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opening excerpt
EXECUTIVE SUMMARY
SHIPPING MARKET REVIEW – APRIL 2013
EXECUTIVE SUMMARY
Please read carefully the disclaimer at the beginning of this
report. The report reviews key developments in shipping
markets and the main shipping segments during the period
October 2012 to March 2013 and indicates possible future
market directions.
IN SEVERAL SHIP SEGMENTS RATES AND ASSET VA LUES ARE
LOW, ESSENTIALLY REFLECTING THE FACT THA T TRADE
VOLUMES AND TRAVELLI NG DISTANCES ARE STI LL TRAILING
EXCESS SUPPLY. THE FRAGILE OUTLOOK FOR T HE GLOBAL
ECONOMY SUGGESTS THA T SALVATION SHOULD P ARTLY
COME FROM W ITHIN THE INDUSTRY: ORDERING NEW
VESSELS IS LIKELY ONLY TO DELAY THE RECOVERY.
SHIPBUILDING
Shipyards’ order cover continues to decline, as more tonnage
is being delivered than contracted. The global order cover has
been declining for nearly 63 consecutive months, falling from
4.6 years at the end of 2007 to 18 months at the end of 2012.
Only one-third of global yard capacity was in demand during
2012. Capacity has started to adjust. We estimate that 3% of
the global yard capacity went out of bus iness in 2012. The
remaining yards delivered on average 73% of the orders