ShippingWatch

Brokers surprised by heavy newbuilding activity

Shipyards are currently trying to raise the prices on newbuildings, but it's extremely difficult, a broker tells ShippingWatch. The average newbuilding prices have gone down 40 percent since 2008.

Photo: Hempel

In the last three months, contracting activity has increased, especially within capesize bulk, but in product tank as well, and the activity is higher than expected, say several brokers to ShippingWatch.

The orders are primarily going to the major Korean yards, such as Hyundai Heavy Industries, Daewoo DSME, and Chinese shipyards in the North and South, such as Guangzhou Shipyard International (GSI), for the simple reason that they're best when it comes technology and, in particular, prices. Surprisingly enough, this means that the shipyards have now covered the necessary capacity they needed to fill the yards, thus securing their baseloads.

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