Amid an ongoing trade war between China and the US, as well as major geopolitical tensions globally, it is likely that total ordering activity will be softer near term, representing a downside risk to the positive development of newbuilding prices, according to VesselsValue.
Chinese new ship orders saw a 47.3% increase, equal to 9.49 million dead weight tonnes, concerning the first four months of 2019 according to China Association of the National Shipbuilding Industry (Cansi). Except the new ship orders China received, the 8.74 million or the 92.1% were for export, experiencing a decrease of 47.7%. Yet, the negative growth was also 23.6% lower, in comparison to January-March.
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that preventing overcapacity and unsustainably low freight rates continues to be a major challenge ten years after the massive downturn of 2008. Mr. Bennett noted that shipping companies should show restraint when ordering new ships, in order to prevent stifling recovery.
KfW IPEX-Bank will be providing EUR 16.43 million to Royal Arctic Line to finance two more transport vessels. In November 2018, KfW IPEX-Bank agreed a pre- and post-delivery financing for two similar vessels for the Greenland shipping company, which are currently being built at the Zamakona shipyard in Spain. With delivery planned at the end of 2020 and 2021 respectively, the newbuild transport vessels will replace older ships in the Royal Arctic Line fleet.
JES International Holdings, a Singapore-listed defunct Chinese shipbuilder, has announced that an application has been filed in the high court of Singapore to place the company under judicial management. The shipbuilder fined its application on February 11. In the meantime, the date of the hearing of the application is still to be fixed by the court.
The EU and South Korea discussed the South Korean shipping and shipbuilding state subsidies measures in the context of the EU – South Korea Free Trade Agreement implementation. SEA Europe and ECSA expressed their satisfaction of these discussions, as European shipbuilding and maritime equipment industry need to benefit from fair trade as well as open markets.
The European Union wants to take part in a complaint that Japan filed against the South Korean shipbuilding industry, according to the World Trading Organization (WTO). Namely, Japan has requested WTO dispute consultations with South Korea concerning alleged subsidies provided by the Korean government to its shipbuilding industry.
Japan has requested WTO dispute consultations with South Korea concerning alleged subsidies provided by the Korean government to its shipbuilding industry. Japan claims that the challenged measures, which include funds, loans, guarantees, insurance and other financing, are inconsistent with WTO’s SCM Agreement and the General Agreement on Tariffs and Trade (GATT) 1994.
In line with a downward trend in South Korean shipbuilding industry, Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., both ranking at the top of the world’s largest shipbuilders, announced massive deficits in the second quarter of 2018.
Amid dwindling orders and tough competition, South Korean shipbuilders as represented by the Korea Offshore & Shipbuilding Association called Monday on steelmakers to keep the prices of shipbuilding plates at current levels, until their businesses are ‘back on track’.
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