Ship repairers hit by unscrupulous operators
Ship repair firms are under even more pressure than ever as the age profile of the world fleet falls to a record low, more repairs are undertaken by ships’ crews at sea, idle vessels clock up fewer running hours and work scopes are pared to a minimum. But sources now reveal the latest ruse by unscrupulous owners seeking to wring the last dollar out of struggling ship repair facilities.
Market sources reveal instances in which ships have been booked in for scheduled repairs in drydock. Once docked, their operators demand substantial discounts against the threat of only undertaking some of the contracted work scope. Repair yards have little option but to concede.
No-one is willing to talk on the record to discuss this latest development, but they claim it is evidence of the latest fall in business ethics resulting from tonnage oversupply and poor rates. It represents the latest in a series of blows for repair yards already struggling through a period of record deliveries, inadequate scrapping and slow payments by customers.
The situation could become even worse, sources believe, as hungry shipyards tempt owners into newbuilding deals at cheap prices. New designs are attractive because their fuel-efficiency could detract even from modern ships delivered a couple of years ago.
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