hyundai Mipo, Korea for 6 option 4 open hatch 48000 tonne Bulkers basis deliveries commencing Aug 2012. In addition Hyundai Mipo followed this with the signing of six 36,000dwt handys' from European owners at a reported price of $29m each, with deliveries slated for May 2013. Daewoo have also won four 400000tonne VLOC orders from Asian Owners for delivery beginning 2013. Finally for Korea, HHI have won an order from compatriot Hyundai Merchant Marine for one 180000 tonne Cape for delivery 2012.

In China there was a continuation of the dry orders with Polish Steamship (Polsteam) signing at Tianjin Xingang for four 38,000dwt Handys' with deliveries to start first half 2012. Dynacom signed with COSCO for an order of three 57,000tonne Supramaxes with deliveries expected from end 2011 onwards. Lastly Xiamen S.B. won an order for one 57,000tonne Supramax with their compatriot Xiamen C&D to be delivered in 2011.

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