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opening excerpt
It is important to remember that some segments are currently
maintaining a reasonably good balance between supply and d e-
mand. These segments are in particular gas carriers, some of f-
shore supply segments and some of the smaller niche markets
(e.g. car carriers). But the general market recovery that seemed
within reach six to 12 months ago is about to evaporate with
investors’ continued appetite for ves sels. A cooling of the co n-
tracting activity would be welcoming. But when taking into a c-
count the vast shipyard capacity, the low newbuilding prices and
the support from local export credit agencies, it seems almost
too much to hope for – particularly for t he commoditised se g-
ments of shipping.
SHIPBUILDING
The global yard industry is in the midst of a consolidation pr o-
cess whereby inefficient yards are closing and capacity is grad u-
ally adjusting to lower future demand. Newbuilding prices have
been on a structural decline during the last five years and are
expected to remain low until the consolidation process has come
to an end. Still, the high contracting activity in 2013 has blurred