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opening excerpt
EXECUTIVE SUMMARY
THIS REPORT REVIEWS KEY DEVELOPMENTS IN SHIPPING
MARKETS AND THE MAIN SHIPPING SEGMENTS DURING THE
PERIOD FROM JANUA RY 2011 TO FEBRUARY 2012 AND
INDICATES POSSIBLE FUTURE MARKET DIRECTIONS.
SHIPBUILDING
Shipyards’ order cover continues to decline as more tonnage is
being delivered than contracted. 28 million cgt was contracted
during 2011 while 50 million cgt left the shipyards. 74 million
cgt was scheduled for delivery in 2011 but, according to our
estimates, global yard capacity was not able to build more
than 63 million cgt in 2011. Global yard capacity was utilized
80% in 2011, down 3 %-points from 2010. For 2012 and
beyond, we expect pressure on yard capacity and yard
utilization. South Korean yards seem best positioned to adapt
to the difficult outlook. After extensive postponement activity,
the spare capacity at global yards amount to 44 million cgt in
2014 if current yard capacity is maintained. In 2011,
newbuilding prices fell on average 10% and ar e 40% below
the 2008 peak-level. Time will tell whether newbuilding prices
will decline in tandem with lower yard utilization or not.
CONTAINER