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opening excerpt
EXECUTIVE SUMMARY
THIS REPORT REVIEWS KEY DEVELOPMENTS IN SHIPPING
MARKETS AND THE MAIN SHIPPI NG SEGMENTS DURING THE
PERIOD FROM OCTOBER 2010 TO MAY 2011 AND INDICATES
POSSIBLE FUTURE MARKET DIRECTIONS.
SHIPBUILDING
Shipyards’ order cover continues to decline as more tonnage is
being delivered than contra cted. During 2010 and the first
quarter of 2011, 44 million cgt was contracted while 64 million
cgt left the shipyards. Global yard output increased to 52
million cgt (16%) in 2010. Still, we estimate that global yard
output could have been 8 million cgt higher if capacity had
been fully utilized. South Korean shipyards in particular are
believed to have been running below capacity in 2010.
Significant postponement and ca ncellation activity across the
board is believed to be part of the explanation for the
relatively low global shipyard utilization in 2010. For 2011 and
beyond, we expect it will be difficult for shipyards to utilize
their current capacity Not even very extensive postponement
activity is likely to support current yard capacity beyond 2013.
CONTAINER
The container market continues to recover as the oversupply